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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...
Himadri Kandarp Mehta L/H of Late Kandarp Yashashvibhai Vs ITO (Gujarat High Court) Law is well settled that unless the heirs and legal representatives of the deceased assessee could be said to have been submitted to the jurisdiction of the assessing officer and have participated in the assessment or re-assessment proceedings, notice to the dead […]
CBDT extends due date for filing of TDS statement in Form 26Q for the second quarter of Financial Year 2022-23 This is to inform that Central Board of Direct Taxes (CBDT) has extended the due date of filing of form 26Q for the second quarter of financial year 2022-23 from 31st October’2022 to 30th November’2022 […]
Understand the tax exemption criteria for charitable institutions engaging in educational activities. Learn the Supreme Court’s ruling and its impact.
Where assessee did not raised claim for deduction under section 54B while filing the returns of income filed u/s 139(1) and u/s 148 but in appellate proceedings raised the same then such claim was allowable.
Geetanjali Hotels & Promoters Pvt. Ltd. Vs ACIT/DCIT (ITAT Jaipur) It is noted from the record that the assessee company is engaged in the business of Hotel Industries and Toll Tax Collection. During the course of assessment proceedings, the AO noted that the assessee company had debited the interest expenses amounting to Rs. 4,23,15,400/-. During the […]
Merely granting of stay does not mean that prosecution launched by Department has come to an end and appeal cannot be dismissed on account of low tax effect,
The transfer pricing rules are meant to prevent tax leakage and market distortion that may result from the prices set for transactions among related parties. While cost-plus is one of the most commonly used methods to assign an appropriate price for a product or service, it’s not the best method to follow in all cases.
Learn about the new tax deduction provision under Section 194Q and its implications for buyers. Understand the criteria and rates for tax deduction.
CBDT extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is 31st October 2022 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th November, 2022.
Vide Office Order No. 231 of 2022-Income Tax 55 officers are, promoted to the grade of Principal Commissioner of Income Tax (Pr. CIT) (level 15 in the pay matrix Rs. 1,82,200-2,24,100/-) for the panel year 2021 on in-situ basis w.e.f. the date of assumption of charge of the post by them and until further orders. […]
