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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...
Tax Revenues in India Mark a Record High in a Post-Pandemic Economy FY 2021-22 revenue Rs. 27 Lakh Crore; up 34% over Previous Year Slew of Measures such as Ease of Filing ITR, Faceless e-Assessment, new AIS & GST reforms Boosting Compliance & Fueling Tax Collection As a remarkable testimony to the rapid recovery of […]
Cash Credit is any sum found credited in the books of the taxpayer either by cash or bank deposit, for which he offers no explanation about the nature and source of funds or the tax authorities are not satisfied by the explanation offered by the taxpayer.
Office Order No. 75 of 2022 | The following transfer/postings of the officers in the grade of Chief Commissioners of Income Tax/ Director Generals of Income Tax, are hereby ordered with immediate effect and until further orders:-
F.No. A-22011/212022-Ad-VI (Pt.II) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi – 110 001 Dated: 16.04.2022 Office Order No. 74 of 2022 On promotion, the transfer/postings of the following officers in the grade of Pr. Chief Commissioner of Income Tax/ Pr. Director Generals of Income […]
Learn about the application process and time limits for registration under Sections 11 and 12AB for a Public Trust.
ACIT Vs Late Sh. Amarjeet singh (ITAT Delhi) Facts- The assessee is an individual and deriving income from property, share income as partner in M/s S.M. & Sons and M/s Santokh Singh & Sons and interest income. The assessee filed its return of income on 30.09.2011 declaring an income of Rs.19,27,700/-. Subsequently, the assessee revised […]
Kooud Software Pvt. Ltd. Vs DCIT (ITAT Bangalore) Facts- The assessee is a private limited company. AO has passed the orders u/s 200A(1) the Act levying late fee towards the delay in filing the TDS returns u/s 234(E) of the Act for the A.Y. 2013-14 & 2014-15. Conclusion- On the basis of the decision of […]
It is well established that the reasons recorded by the AO cannot be further be substituted or added or deleted. We are of the view that the reference to market value of the flat as determined by stamp duty valuation authority also cannot justify initiation of reassessment proceedings under section 147 of the Act, as the validity of reassessment has to be tested only on the basis of reasons recorded by the Assessing Officer before issuing notice under section 148 of the Act and those reasons cannot be further improved.
Shri Ram Sharnam Sabha Regd. Vs ITO (ITAT Delhi) Facts- The assesse is a society, engaged in religious and charitable activities. This society is running Ashrams and Medication programmes and was duly granted registration u/s 12AA. The assessee filed its ITR for AY 2016-17 declaring a taxable income of Rs. Nil. The AO noticed that […]
Delhi High Court in the case of DDIT (E) vs Petroleum Sports Promotion Board (Supra) it is clear that in case of a charitable society even if benefit u/s 11 & 12 of the Income Tax Act, 1961 is denied and its income was brought to tax as income from other sources, all relevant expenditures were also to be allowed.
