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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : ITAT Bangalore rules software development as "production", allowing Bosch's claim under Sections 32(1)(iia) and 32AC for depreciat...
Income Tax : ITAT Bangalore denies Section 11 exemption to Al-Badar Trust, citing capitation fee collection as lacking charitable intent under ...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
PCIT Vs. Softbrands India P. Ltd (Karnataka High Court The existence of a substantial question of law is sine qua non for maintaining an appeal before the High Court. While the appeal to High Court under Section 260-A of the Act may be a First appeal in the sense from the order of final fact […]
M/s. Midas Polymer Compounds Pvt. Ltd. Vs ACIT (ITAT Cochin) There was a delay of 2819 days in filing the appeal before the Tribunal. The assessee has stated the reasons in the condonation petition accompanied by an affidavit which has been cited in the earlier para. The assessee filed an affidavit explaining the reasons and […]
We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return.
The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must ensure proper tax planning during the year. Such deductions are allowed on the Gross Total Income (GTI), and income tax is levied on the balance income, […]
Shrikant Mohta Vs CIT (Calcutta High Court) When search operations are conducted under Section 132 of the Act, the obligation of the assessee to file any return remains suspended till such time that a notice is issued for such purpose under Section 153A(1) (a) of the Act. If the return is filed by the assessee within the reasonable time […]
The aforesaid appeal has been filed by the assessee against the impugned order dated 25.11.2014 passed by Ld. CIT (Appeals)-XXX, New Delhi for the quantum of assessment passed u/s.143(3)/153A for the Assessment Year 2011-12. In the grounds of appeal, the assessee has raised the following grounds.
Shaifaly Girdharwal It is the time of year when most of people invest in various products to claim the deduction under Income Tax Act. Surprising that most of them choose either bank FD’s or PPF as their first priority for Tax saving although from so many years Equity Linked Savings Scheme (ELSS) has emerged as […]
Sh. Naresh Kumar Luhadia Vs DCIT (ITAT Jaipur) Full picture of how travelling expenses and conveyance expenses were being incurred by assessee was brought to the notice of AO in writing but AO, instead of appreciating facts and circumstances of the case, just made simple observation that assessee’s reply was very general in nature. There […]
Challenging the order,dated 30/09/2016 CIT(A)- Mumbai-I the assessee has filed the present appeal.Assessee-Company,engaged in the business of manufacturing and selling of shaving products and systems,filed its original return of income on 30/11/2011 declaring total Loss at Rs.19.78 crores.The Assessing Officer (AO)completed assessment u/s. 143 (3) r.w.s. 92CA of the Act on 31/03/2016 determining income of the assessee at Rs.32,68,71,48,000/-
WHAT IS ITR 2 ITR-2 Form is for Individuals and HUFs not carrying out business or profession under any proprietorship. WHAT ARE THE DIFFERENT MODE OF FILING ITR-2 Online-Not directly ( Through xml file upload ) Offline (Individual who are of the age 80 years or more and Individual whose income is less than Rs […]
