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Income Tax : Avoid common income tax payment mistakes, including incorrect forms, delayed payments, and incorrect PAN, to ensure compliance and...
Income Tax : Scrutiny assessment which is mainly governed by Section 143 of IT Act is in-depth process used by tax officers to ensure accuracy ...
Income Tax : Explore the differences between Form 16 and Form 16A, their purposes, eligibility, and significance in income tax filing. Understa...
Income Tax : The Supreme Court’s Rajeev Bansal case clarified the validity of reassessment notices for AY 2013-14 to 2018-19 and introduced t...
Income Tax : Learn about the planned overhaul of India’s Income Tax Act 1961, set to simplify and modernize tax laws by 2025, aiming for clar...
Income Tax : Learn how CRS and FATCA enhance tax transparency, requiring foreign asset disclosure in India. Avoid penalties with complete, accu...
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
Income Tax : CBI files chargesheet against Principal Commissioner of Income Tax and four others in a Rs 10 lakh bribery case. Investigation det...
Income Tax : CBDT sets transfer pricing tolerance range at 1% for wholesale trading and 3% for other transactions for AY 2024-25, providing cla...
Income Tax : KSCAA highlights critical issues on India’s Income Tax Portal, impacting timely filings for returns and TDS with glitches, timeo...
Income Tax : ITAT Jaipur dismisses appeal in Kavita Samtani Vs DCIT, upholding additions under Section 68 of the Income Tax Act for unexplained...
Income Tax : ITAT Cochin rules AO's assessment must be both erroneous and prejudicial to revenue for S.263 proceedings. Delay condoned; appeal ...
Income Tax : Delhi High Court remands ITAT case for reconsideration on S. 153C, clarifying its applicability to searches conducted before the F...
Income Tax : Delhi High Court rules that Section 14A disallowance doesn't apply if no exempt income is earned. Dismisses Revenue's appeal again...
Income Tax : ITAT Chennai remands G. Sekar's case to CIT(A) for procedural review, highlighting deficiencies in prior assessment order. Fresh a...
Income Tax : CBDT grants tax exemption to the Petroleum and Natural Gas Regulatory Board for AY 2024-25 under Section 10(46A) of the Income Tax...
Income Tax : CBDT sets new monetary limits for waiver of interest on delayed tax payments under Section 220(2) of the Income Tax Act, 1961, eff...
Income Tax : CBDT issues Notification No. 5/2024 for mandatory electronic filing of Forms 3CEDA and 3C-O under Income Tax Rules, effective from...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
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...
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Compounding of offences is not a matter of right. However, offences may be compounded by the Competent Authority on satisfaction of the eligibility conditions prescribed in these Guidelines keeping in view factors such as conduct of the person, the nature and magnitude of the offence in the context of the facts and circumstances of each case.
AO was not justified in holding that losses incurred by assessee due to selling goods at less than cost price to e-commerce operators was to create marketing intangibles assets and therefore the loss to the extent it was created due to predatory pricing should be regarded as capital expenditure incurred by assessee and should be disallowed because where a trader transferred his goods to another trader at a price less than the market price and the transaction was a bonafide one, the taxing authority could not take into account the market price of those goods, ignoring the books results of assessee and resorting to a process of estimating total income of assessee in the manner in which he did, what could be taxed was only income that accrues or arises as laid down in Sec.5, nothing beyond Sec.5 could be brought to tax.
Exemption under section 11 in respect on the surplus reflected by assessees accounts was denied by AO because assessee was not registered under section 12AA, however, the matter was remanded back to AO to verify as to whether expenditure were actually incurred for the purposes of the running the institution or organizing its activities which was allowable as deduction from surplus and assessee was directed to establish its bona fides before claiming the exemption.
Since the stock sold was very old, it was not strange to sell them at reduced rate and AO had no authority to compel assessee as to at which rate, assessee had to make sale of its goods, hence, deduction of trading loss on sale of stock was allowable.
As CIT(E) rejected assessee’s application for registration ex-parte under section 12AA without affording reasonable opportunity of being heard to assessee in terms of section 12AA(1)(b)(ii), therefore, the matter was restored back to the file of the CIT (Exemptions) for fresh examination and adjudication.
Deduction under Section 36(1)(va) with regard to Employees’ Provident Fund, Labour Welfare Fund and Employees’ State Insurance was not allowable where contribution had been made after the due date prescribed in the respective enactments.
Reassessment order passed u/s 147 r.w.s 143(3) by issuing notice under section 148 but without issuance of notice u/s 143(2) was invalid and void ab initio and thus liable to be quashed.
It appears that the CBDT has envisaged turning the ITR forms into Scrutiny forms. By making the changes in current year ITR forms, the Dept. has increased the scope of disclosure and the scope to uncover the under-reporting or wrong-reporting of income. Key Changes have been discussed as follows:
NEW PENSION SCHEME- Section 80CCD of the Income Tax Act, 1961– (Deduction based on Investment) The following conditions need to be satisfied for the applicability of Section 80CCD: 1- It is applicable to only Individual assessee. 2-It is applicable to Individual assessee employed with Central Government or employed by any other person other than Central […]
