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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 Delhi ITAT held that additions made on transactions unrelated to the reasons recorded for reopening were beyond the Assessing ...
Income Tax : The ITAT Chandigarh held that once registration under Section 12AB had been directed to be granted, the primary basis for rejectin...
Income Tax : The Delhi ITAT found that the Assessing Officer lacked legal authority to reopen assessment years lying outside the ten-year block...
Income Tax : ITAT Chennai restored the matter to the Assessing Officer after finding that the assessment and appellate proceedings were conclud...
Income Tax : ITAT Kolkata upheld the deletion of disallowance relating to brought forward losses of an amalgamating company after finding that ...
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...
Find out which clause of the tax audit is applicable – 44AB(a) or 44AB(e) – for businesses with a turnover between Rs. 1cr – 2cr.
Himachal Pradesh High Court held that benefit u/s 80IC not available when only small part of entire process is carried out at unit and other process is outsourced.
The controversy revolves around the word ‘derived’ and the word ‘industrial undertaking’. The question is whether the interest paid on delayed payments form part of profits and gains derived from an industrial undertaking?
Understanding clause 44 of Tax Audit Learn about the qualification requirements and what details need to be provided. Ensure compliance for a smooth tax audit process.
Ujjivan Small Finance Bank Vs ADIT (ITAT Bangalore) In this case The CIT(A) had denied the benefit of lower tax rate u/s 115BAA of the I.T. Act for the reason that the assessee has not filed the return of income on or before the due date specified u/s 139(1) of the I.T. Act. In this […]
Bombay High Court held that reopening of assessment cannot be done against a dead Assessee under the Income Tax Act, 1961.
Distinction between Section 9B and Section 45(4) of Income Tax Act 1961. Since the insertion of Section 9B there has been lot of discussion regarding the distinction between the two sections. Let’s throw some light on the applicability to make the blurred line visible – Section 9B is attracted when (Firm / AOP/ BOI) transfers […]
आपको जानकर हैरानी होगी कि रिजर्व बैंक की वार्षिक रिपोर्ट 2016-17 से लेकर अब तक यानि 2021-22 के अनुसार रिजर्व बैंक ने 2016 से लेकर अब तक 500 और 2000 के कुल 6849 करोड़ नोट छापे थे और उनमें से 1680 करोड़ से ज्यादा नोट सर्कुलेशन से गायब है जिसका मूल्य 9.21 करोड़ रुपये आता […]
CBDT notifies new Income Tax Application for recomputation of income under sub-section (18) of section 155, Form No. 69 –Application for recomputation of income under sub-section (18) of section 155 and Form No. 70 – Intimation to the Assessing Officer of the payment of tax on income recomputed under sub-section (18) of section 155 vide Notification No. 111/2022 – Income […]
Assessee in respect of premium paid to insurance company could not be brought to tax subject to the fact that assessee should not avail deduction u/s 80C of Act in respect of premium paid towards that insurance policy.
