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Income Tax : Below is a curated list of the most influential and frequently cited landmark judgments under the ITA, focusing on their practical...
Income Tax : An in-depth analysis of how agricultural income tax exemptions are used for evasion, with suggestions to curb misuse and protect s...
Income Tax : Explore how MNCs used the Double Irish & Dutch Sandwich strategy to avoid taxes and the global efforts made to close these loophol...
Income Tax : The 2025 amendment in Section 143(1) of the Income Tax Act introduces new compliance requirements. Taxpayers must ensure consisten...
Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, 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 Kolkata cancels penalty u/s 271D for Tarai Transport Corporation in AY 2016-17, citing reasonable cause and a similar past ru...
Income Tax : ITAT Rajkot cancels penalty on Anil Odedara, ruling income was estimated and not grounds for concealment under Section 271(1)(c) o...
Income Tax : ITAT Jaipur sets aside addition and penalty against Mukesh Kumar Agarwal due to lack of valid jurisdiction and time-barred penalty...
Income Tax : ITAT Raipur sets aside assessment against Adarsh Rice Mill due to lack of jurisdiction under Section 147. Merits of the case remai...
Income Tax : ITAT Raipur held that reassessment proceedings under section 147 of the Income Tax Act without any fresh material, amounts to mere...
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 : 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...
Central Government hereby notifies for the purposes of the said clause, ‘Prayagraj Mela Pradhikaran, Prayagraj’, an authority constituted by the State Government of Uttar Pradesh, in respect of the following specified income arising to that authority, namely:—
‘Gratuity’ in simple term is a reward given by the employer to his employee at the time of his retirement / resignation / termination / death. Present article contains the answer to the basic gratuity related questions like what is the eligibility criteria of gratuity, what is the gratuity calculation formula and what is the […]
Mukta Gupta Vs ITO (ITAT Delhi) Conclusion: Long-term capital gains on sale of shares could not be treated as bogus on the reason that the price of these shares had risen manifolds and the reason for astronomical rise was not related to any fundamentals of market. Once the transactions were duly proved by trading from […]
Since the transaction between assessee-company and other group concern were in the nature of current account and inter banking account containing both types of entries i.e., receipts and payments and assessee was neither the beneficial nor the registered shareholder of the company, therefore, the amount received from other group concern could not be brought in the purview of loans and advances so as to attract Section 2(22)(e).
Time limit for levy penalty under section 271(1)(c) after Commissioner Appeal order Recently, my friend made me a panic call as he received a notice for levying penalty under section 271(1)(c) of the Income Tax Act after the commissioner (A) has dismissed quantum appeal and the assessee has further filed the appeal before the Honorable […]
Now the CBDT vide Notification No. 16/2019/F. No. 200/8/2018-ITA-I dated 8th March, 2019 has specified twenty lakh rupees as the limit for the purposes of Section 10(10)(iii) of the Income Tax Act, 1961 in relation to the employees who retire or become incapacitated prior to such retirement or die on or after the 29th day of March, 2018 or whose employment is terminated on or after the said date.
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 21/2019 New Delhi, the 13th March, 2019 (INCOME-TAX) S.O. 1362(E).—In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Commissioner of Income-tax (e-Verification) shall be […]
Central Board of Direct Taxes hereby directs that the Principal Director General of Income-tax (Systems), Delhi, shall exercise the powers and perform the functions in respect of such territorial area or such persons or class of persons or such incomes or class of incomes or such cases or class of cases, in respect of which the Commissioner of Income-tax (e-Verification) has jurisdiction vested in him.
CIT to exercise concurrent powers in addition to any other authority under the Income-tax Act–(i) for the purpose of centralised issuance of notice and for collection and processing of information or documents and making available the outcome of the collection and processing under sub-sections (1) and (2) of section 133C of the Income-tax Act, 1961;
It is hereby notified for general information that the organization M/ s Indian Institute of Science Education and Research, Bhopal (PAN:- AAAAI2511F) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961
