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Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Delhi ITAT held that additions made on transactions unrelated to the reasons recorded for reopening were beyond the Assessing ...
Income Tax : The ITAT Chandigarh held that once registration under Section 12AB had been directed to be granted, the primary basis for rejectin...
Income Tax : The Delhi ITAT found that the Assessing Officer lacked legal authority to reopen assessment years lying outside the ten-year block...
Income Tax : ITAT Chennai restored the matter to the Assessing Officer after finding that the assessment and appellate proceedings were conclud...
Income Tax : ITAT Kolkata upheld the deletion of disallowance relating to brought forward losses of an amalgamating company after finding that ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
CBDT) has issued the final rules pertaining to Master File (MF) and Country by Country reporting (CbCR) on 31st October 2017. This is an outcome of the OECD/G20 BEPS Action Plan 13. India has been an active participant of the OECD BEPS (Base Erosion and Profit Shifting) project.
Lambda Therapeutic Research Ltd. Vs DCIT (ITAT Ahmedabad) We find that the assessee has not demonstrated any benefit derived from its associated enterprises namely Lambda USA whereas it has advanced interest free loan of EURO 49,999/-. Thus, the question arises whether there is a need to make any adjustment on account of notional interest under […]
Smt. Nalini Anilbhai Amin Vs DCIT (ITAT Ahmedabad) The proceedings, in the instant case, under section 147 of the Act were initiated by the AO on account of escapement of income of the capital gain generated on the sale of the property. This fact can be verified from the reasons recorded by the AO for […]
CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Updated return can be filed from the assessment year 2020-21 onwards. Return shall be filed in form no. ITR-U along with applicable ITR form from ITR-1 to ITR-7. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
The timeline to update UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs. Presently, various instances of invalidation of UDINs at the e-filing portal of Income Tax Dept. are being reported. The members are advised to try again to update those UDINs which have been invalidated earlier at the e-filing portal of Income Tax Dept. now.
Dive into crucial Income Tax case laws covering sections 276C, 276D, 277, and more. Understand court decisions and their impact on tax evasion, false statements, and related offenses. Stay informed with these key legal insights.
Explore ITAT Kolkata’s ruling in Anju Chamaria vs ITO regarding 271B penalty. Analysis of turnover, audit requirement, and key legal insights provided.
There are some concerns regarding Problem faced by the Members in relation to the UDIN Updation at the Income Tax Portal, I would like to Draw your Attention on different type of issues faced by the Members and possible solutions, so that suitable action may be taken to resolve their concerns.
CBDT notifies Tamilnadu Construction Workers Welfare Board under Section 10(46) of Income Tax Act, 1961 vide Notification No. 47/2022-Income Tax, Dated: 20.04.2022. MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) New Delhi, the 28th April, 2022 Notification No. 47/2022-Income Tax S.O. 1977(E).—In exercise of the powers conferred by clause (46) of section […]
Section 47 of Income Tax Act, 1961 deals with transfers which are not regarded as transfer under Income Tax and vide Notification No. 46/2022-Income Tax | Dated: 27th April, 2022 notified list of 150 Countries for clauses (viiac) and (viiad) of section 47 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD […]
