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Income Tax : The 2025 amendment in Section 143(1) of the Income Tax Act introduces new compliance requirements. Taxpayers must ensure consisten...
Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
Income Tax : Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits,...
Income Tax : Tax loss harvesting is a tax planning strategy that allows taxpayers, especially investors, to lower their capital gains tax liabi...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITAT Pune rules one-time membership and share fees as capital receipts for Veershaiv Cooperative Bank, reversing lower authority�...
Income Tax : ITAT Pune grants partial relief in cash deposit case during demonetization under Section 69A. Dispute centered on unexplained depo...
Income Tax : ITAT Pune quashes PCIT's Section 263 order against Shree Balaji Associates, stating AO made inquiries; no lack of inquiry found....
Income Tax : ITAT Mumbai held that as per circular no. 6 of 2016 dated 29th February 2016, it is clear that it is the assessee who decides whet...
Income Tax : Delhi High Court held that section 153C of the Income Tax Act doesn’t required AO to find or uncover a relationship or an associ...
Income Tax : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
New ITR Forms Changes for Financial year 2019-20 CBDT has issued new ITR form for Financial year 2019-20. There are few additional disclosures which a taxpayer needs to make as compared to last year. Following additional disclosures has been made applicable for Assessment Year 2020-21 in new ITR Forms 1. Deductions Details from 01/04/2020 to […]
DCIT Vs Late Shri Pravinsinh N Zala (ITAT Rajkot) Whether the amendment brought under the provisions of section 153C of the Act, where the word ‘belong’ was replaced with the word ‘pertain’ is applicable for the year under consideration. It was only on 1st June, 2015 when the amended provisions came into force that the […]
Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various provisions in order to restrict/discourage cash transactions and incentivise/ promote non-cash mode. We […]
On 29.05.2020, the Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms and manner of furnishing Return of Income for Assessment Year (A.Y.) 2020-21 i.e. FInancial year (F.Y.) 2019-20. In exercise of the powers conferred by Section 139 read with Section 295 of the Income-tax Act, 1961, the CBDT amended […]
Simple TDS Rate Chart for Financial Year 2020-21 – Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]
CBDT has notified new ITR form for AY 2020-21 vide notification No. 31/2020 dated 29.05.2020. This article explains Form ITR-1 Sahaj Applicability and additional disclosure required compared to previous year Form ITR-1. This Form ITR-1 Sahaj can be filed by an individual resident (other than not ordinarily resident) having total income up to Rs. 50 […]
Article explains Major Changes In Income Tax Law for Assessment Year (AY) 2020-21/ Financial Year (FY) 2019-20 and AY 2021-22/FY 2020-21 which includes changes in Tax Rates, TDS Rates, Depreciation Rates, Widening of Scope of Form 26AS, Changes in the provisions related to NRIs, Tax Treatment of Dividends Changed, Fresh Registration of Trust and Educational […]
PCIT Vs Junjab National Bank (Delhi High Court) Merely because additions made by the Assessing Officer have been partially upheld by the CIT (A), would not confer the ground to initiate proceedings under Section 271(1)(c) of the Act of imposition of penalty, unless it is found that there is concealment of material facts, or furnishing […]
The issue under consideration is whether A.O. and CIT is correct in making an addition u/s 69 for cash found during search in bank locker?
Mahle Filter Systems Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The issue under consideration is whether A.O. is correct in treating the ‘rental income’ as ‘income from other sources’? The assessee has disclosed rental receipts from its factory building and after deducting 30% as per provisions of section 24 of the Act, income from house […]
