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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...
Various expenditure is claimed and treated as ‘Business expenses’. However, at present, the information category ‘Business expenses’ as covered under ‘Annual Information Statement’ takes into consideration information from the following sources-
1. Futures and options (F&O) are the most common types of asset derivatives traded on a stock exchange. The income/loss arising from trading in F&O transactions would be treated as a Business Income / Loss for the purpose of taxation and the normal provisions of the Income Tax Act will apply in this case The rules as applicable […]
Are you planning to avail a home loan? Have you already availed a home loan but are not sure if you should prepay your loan or keep it as it is because of the associated tax benefit? If so, this article may help you decide your way forward. Although your bank must have already educated […]
Every assessee is required to submit to the Return of Income to the Income Tax Department under section 139(1) of Income Tax Act, 1961. The Return of Income can be filed by the assessee in the Form prescribed by the Department in this regard. Here in this article, we will discuss about the various types […]
Mac Industries Vs ITO (ITAT Surat) No disallowance as AO did not get jurisdiction to go behind net profit shown by Profit and Loss Account except adjustments as per Explanation 3 Conclusion: Addition on account of interest incomes to be excluded in the computation of book profits was not justified by AO as per Explanation […]
Tribunal held the addition to be erroneous and has considered in detail the nature and expenses in respect of which the assessee was sought to be penalized for not deducting the tax deducted at sources, holding that these expenses were in respect of the income accrued outside the territory for services rendered. With this finding the said question was rejected.
The Income Tax Department carried out search and seizure operations on 22.12.2021 on two prominent groups of Raipur and Korba, engaged in the business of manufacturing of iron & steel products, coal washery and transportation, etc. The search action covered more than 35 premises spread over Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh.
The period of limitation for completion of assessment u/s 153A of the Income Tax Act’ 1961 for the searches conducted on or before 31st Day of March’2021 is governed by the provisions of Section 153B of the act. Even though the Section 153A of the Income Tax Act’ 1961 has been made non applicable for the searches initiated on or after the 1st Day of April’2021.
M. k. Exim (India) Limited Vs Union of India (Rajasthan High Court) We have also perused the guidelines issued by the Directorate General of Foreign Trade under circular dated 31.12.2003 for maintaining the denied entities list. It records that most common instance of action leading to refusal of licenses occurs when firms default in export […]
Jharkhand HC rejects discharge plea in Anup Kumar Lakhotia case. Charges framed under IPC and Prevention of Corruption Act. Legal analysis and key details.
