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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...
ITAT Amritsar held that loss incurred as amount written off paid against advance of land reflected in column bad & doubtful in ITR is allowable as business loss as genuinity of transaction not questioned.
ITAT Mumbai held that addition u/s 45 under the head Capital Gains for violation of conditions u/s. 47(xiiib) of the Act on conversion of a private limited company into the assessee LLP unsustainable as commercial expediency not contravened by AO.
ITAT Mumbai held that appeal of the revenue is hit by the monetary limits as per CBDT circular. Further, filing of appeal based on information from investigation wing (i.e. not external source) is not covered by except mentioned in clause (e) of paragraph 10 of CBDT circular.
ITAT Ahmedabad held that profit earned for carbon credits is capital in nature and hence addition treating the same as revenue in nature is unsustainable in law.
ITAT Hyderabad held that benefit of deduction under section 54F not eligible as the assessee owns more than one residential property on the date of transfer of the capital asset other than the new asset acquired.
Taxpayers can learn more about Amendment in Section 44AD & 44ADA in this post. Get info on gross turnover, minimum taxable sum, digital transactions & more
A trust is a legal entity created under Indian law to hold and manage property for the benefit of one or more individuals. The trust can be formed for any purpose, including financial security for the beneficiaries.
Section 43B of Income Tax Act provides that deduction for certain sums specified in its clauses (a) to (g) is allowable only on actual payment. However, the Proviso to this section allows deduction on accrual basis if the specified sum is paid by due date of furnishing of the return of income.
Filing of Form 10CCB to claim deduction u/s 80-IC is directory in nature and not mandatory. It’s sufficient if same is filed before passing assessment order
ITAT held that no tax is required to be deducted at source on amount reimbursed to the director of the company. Further, when tax has been deducted at source by the assessee while receiving software consultancy services, disallowance cannot be done by the Revenue Department.
