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Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Receiving an income tax notice can be disconcerting, particularly for individuals who are not well-versed with tax laws and compli...
Income Tax : Discover key highlights of India's Income Tax Bill 2025, effective April 2026, featuring simplified tax structures, revised slabs,...
Income Tax : Supreme Court clarifies the applicability of TOLA to reassessment notices under the Income Tax Act, addressing the interplay with ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
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 : Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material ...
Income Tax : ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value...
Income Tax : ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting prope...
Income Tax : ITAT Bangalore upheld CIT(A)'s acceptance of additional evidence in local language, dismissing AO's addition under Section 69A. Re...
Income Tax : ITAT Bangalore set aside penalty orders under Section 271B due to improper notice delivery to an unrelated email ID and failure to...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Income Tax : CBDT notifies the Income-tax (Seventh Amendment) Rules, 2025, updating Forms 26Q and 27Q to include Section 194T on payments to fi...
Making of incorrect claim in law would not by itself amount to concealment of income or giving inaccurate particulars of income. Since revenue had not been able to show even remotely that there was any concealment of income or filing of inaccurate particulars of income, appeal was to be dismissed.
DCIT Vs Progressive Constructions Ltd. (ITAT Hyderabad) Expenditure incurred for gaining right to operate the project facility and collect toll charges resulted into an intangible asset eligible for depreciation Conclusion: Expenditure incurred by assessee of Rs.214 crore for creating the project or project facilities had created an intangible asset in the form of right to operate […]
Five Years Rigorous Imprisonment To Then Assistant Director Of Income Tax And A Private Person For Accepting Bribe Of Rs. One Lakh The Special Judge, CBI Cases, Dhanbad (Jharkhand) has sentenced Sh. Swarn Singh, then Assistant Director, Income Tax (Investigation), Dhanbad to undergo five years Rigorous Imprisonment with a fine of Rs. one lakh and […]
Interim Budget 2019-20 is presented by Interim Finance Minister, Piyush Goyal. Here are some key highlights of changes in Direct tax: – No amendments in Income tax slab and Surcharge rates 1. The existing rate of Income tax will continue. Here is brief introduction of different rates of income tax for different entities: (i) Slab […]
Additions could not be made in respect of assessments already completed if no incriminating material was found during search or during 153A proceedings.
Compensation received by foreign companies from assessee for loss of business/profit would constitute business receipts in the hands of foreign companies but the same was not liable for TDS under section 195 as the foreign companies did not have permanent establishment in India.
Amount received by a retired partner from its erstwhile partnership firm could not be claimed as exempt under section 10(2A) as the reading of section makes it clear that it makes profit of a firm assessed as such exempt in the hands of its partners and assessee was not at all partner in the said firm.
NEW PROCEDURE AND FAQs TO FILE AN APPEAL BEFORE CIT (A) As you are aware, Income Tax Scrutiny cases related to A.Y-2016-17 has been over on 31st December. Some assessees are happy with the decision given by Assessing officer and some are not happy or not satisfied by their decision. To deal with such situation, Income […]
The results of Chartered Accountants Intermediate (IPC) & Intermediate (New) Examination were declared today by the Institute of Chartered Accountants of India (ICAI). Chartered Accountants Intermediate (IPC) Examination held in November, 2018 I. Details of top three rank holders on All India Basis for Chartered Accountants Intermediate (IPC) Examination held in November, 2018 are mentioned […]
DLF Hotel Holding Case: Interest On Borrowed Funds Allowed As Deduction Under Section 36(1)(iii) Even If Some Of Funds Financed To Subsidiary Companies
