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Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
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 : 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 ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income dis...
Income Tax : The Tribunal held that technical glitches on the income tax portal, coupled with grievances raised by the taxpayer, justified cond...
Income Tax : The ITAT upheld depreciation on goodwill arising from a slump sale acquisition after finding that the business was acquired throug...
Income Tax : The Tribunal held that the MAT provisions under Section 115JB do not apply to banking companies, following binding precedents in t...
Income Tax : The Tribunal ruled that audited books and quantitative reconciliation supported the genuineness of agricultural commodity purchase...
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...
Guide to Reporting Intraday & F&O Transactions in ITR-3. Simplify the filing process with illustrations and relevant provisions.
‘Sale of Securities and units of mutual fund’ is one of the information categories covered under ‘Annual Information Statement’ (AIS). Said information category is briefly explained in the current article.
CBDT provides One-time relaxation for verification of all income tax-returns e-filed for the Assessment Year 2020-21 which are pending for verification and processing of such returns
Elsevier Information Systems GMBH Vs DCIT (ITAT Mumbai) t issue which arises for consideration is, whether the subscription fee can be treated as fees for technical services. As discussed earlier, it is evident that the assessee has collated data from various journals and articles and put them in a structured manner in the database to […]
In our tribute to top 25 GDP nations of the world, South Korea has shown a remarkable story to be written in golden letters. Like any Asian country, this lateral part of the century 2000 along with the next one naturally belongs to this quality obsessed nation. Luckily, I came across its taxation in a […]
Vansh Jain Vs DCIT (ITAT Delhi) Since in the instant case the assessee admittedly has deposited the employees’ contribution to PF & ESI before the due date of filing of the income tax return, therefore, respectfully following the decisions cited (supra), I hold that the Ld. CIT(A) is not justified in sustaining the adjustment made […]
Rukmini Polytubes Pvt. Ltd. Vs DCIT (ITAT Delhi) ITAT find the adjustment of Rs. 1,82,543/- under section 43B(b) was made by the CPC on account of belated payment of PF and ESI payment of Bonus and GST. It is the submission of the Learned Counsel for the Assessee that the above payments were made before […]
Worldwide Facility Management Services Pvt. Ltd. Vs DCIT (ITAT Delhi) Since in the instant case the assessee admittedly has deposited the employees’ contribution to PF & ESI before the due date of filing of the income tax return, therefore, respectfully following the decisions cited (supra), I hold that the Ld. CIT(A) is not justified in […]
Aroon Facilitation Management Services Pvt. Vs DCIT (ITAT Delhi) I find the A.O. CPC in the instant case has computed the income of the assessee at Rs.16,58,230/- as against the returned income of Rs.6,98,610/- by making an adjustment for a sum of Rs.9,59,624/- on account of belated payment to employees’ contribution towards PF & ESI […]
The assessee classified such cost incurred and right to receive annuity on the toll road as an intangible asset eligible for depreciation u/s.32(1)(ii) of the Act.
