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Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
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 : 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 ITAT condoned the delay after finding that assessment and appellate notices were sent to incorrect email addresses. The ruling...
Income Tax : The ITAT observed that invoking the test of human probabilities cannot replace factual verification of books and bank records. Add...
Income Tax : The ITAT found that provisions for identified legal and professional expenses represented crystallized liabilities requiring TDS d...
Income Tax : The Court held that the delay in e-verification of Form 10B during the pandemic was supported by bona fide reasons. It ruled that ...
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 : 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...
Kalaignar TV Pvt. Ltd. Vs ACIT (ITAT Chennai) The assessee has claimed legal expenses and travelling & conveyance expenses before the Assessing Officer. The Assessing Officer mainly disallowed the expenditure claimed by the assessee on the ground that the legal proceedings was undertaken in respect of the charges framed against the Directors and shareholders of […]
Co-browsing, also known as collaborative browsing, allows the Helpdesk agents to collaborate with the taxpayer’s browser in real-time, just at the click of a button. Agents can view and securely co navigate the Taxpayer’s browser screen and guide them interactively to deliver real-time and personalized support.
Manish Goel Vs ITO (ITAT Kolkata) ITAT find that in the case of Swati Bajaj (supra), the facts before the Hon’ble Jurisdictional High Court, were that the assessee has claimed exempt income under section 10(38) of the Act at Rs.28,23,500/- from sale of equity shares of a listed company namely Surabhi Chemicals & Investment Limited. […]
CSR expense disallowance is restricted to expenses incurred by assessee under statutory obligation u/s.135 of companies Act 2013 and it doesn’t apply to expenditure incurred in discharge of corporate social responsibility (CSR) on voluntarily basis.
It has come on record that the department has itself accepted interest paid to the lender banks @ 14.75% in case of secured loans are against unsecured loans availed from Shri Grewal. That itself suggests that the impugned interest rate @ 10% is not excessive so as to attract the impugned disallowance/addition.
CIT Vs Hazira LNG Pvt Ltd (Gujarat High Court) CIT(A) recorded a finding that earning of the assessee from foreign exchange fluctuations was not in connection with its business activity. The finding was in the realm of appreciation of facts and material, therefore, is factual in nature. Such a finding came to be affirmed by […]
CBDT notifies sovereign wealth fund, namely, Public Investment Fund vide Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 S.O. 5345(E).—In exercise of powers conferred by sub-clause (vi) of clause (b) of Explanation 1 […]
1. Payment of tuition fees paid by parents for their children is allowed as deduction under section 80C. The Deduction is available to the extent of Rs 1,50,000/-. 2. Exemption for salaried taxpayer if they get perquisite from their employer for education of Rs 100 per month per child (upto 2 children)
ECL Finance Limited Vs ACIT (ITAT Mumbai) As per sub-section 3 to section 92CA inserted with effect from 1.6.2007 time limit for TPO to pass the order is within the period of sixty days prior to the date of completion of the order as per section 153 of the Act. Since reference under section 92CA […]
ITAT held that Once cash flow statement is not controverted by the Assessing Officer as well as the ld. CIT[A], the addition of such cash deposit is not valid
