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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 : 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 : The scope of this analysis encompasses a detailed exploration of these three concepts within the Indian income tax framework, draw...
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 : Ahmedabad ITAT upholds deletion of ₹1 Cr addition for Radhika Diamonds, noting cash sales were duly recorded and business activi...
Income Tax : Surat ITAT partly allows Jayeshbhai Chovatiya's appeal against unexplained bank credits addition and upholds part of AO's assessm...
Income Tax : ITAT Ahmedabad quashes ₹4 crore addition against Amitsingh Bhadoriya as AO relied on a bank account not admitted by the taxpayer...
Income Tax : Huawei Telecommunications (India) withdraws its ITAT appeals after choosing the Direct Tax Vivad se Vishwas Scheme, 2024....
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...
Income Tax : CBDT notifies Greater Mohali Area Development Authority for income tax exemption under section 10(46A), effective from assessment ...
Cheryl J. Patel Vs ACIT (Bombay High Court) While discussing various issues, the Tribunal has not given any independent reasons showing consideration of the submissions made on behalf of the assessee. We are conscious of the fact that an appellate order which affirms the order of the lower authority need not be a very detailed […]
Where assessee-company had advanced interest-free loan to its sister concerns out of interest bearing fund, the disallowance under section 36(1)(iii) was proper because the loan could not be said to have been given out of commercial expediency, when the two concerns had independent lines of manufacturing and were manufacturing different products.
In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently not correctly explained in para 5.5.12 of the circular. The correct position of the admissibility of deduction under section 8OTTB is provided as under:-
Ms Karnataka Power Transmission Corporation Ltd. Vs ITO (OSD) (TDS) (ITAT Bangalore) FACTS – Karnataka Power Transmission Corporation Ltd. paid cash equivalent of unutilized leave at the time of retirement of their employees, however, they didn’t deducted TDS on the same. As per section 10(10AA), in case of payment towards unutilized leave period, entire payment […]
Dalia Investment Pvt. Ltd. Vs DCIT & Anr. (ITAT Kolkata) Citation: Dalia Investment Pvt. Ltd. Vs DCIT &Anr. (ITAT Kolkata); ITA No.2818/Kol/2013 & ITA No.04/Kol/2014; 27/04/2018; 2006-07 Conclusion: Disallowance of miscellaneous expenditure was without application of mind by AO as disallowances of expenses cannot exceed the amount of actual expenses claimed by assessee. Held: In […]
Union Cabinet chaired by PM Narendra Modi has approved the proposal for Abolition of Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman.
Kalyan Constructions Vs ITO (ITAT Hyderabad) Where assessee had not claimed cash payment of Rs. 1.50 crores for purchase of land as business expenditure or treated as stock or capitalized the same in order to claim depreciation in the future, disallowance under section 40A(3) could not be made. FULL TEXT OF THE ITAT JUDGMENT This […]
Background- There are differences in profit calculated by a business entity in its books and income calculated as per income tax act. We pay tax as per income calculated as per income tax act. There are 2 types of differences- 1) Permanent differences These are differences between our accounting income and taxable income that originate […]
Madhav Govind Dhulshete Vs ITO (Bombay High Court) Section 40A is inserted in Income Tax Act with an aim and object to discourage payment of money in cash beyond a certain limit. That is to encourage cheque transactions and banking operations. Thus, in these circumstances, Assessing Officer is correct in making disallowance of Rs. 36,16,500 […]
Consulting Engineering Services India Pvt. Ltd. Vs ACIT (ITAT Delhi) It is true that noticed dated 21.11.2011 was for both the A.Ys i.e. 2008-09 and 2009-10. However, each A.Y is considered to be a separate unit and, therefore, for each A.Y, the Assessing Officer must bring out his case. A perusal of the said notice, […]
