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Income Tax : Compare the old and new tax regimes for FY 2025-26 to find out which one suits your financial situation, with details on exemption...
Income Tax : Notification No. 36/2025-Income Tax dated 22nd April 2025. For the first time, certain luxury goods priced above 10 lakh will attr...
Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
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 : ITAT Surat ruled that reassessment of deceased person is void ab initio, quashing the order and allowing the appeal in Bharat Ranc...
Income Tax : ITAT Cochin grants 12A registration to Naughty's Pet Sanctuary, ruling against CIT(E)'s decision over trustee honorarium clause....
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Tax deduction at source or Tax collected at source are the most convenient mode of tax collection by the government thus it is a tool to collect tax to minimize the tax evasion by taxing the income at the time when income generated and instead of taxing on a later date. A large number of […]
Income Tax Scrutiny Assessment demystified: Understand the process, reasons for selection, and how to avoid it. Learn about receiving notices, time limits, and responses. Common reasons for scrutiny include non-disclosure of income, TDS credit mismatch, high-value transactions, and filing defective returns. Discover proactive steps to prevent scrutiny, such as timely filing, accurate reporting, and thorough documentation. Seek expert guidance if needed.
Taxation of Digital Economy As businesses adapt to an increasingly digitized environment, tax authorities are placing more focus on businesses tax processes and control. Unlike traditional businesses, companies that are part of digital economy are able to generate significant revenues in other countries without the need of physical presence in that country. This is one […]
DCIT Vs Ajanta Tubes Ltd. (ITAT Delhi) The issue under consideration is whether the A.O. is correct in rejecting the valuation report obtained by the assessee? In the present case, assessee had sold its land and building. Assessee had taken the cost of acquisition for land as per valuation report as at 1-4-1981 as against […]
Ashapura Minichem Limited Vs DCIT (ITAT Mumbai) The issue under consideration is whether the re-opening of assessment u/s 147 is justified in law? The assessee before us is a listed public limited company engaged in the business of mining bauxite and selling the same in domestic as well as international market. In the present case […]
Nikon India Pvt. Ltd. Vs DCIT (ITAT Delhi) The issue under consideration is whether the assessment will sustain even if the Assessing Officer ignoring the statutory provisions of section 144C, passed the Final assessment order without issuing draft assessment order to the assessee? In the present case, the Tribunal vide order dated 31.03.2017 remanded the […]
This article is an attempt to educate on regulatory, accounting, direct and indirect tax compliance to be done by Resident Welfare Association (RWA)/Apartment Association. In Tamilnadu as per The Tamilnadu Apartment Ownership Act, 1994, a Deed of Apartment containing description of the land on which the building is located along with details of the building, […]
“What’s the use of a fine house if you haven’t got a tolerable planet to put it on.” A very famous quote of poet and philosopher Henry David Thoreau which holds so true in the present crisis this world is facing. The global pandemic and proliferate increase in its outspread has led the common man to face […]
The issue under consideration is whether A.O. is correct in holding that shares of listed companies received by the appellant company as gift without consideration, as part of internal family realignment amongst members of the family, could not be regarded as valid “gift”, and further considering the same to be sham and colorable transactions?
The issue under consideration is the rejection of stay of demand by the assessing authority without offering an opportunity of heard is justified in law?
