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Income Tax : Income of minors is clubbed with parents' income unless earned through personal skill or manual work. Tax planning strategies can ...
Income Tax : Understand the revised 2% TDS rate on rent from Oct 1, 2024. Learn the correct rate, avoid overpayments, and claim refunds for exc...
Income Tax : Bombay High Court rules on tax evasion by Buniyad Chemicals, addressing unexplained credits, money laundering, and regulatory acti...
Income Tax : Understand the New Income Tax Bill 2025, key policy changes, structural revisions, and interpretation methods. Learn how these upd...
Income Tax : Article explores effectiveness and influence of Bilateral Investment Treaties (BITs) on FDI flows with particular emphasis within ...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Kolkata rules on Islampur C.S. Shop 2 vs ITO, addressing cash deposits during demonetization and Section 69A addition. Read t...
Income Tax : ITAT Delhi affirms PCIT’s order under Section 263, ruling AO’s assessment erroneous & prejudicial to revenue. Key precedents c...
Income Tax : ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete e...
Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
This petition under Article 226 of the Constitution of India is directed against the notice dated 31-3-2017 issued by the respondent-Income Tax Officer under section 148 of the Income Tax Act, 1961 (hereinafter referred to as the Act), seeking to reopen the assessment of the petitioner for assessment year 2010-11.
ITR 1 for AY 2018-19 is now available for e-Filing. Other ITRs will be available shortly. ITR1 is applicable for For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs. 50 lakh ITR-1 for A.Y. 2018-19 can be […]
Reporting requirements of transactions without PAN and for certain Financial transactions under the Income-tax Act, 1961 and Rules prescribed thereto
Mere making of claim, which was not sustainable in law, by itself, did not amount to furnishing of inaccurate particulars, unless mens rea was established, therefore, levy of penalty under section 271(1)(c) was not justified.
Where assessee after, investing capital gain in purchase of new agricultural land within prescribed time, harbored a bona fide belief that there was not any tax liability of capital gain and substantiated his explanation with relevant evidence, imposition of penalty under section 271(1)(c) was unjustified.
This is an appeal filed by the Revenue against the order of Commissioner (Appeals) for the assessment year 2007-08. 2. The grievance of Revenue relates to deleting addition of Rs. 7,64,271 made by assessing officer on account of transfer fees and addition made on account of premium received by assessee from its members on utilization of Transfer of Development Rights. 3. The rival contentions have been heard and records perused.
These are appeals filed by the assessee directed against the order of Commissioner (Appeals)-13, Mumbai and order of the Commissioner (Appeals)-14, Mumbai dated 28-1-2016 for the assessment year 2006-07. Since facts are identical and issues are common, these appeals were heard together and are disposed of by this common order, for the sake of convenience.
Hatch Associates India (P) Ltd Vs ACIT (ITAT Delhi) Admittedly, the impugned assessment year before us is A Y 2007 – 08. For that, AY the assessee has filed return of income on 30/10/2007. Notice u/s 143 (2) of The Income Tax Act should have been served on the assessee within 6 months from the […]
Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in the income tax laws which will become effective from 01.04.2018. Following are New Income Tax Changes affecting Tax planning from 01.04.2018
While hearing the case of Commissioner of Income Tax vs M/s Prasidh Leasing Limited, the Delhi High Court ruled that Provisions of Deemed Dividend applicable when Assessee diverted Advance amount received for procuring import licenses for purchase of shares under Section 2(22)(e) of the Income Tax Act 1961.
