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Income Tax : Learn about Section 87A rebate applicability on short-term capital gains under the new tax regime for FY 2023-25. Explore legal ch...
Income Tax : Explore the Principal Purpose Test (PPT) in international tax law, its impact on treaty benefits, legal uncertainty, and potential...
Income Tax : Budget 2025 introduces tax reliefs, higher TDS thresholds, and urban housing reforms, impacting real estate growth while raising c...
Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Many taxpayers who have claimed an HRA deduction exceeding ₹5 lakh in their income tax returns have received an email from the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Jaipur quashes PCIT order revising assessment of Auro Iron, citing insufficient inquiry and overreach on reassessment grounds...
Income Tax : ITAT Jaipur held that assessee just needs to establish that the amount has come from the bank account of the cash-creditors. Asses...
Income Tax : ITAT Kolkata held that issuance of notice under section 143(2) of the Income Tax Act by non-jurisdictional Assessing Officer rende...
Income Tax : Gujarat High Court held that refund entitled to assessee on the basis of order passed by CIT(A) cannot be unjustifiably adjusted a...
Income Tax : Bombay High Court dismisses revenue's appeal in PCIT Vs Umesh Ishrani case, citing lack of corroboration for loose paper evidence ...
Income Tax : Income Tax offices across India will remain open on March 29-31, 2025, for pending work, as per CBDT order under Section 119 of th...
Income Tax : CBDT notifies Income Tax (Sixth Amendment) Rules, 2025, introducing safe harbour rules for assessment year 2025-26. Full details o...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Since Department had correct address of assessee and sending notice for reassessment at incorrect address drawing a presumption of service of notice was rendered assessment proceedings as invalid.
CBDT notifies ‘Odisha Electricity Regulatory Commission’, Bhubaneswar,’ under clause (46) of section 10 of the Income-tax Act, 1961 vide Notification No. 28/2019 Dated 26th March, 2019.
A.T.E. Pvt. Ltd. Vs ACIT (Bombay High Court) In this case, admittedly, the payments have been made beyond the due date as prescribed in the relevant Act, under which the aforesaid payments have been made. However, it is also undisputed that the payments have been made before the due date for fling the return of […]
GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 Tale Fax : 011-23092791 NEENA KUMAR, IRS MEMBER, CBDT & Special Secretary to the Government of India F.No. D.01380/0212018-1T(B) New Delhi, dated. 26th March. 2019 Dear Pr. Chief Commissioner of Income Tax, Subject: Achieving budget collection target for […]
When TDS returns/statements had been filed by assessee for each quarter online and orders had been served upon assessee online for payment of the late fees, assessee was not justified in contending that it had not received any communication in respect of late fee imposed under section 234E neither any such communication came to the knowledge prior to the notice of outstanding demand issued by DCIT (TDS).
Section 80-IBA Detailed Analysis – Affordable Housing Project 1. Affordable Housing Meaning Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income. The basic intention of the Government is to build houses which are affordable to below medium class. The incentives given by […]
Sanraj Engineering (P) Ltd. Vs ITO (ITAT Delhi) Levy of penalty under section 271(1)(c) was not justified, where both the assessment order and show cause notice failed to state the specific charge of concealment and/or furnishing of inaccurate particulars of income by assessee. FULL TEXT OF THE ITAT JUDGMENT Aggrieved by the order dated 29.09.20 […]
Pr. CIT Vs Vernan Pvt. Trust (Bombay High Court) Whether the Assessee is engaged in the business of buying and selling of shares or is a mere investor, would depend on the range of factors. In the present case, the Tribunal has noted the relevant facts and analyzed such facts in proper perspective. To reiterate, […]
Every specified person is responsible for deducting the tax at source. The TDS compliance of the financial year 2019-20 would be started from 1 April 2019, in light of the concern I have prepared the brief about TDS and tax provision along with important details. TDS stands for tax deducted at source. As per the […]
ACIT Vs Starflex Sealing India (P) Ltd. (ITAT Mumbai) i) Amendment to Sec.32(2) by Finance Act 2001 is applicable from A.Y.2002-03 and subsequent years. Therefore, unabsorbed depreciation from A. Y 97-98 upto A. Y 2001 to got carried forward to the A. Y.2002-03 and become part thereof’, ii) It came to the governed by the […]
