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Income Tax : Companies renting residential properties often struggle with choosing between 2% and 10% TDS. The key takeaway is that the correct...
Income Tax : Bangalore ITAT held that the Revenue cannot deny the fifth-year deduction under Section 35D after consistently allowing the claim ...
Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : Mumbai ITAT held that payments from accumulated income to institutions registered under Section 12AA attracted Section 11(3)(d). T...
Income Tax : Mumbai ITAT held that the Revenue could not attribute the entire execution revenue from cross-border deals to the Indian PE withou...
Income Tax : Mumbai ITAT held that maintenance charges and other collections received exclusively from members of a co-operative society are ex...
Income Tax : ITAT Mumbai ruled that additions under Section 69 cannot be sustained merely on suspicion when the entire property investment is s...
Income Tax : The Tribunal ruled that information from the Sales Tax Department and generic statements of alleged hawala dealers are insufficien...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made applicable from 01.04.2024 (relevant to the FY 2023-24) and considering that notification is yet to be notified
ITAT Jaipur held that penalty u/s 271B not leviable for mere delay of one day as such delay didn’t have any deliberate intention. The delay if any is on account the reasons on the technical letches on the portal and the same is venial in nature.
Explore the Presumptive Taxation Scheme: Eligibility, Benefits, and Computation. Understand the concept introduced by the government for small taxpayers, eligibility criteria for professions and businesses, benefits of disclosing income, and computation methods for different sections. Learn who is not eligible and implications of opting out. Stay informed for educational purposes.
JCIT vs Amandeep Singh Bhatia: ITAT Indore dismisses revenue’s appeal, affirming CIT(A)’s deletion of Rs. 2,48,02,084/- addition as income from other sources. Detailed analysis provided.
Arvi Lights challenged a revision under section 263 of the IT Act regarding cash deposits during demonetization. ITAT Delhi found AO’s inquiries sufficient, supporting the original assessment.
ACIT challenged CIT(A)’s decision to reject the books of accounts and estimation of profit. ITAT Delhi found no errors in CIT(A)’s findings and dismissed the revenue’s appeal.
The penalty was levied for the non-disclosure of a life insurance policy held outside India in the income tax return. The ITAT ruled that the non-disclosure was a bonafide mistake and that the policy had been surrendered in the previous financial year.
ITAT disallowed the expenses claimed by by stating that a property not used for business purposes cannot be treated as a business asset. The property in question was sold and a new property was purchased using the proceeds. The expenses incurred on the new property, including watch & ward expenses and electricity expenses, were disallowed as the property was not shown as a business asset and depreciation was not claimed.
Explore the intricate details of TDS disallowance and partner salary/interest under Section 40 of the Income Tax Act, 1961. Gain insights into provisions addressing non-deduction/payment of TDS, disallowances for excessive payments to partners, and key considerations for tax compliance. Navigate the complexities with our comprehensive summary for accurate understanding and compliance.
The Income Tax Department has issued a notice informing all Statement of Financial Transaction (SFT) filers about the challenges faced during the filing process due to heavy traffic on the reporting portal. To ensure a smooth experience for all filers, the department has extended the filing period for SFT returns. Additionally, a dedicated helpdesk has […]
