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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 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 Delhi ITAT held that additions made on transactions unrelated to the reasons recorded for reopening were beyond the Assessing ...
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...
Objective Author, in this article, analyses the nuances of exercising revisionary power of CIT / PCIT u/s 263 when the assessee has preferred an appeal before CIT(A) and the matter is pending for adjudication. Text reproduced from judgement/Act is in small font and in Italics. Structure-: This article is based on a judicial pronouncement and […]
JSVM Plywood Industries Ltd Vs Union of India (Gauhati High Court) Prima facie opinion of the Court, for the purpose of interim order, is that by virtue of notifications dated 27.02.2021 and 31.03.2021 issued by the Central Board of Direct Taxes, as referred herein before, though extends the period of limitation in respect of issuance […]
Keshab Automobiles Vs State of Odisha (Orissa High Court) A comparison of the language used in the amended Section 43 (1) of the OVAT Act with its version prior to 1st October, 2015 makes it clear that a new system has been put in place as far as reopening of returns filed as ‘self-assessmen’ is […]
Jasmin K. Ajmera Vs DCIT (ITAT Mumbai) It is settled legal proposition that the confession need corroboration with evidences. Though admission is an important piece of evidence but it is not conclusive and it is open to the assessee to show that it is incorrect. Therefore, retracted admission, in the absence of any incriminating material, […]
In our view, the loss on account of forfeiture of advance paid to Mr. Rakesh Rastogi is incidental to the business of the assessee and is allowable as a deduction under section 37(1) or under section 28 of the Act as held by the Hon’ble Bombay High Court in the case of Harshad J. Choksi (supra).
With the Income tax due dates approaching near, everyone is geared up for the upcoming filing season with the motto in the mind that Due Dates Are Closer Than They Appear But few technical and portal problems are listed out which are faced while doing the e-filing work and tasks. There has been times when […]
Annual Information Statement (AIS) – Interest from infrastructure debt fund under section 115A(1)(a)(iia) On 1st November 2021, the Income Tax Department launched a comprehensive statement named ‘Annual Information Statement’. Once fully validated and operational, Annual Information Statement (AIS) will replace the existing Form 26AS. Along with AIS, the Income Tax Department also launched a summarized […]
Annual Information Statement (AIS) – Interest from specified company by a non-resident u/s 115A(1)(a)(iiaa) Section 285BB of the Income Tax Act, 1961 read with rule 114-I of the Income Tax Rules covers the provisions relating to ‘Annual Information Statement’. An annual Information Statement is a comprehensive statement that contains various detailed information. One such information […]
Maharashtra Tax Practitioners’ Association has made an Appeal for extension of due date for furnishing of Income-tax returns, Tax audit reports etc. & also represented on Issues faced by us after launching of new website. MAHARASHTRA TAX PRACTITIONERS ASSOCIATION (Formerly known as The Western Maharashtra Tax Practitioners’ Association) “Dnyan Mandir”, Yadav Vyapar Bhavan, Shivaji Road, […]
Pre-financial Income derived by Financial Books will differ with Taxable Income. This difference in taxable liability is temporary imbalance between reported amount of Income and its taxable income. This difference in Tax deferred in the Books of accounts, according to the case, and is termed as Deferred Tax.
