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Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : Supreme Court held a levy is a fee only when linked to a specific service or benefit. Absence of quid pro quo makes it a tax, rega...
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 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 : The Bombay High Court held that reassessment proceedings could not be initiated on the issue of broken period interest when the le...
Income Tax : ITAT Delhi remitted matters relating to sections 12AB and 80G after finding that the impugned orders did not clearly establish whe...
Income Tax : The Tribunal held that interest earned from surplus funds deposited with banks qualifies for deduction under Section 80P(2)(a)(i)....
Income Tax : ITAT Delhi held that professional fees claimed for raising working capital limits could not be fully allowed as the taxpayer faile...
Income Tax : The ITAT Dehradun held that cash turnover in a petrol pump business during demonetisation could not be disregarded entirely. Consi...
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...
Shri Altaf Hussain Laskar Vs DCIT (ITAT Guwahati) The case of the assessee is that he has committed certain mistakes in computing the income originally, whereby certain exempt income was included as taxable and certain perquisites were claimed as exempt in the revised return. In other words, earlier assessee has included the value of LIC […]
DCIT (Exemptions) Vs Nabajuga Educational And Charitable Trust (ITAT Cuttack) At the outset, if the return filed on 31.10.2018 was not accompanied by the audit report, then it was incumbent upon the revenue to issue notice u/s.139(9) of the Act to treat the return filed by the assessee as defective. Admittedly, this has not been […]
ITAT held that deduction under Section 54B/54F of Act is available in cases where investments are made in property purchased in name of wife.
The ambit of a contract of agency and its resultant effect on the classification of difference between the Actual Fare and Net Fare as being a Commission liable to deduction of TDS.
Tax exemption to charitable organisations proposed in Finance Bill 2023 – Suggestions. Government provides incentive for public welfare in form of tax exemption. Benefits of the Tax Act Section 11 for charitable organisations.
Central Government hereby specifies ‘Secretary (Information Technology & Digital Service Department), Directorate of e-Governance, Government of Tamil Nadu’ for the purposes of the said clause in connection with sharing of information regarding income-tax assessees for identifying genuine beneficiaries and proper implementation of all the Centrally sponsored schemes and welfare schemes of the state of Tamil Nadu.
It has been admitted that income of Rs.4,57,18,304/- and tax determined thereupon at Rs.87,48,804/-was due to a system error which was in process of being rectified. It is also stated that the Faceless Assessing Officer in fact has assessed income at Rs.1,920/-
ITAT held that husband and wife will have equal shares in house property purchased by them as joint owners, wherein, sale deed had been executed and shares of co-owners is not specified.
ITAT Ahmedabad held that addition on account of on-money received @50% is on a palpably very high side. Accordingly, the same is restricted to Gross Profit percentage i.e. 15%.
ITAT Pune held that initiation of revisionary proceeding under section 263 of the Income Tax Act on a fishing and roving enquiry in the matter without bringing on record any material or evidence is liable to be quashed.
