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Income Tax : Get the complete TDS rate chart for FY 2025-26, including key rates, thresholds, and compliance notes for various payments under t...
Income Tax : CPC incorrectly applies 37% surcharge on AOPs and trusts under Section 167B, causing excessive tax against slab-based Finance Act ...
Income Tax : Check the TDS chart for FY 2025-26, covering various payments like salary, dividends, winnings, rent, and more. Understand the app...
Income Tax : Learn common errors in the Online 12A Registration Process and how NGOs can avoid delays or rejections when applying for tax exemp...
Income Tax : Learn about advance tax, eligibility, due dates, and payment process to avoid penalties under the Income Tax Act....
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under 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 : ITAT Chandigarh held that ITO Ward-3(1), Chandigarh had no jurisdiction to issue notice to an NRI and hence consequently the asses...
Income Tax : ITAT Raipur held that passing of order by CIT(A) without considering adjournment request of the assessee is not justifiable in law...
Income Tax : ITAT Pune condones delay, remands Sujit Taware's assessment to AO for fresh adjudication on cash deposit and property purchase....
Income Tax : ITAT Mumbai rules earning nominal profit by a Sec 12A registered trust with general public utility objects doesn't violate Sec 2(1...
Income Tax : Kerala HC sets aside IT assessment order against co-op bank for disallowing 80P deduction, citing disregard of binding Supreme Cou...
Income Tax : CBDT introduces ITR-B for search and seizure cases under section 158BC of the Income Tax Act, effective from 1st September 2024....
Income Tax : CBDT sets 30 April 2025 as the last date to file declarations under the Direct Tax Vivad se Vishwas Scheme, 2024....
Income Tax : HUDCO bonds issued after April 1, 2025, notified as long-term assets under Section 54EC for capital gains exemption, usable for in...
Income Tax : CBDT grants tax exemption to Prayagraj Mela Pradhikaran under section 10(46A) of the Income-tax Act, effective from assessment yea...
Income Tax : CBDT notifies Greater Mohali Area Development Authority for income tax exemption under section 10(46A), effective from assessment ...
ACIT Vs Mr. Bipin N. Sagar (ITAT Mumbai) Appellant has stated that the transfer is of one residential house. The three adjoining flats were merged and made it one residential house not by the Appellant but by previous owner. The Appellant ever since the date of purchase used it as one residential house. There is […]
Where assessee duly deducted tax at source under section 194C at the end of the year and remitted the same to Government account, the penalty imposed under section 271C for assessee’s failure to deduct tax at source and remittance to Government account, would not be sustainable.
Where assessee, in order to get a bank loan, submitted a bogus audit report from CA and showed fake turnover in his return of income, imposition of penalty under section 271B for non-compliance of section 44AB was justified.
ACIT Vs M/s. Bansal Ship Breakers P. Ltd. (ITAT Ahmedabad) Any person responsible for collecting taxes (TCS) under section 206(1) need not to do so if he obtains a declaration from the buyer that he is purchasing the goods for re-use in manufacturing process or producing article or things. It does not say that such […]
Assessee was eligible to claim tax credit both federal as well as state taxes paid on the income earned during the year as section 91 did not discriminate between State and Federal taxes, and in effect provides for both the types of Income-taxes to be taken into account for the purpose of tax credits against Indian Income-tax liability.
Pr. CIT Vs Narang Construction & Finance (P) Ltd. (Delhi High Court) The materials on record showed not mere superficial details like PAN, ROC, etc., but further facts relating to the bank accounts of the share applicants were also there. The share applicants were entering into proper commercial transactions and were not per se forged, bogus or […]
In exercise of the powers conferred by clause (e) of sub-section (9) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) as the regulation for the purposes of the said section.
Central Government hereby notifies the Housing and Urban Development Corporation Ltd. (HUDCO), New Delhi for the purpose of Section 194A(3)(iii)(f) of Income Tax Act, 1961.
Pr. CIT Vs Moonstar Securities Trading & Finance Co. (P) Ltd. (Delhi High Court) In this case for both years, the assessee had offered amounts as disallowance claiming them to be expenditure for tax exempt income. The assessing officer merely proceeded to reject such amount as expenditure and straightaway applied rule 8D without adducing any […]
AO was justified in making addition under section 68 of credit balance showing in assessees books of accounts against the Nil balance shown by the creditors in their books of accounts as on verification of the books of accounts of the creditor it was found that there was no balance outstanding against assessee and the same indicated that the credit balance shown in the books of the assessee was bogus.
