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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 Tribunal ruled that audited books and quantitative reconciliation supported the genuineness of agricultural commodity purchase...
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 : 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...
Arjuna, in simple language, Budget is a financial document used to estimate revenue and expenses of the upcoming year. The Governments finance works on the basis of this document. This means that efforts are taken to either earn projected or more revenue. Also plans are made to manage the expenditure up to the projected limit.
Income under the head House Property. Basis of Chargeability (Section 22): Any Income under house property is charged if following conditions are satisfied ♦ Property consisting of any buildings or lands appurtenant thereto ♦ Assessee is the owner of the property ♦ Not used for the purposes of any business or profession carried on by […]
Jaydeep J. Patel (HUF) Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad Bench in an identical case where revisionary powers were exercised for directing detailed inquiry on agricultural expenses incurred, held that where the AO had accepted agricultural income after conducting due inquiries no revision u/s 263 can be done and that it tantamount to mere change […]
CIT Vs Manna Trust (Rajasthan High Court) The respondent Trust is a registered charitable trust. The assessing officer for the assessment year 2016-17 accepted the return filed by the trust and granted exemption as applicable under law. The Commissioner, Income-Tax took the said order in revision under Section 263 of the Act and held that […]
In the case of Lakshya Budhiraja [2021] 131 taxmann.com 51 (SC), the additional solicitor general submitted that the department is considering the change in Faceless Appeal Scheme, 2020. Hon’ble Supreme Court of India had allowed Additional Solicitor general time of 3 months to get it implemented. Meeting the deadline and time allowed by the Hon’ble […]
Dharamraj Vs ITO (Delhi High Court) Learned counsel for the respondent submits that notice under Section 148 of the Act was issued at the same address of the Assessee which is available in the ITD data base. The said notice was duly served as it was never received back by the Thereafter, notice under Section […]
Dr. Anjanaiah v. ACIT (2019) 75 ITR 315 (Bang.)(Tribunal) BRIEF FACTS: The assessee purchased land from the sale proceeds of property held by him, and constructed a nursing home and residential house thereon. On the residential house, he claimed exemption under section 54F of the Income-tax Act, 1961. The Assessing Officer restricted the deduction under […]
Discover why PPF is the best investment and savings option. Learn about the advantages, risk-free returns, and government-backed security of PPF.
M. K. Kempasiddaiah Vs ACIT (ITAT Bangalore) Since no documentary evidence was filed, the AO treated the sum of Rs.2,50,000/- was unexplained investment which the CIT(A) confirmed. It is the plea of the assessee that the assessee is a 80 years old person and his savings to the extent of Rs.2,50,000/- cannot be doubted. After […]
If a tax deductor done any inadvertent mistake at the time of making payment of tax than how to correct the challan detail which is already generated with wrong data. Before knowing the procedure to correct error in TDS challan we need to know about that what is the types of mistakes. A. Type of […]
