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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...
Annual Information Statement (AIS) – Interest or dividend or other sums payable to the government With a view to promote transparency and simplify the return filing process, the income tax department, recently, amended Form 26AS. This amended Form 26AS is named as ‘Annual Information Statement’. Along with ‘Annual Information Statement’, the taxpayer will also be […]
When the taxing authorities intend to tax the whole sale consideration as taxable consideration which includes the portion of the cost of flat then the assessee has deemed to have paid for the flat as purchase consideration.
Techknoweledgy Interactive Partners P. Ltd. Vs ITO (ITAT Mumbai) To make the scheme of section 254(2) workable and to ensure that the limitation period for filing of the appeal is to be computed in a manner in harmony with the law laid down by the Hon’ble High Court above, the limitation period is to be […]
SPL Gold India Private Limited Vs ACIT (Bombay High Court) We have also considered the Assessment Order. It is true that between 20/05/2021 and 25/05/202 1 there was a lockdown in Mumbai and 22/05/2021 and 23/05/2021 were holidays. Therefore, even with a superhuman effort, Petitioner would not have been able to file the huge number […]
Cisco Systems Capital (India) Private Limited Vs DCIT (ITAT Bangalore) The assessee grievance is bundled approach for benchmarking should be accepted. At the outset, the ld. AR submitted that the TPO has accepted the bundled approach of aggregation of payment of fees for administrative support services in the preceding years (i.e. from the incorporation year […]
The TPO and DRP erred in treating CCDs as ECBs and benchmarked the interest rate against LIBOR rate. The CCDs is a hybrid instrument and cannot be per se treated as ECB / loan.
Representation for extension of Due date of Income Tax Returns And Audit Report For A.Y. 2021-2022 (F.Y. 2020-2021. It is requested that The due date of furnishing of Return of Income for the Assessment Year 2021-22, should be extended to 28th February, 2022.
CAAS has made a representation to Union Finance Minister and brought to her attention the Flaws in New Income Tax Portal which are still exist even after almost 3 years. They claimed that the front end of the new portal shows brainless design with various missing drop down menus
The Income Tax Department carried out search and seizure operation on 16.12.2021 on two prominent Asansol based groups, engaged in business of iron and steel products, infrastructure, cement, poly fabs, agro-tech & food processing, etc. The search action covered more than 30 premises spread over West Bengal.
The Income Tax Department carried out search and seizure operation on 16.12.2021 on a Neyveli based group, engaged in the business of chit funds, finance and real estate. The group also runs educational institutions through its trusts. The search action covered around 30 premises located at various places like Neyveli, Chennai, Coimbatore, Nilgiris, etc.
