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Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
Income Tax : This article outlines major penalties under the Income-tax Act for defaults involving tax payments, return filing, TDS compliance,...
Income Tax : The article explains how transactions between associated domestic entities exceeding ₹20 crore must comply with arm's length pri...
Income Tax : This article explains the interest provisions applicable to delays in TDS deduction, TDS/TCS payment and non-payment of tax demand...
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 Delhi ITAT held that the full value of unaccounted sales cannot automatically be treated as taxable income. It restricted the ...
Income Tax : Addition of capital gain was deleted as impugned land being agricultural land situated beyond the prescribed municipal limits and ...
Income Tax : The ITAT held that investments which did not generate exempt income during the year cannot be considered for Rule 8D disallowance....
Income Tax : The ITAT Ahmedabad held that isolated WhatsApp messages and electronic communications cannot, by themselves, support additions in ...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
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...
Rifle Factory Co-operative Society Ltd Vs ACIT (Calcutta High Court) Whether demand in pursuance of order of assessment can be pursued without disposing off the petition for stay of demand. The Single Bench of Calcutta High Court in this case was dealing with a situation where without disposing off the petition for stay of demand, […]
Addendum to Notification 2 of 2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5,000/-).
Whether ITAT has the power to entertain additional ground without recording reasons and without following Rule 46A of the Income-tax rules, 1962 and whether jurisdictional issue relating to non issuance of notice u/s 143(2) can be raised at any time?
A home loan is a secured loan that is acquired from a bank or financial organization for the purpose of buying a property by pledging the asset as security. Home loans provide high-value financing with reasonable interest rates and lengthy terms. The borrower receives the title to the property back after repayment through EMIs.
ITAT Mumbai set aside the matter for fresh adjudication as none of the aspects and the relevant facts have been properly looked into and examined by the lower authorities
ITAT Visakhapatnam held that civil suit is filed before the Hon’ble District Judge accordingly the matter is squarely covered as exception as per proviso to section 56(2)(vii)(b) of the act and accordingly we hold that there is no case for invoking the provisions of section 56(2)(vii)(b).
ITAT Mumbai held as books of accounts of assessee are not need to be audited hence return of income has to be filed on or before 31st July As return filed beyond time limit disallowance of set off of brought forward loss sustained.
ITAT Mumbai held that activity of running tuition centres can be considered as undertaken for charitable purpose under relief of the poor only if the same is proved with necessary evidence.
Validity of the ICAI guidance for calculating the turnover in case of derivatives has been reiterated by various judicial precedence. ICAI as an expert body of accountants and guidance note on tax audit issued by them can be relied upon in absence of any statutory provision for computation of turnover in such cases.
ITAT held that payment of Fees for training to Employees on soft skill & general topics cannot be treated as Fees for Technical Services (FTS)
