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Income Tax : Learn about Form 12BAA, introduced for employers to credit TCS for employees, ensuring accurate TDS calculation and easing tax com...
Income Tax : Supreme Court's verdict on Section 148 notices raises uncertainty in 90,000 cases. Learn its impact on assessment and pending tax ...
Income Tax : Section 79 of the Income Tax Act focuses on beneficial ownership, affecting loss carryforward during shareholding changes. Learn i...
Income Tax : The Vivad Se Vishwas Scheme 2024 simplifies tax dispute resolution, offering discounts and waivers to reduce litigation burden. Se...
Income Tax : The Madras HC directs Tamil Nadu's prison department to guarantee that undertrial prisoners can meet and communicate freely with t...
Income Tax : KSCAA highlights critical issues on India’s Income Tax Portal, impacting timely filings for returns and TDS with glitches, timeo...
Income Tax : CBDT simplifies compounding procedures under the Income-tax Act, 1961 by reducing charges, removing limits, and easing filing requ...
Income Tax : CBDT simplifies TDS for salaried employees and enables parents to claim TCS credit for minors through recent amendments in Income-...
Income Tax : A PIL filed in Gujarat HC contests the denial of Section 87A rebate, highlighting unfair demands and confusion among middle-class ...
Income Tax : A PIL filed in Gujarat High Court contests the denial of the Income Tax rebate under Section 87A, impacting middle-class taxpayers...
Income Tax : The fiction created by Section 11 of the Acquisition Act, does not imply that the assessee bank would also become a company for th...
Income Tax : ITAT Visakhapatnam held that denial of deduction under section 54F of the Income Tax Act merely because date of registration was b...
Income Tax : Assessee received a notice under Section 148A(a) in name of M/s.Patel Govindbhai Somabhai and Company-a partnership firm having PA...
Income Tax : Assessee filed an appeal concerning the penalty of ₹20,29,394 levied under Section 271AAA for AY 2008-09. It had initially decla...
Income Tax : ITAT Kolkata held that when date of agreement and date of registration are not same, then, stamp duty value on the date of agreeme...
Income Tax : The CBDT extends the Income Tax Return due date for AY 2024-25 to November 15, 2024, as per Circular No. 13/2024 issued on October...
Income Tax : New CBDT guidelines for compounding of offences under the Income Tax Act, 1961. Learn the conditions, process, and fee structure f...
Income Tax : CBDT exempts income of West Bengal Pollution Control Board under Section 10(46) of the Income-tax Act, 1961, subject to non-commer...
Income Tax : CBDT sets 1% tolerance for wholesale trading and 3% for other cases under Section 92C for FY 2024-25. No adverse effects from retr...
Income Tax : CBDT exempts tax collection at source (TCS) on payments received from the Reserve Bank of India under Section 206C(1F) of the Inco...
The Assessing Authority disallowed a sum of Rs.11,27,00,000/-, which the assessee claimed it as business loss. The Assessing Authority had also disallowed certain other claims of the assessee.
ITAT Delhi rules in favor of Dharam Singh, clarifying turnover calculation for commission-based businesses under section 271B.
CBDT simplifies compounding procedures under the Income-tax Act, 1961 by reducing charges, removing limits, and easing filing requirements for taxpayers.
The securities were treated as stock-in-trade in the hands of assessee. The amount received by assessee on the sale of the securities was considered for computing its business income.
ITAT Delhi held that the assessee is not required to prove that a particular debt had become bad debt in order to claim deduction on account of bad debt written off pursuant to the amendment made u/s 36(1)(vii) of the Income Tax Act after 01.04.1989.
ITAT Delhi held that addition under section 69A r.w.s. cannot be sustained merely on the basis of the statement. There has to be some material corroborating the content of the statements. Accordingly, appeal allowed and addition deleted.
ITAT Delhi held that expense incurred by holding company on behalf of subsidiary company which is not in the nature of loan cannot be treated as deemed dividend u/s. 2(22)(e) of the Income Tax Act.
Delhi High Court held that the Assistant Commissioner of Income Tax/ Deputy Commissioner of Income Tax are prescribed income-tax authority for the purpose of issuance of notice u/s. 143(2) of the Income Tax Act.
ITAT Bangalore held that interest due to delayed payment of custom duty is deductible u/s 37 of the Act as it is an accretion to the main payment and not a penalty and accordingly allowable as deduction.
Held that the cash deposits are made out of the sale proceeds of the assessee and in my opinion the assessee has properly explained the source of the cash deposits along with documentary evidence.
