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Income Tax : Increasing use of RERA data by tax authorities makes alignment between project disclosures and income tax reporting essential to a...
Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
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 : 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 dispute concerned whether dividend received on capital reduction by a foreign subsidiary could trigger restrictions under Sect...
Income Tax : The ITAT Pune held that a genuine claim for exemption under Section 10(20) cannot be rejected merely because the assessee mistaken...
Income Tax : The ITAT Mumbai held that when the reason recorded for reopening an assessment does not ultimately result in any addition, the Ass...
Income Tax : The Mumbai ITAT held that an addition under Section 68 cannot be made solely on the basis of a retracted statement alleging accomm...
Income Tax : The Mumbai ITAT held that Section 263 cannot be invoked merely because the Assessing Officer accepted income without making an add...
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...
Giving advance to the employees as well as vendors were essential and wholly and exclusively linked to the business of the assessee. Since AO had not examined the claim of deduction u/s 37(1) r.w.s. 28, it was deemed appropriate to restore the issue to the files of AO for de novo consideration.
A transaction needs to be proved to be genuine by the person who substantially asserts the same. Once the assessee has been called upon to prove the genuineness of the trading of the shares leading to LTCG gain, the onus lies upon him which he fails to discharge in the present matter.
Penalty under section 271(1)(c) was not leviable as AO was not certain that for which limb he wanted to initiate penalty proceedings, that is, for concealment of income or for furnishing inaccurate particulars of income. AO initiated penalty proceedings on one footing and concluded on other footing, therefore, the basis of levy of penalty itself was not correct.
Income Tax Department conducts search operations in Maharashtra, Gujarat and Delhi on certain Indian companies and their associate concerns, controlled by a neighbouring country The Income Tax Department has carried out search and seizure operations on certain Indian companies and their associate concerns, controlled by a neighboring country on 16.11.2021. These companies are engaged in the […]
Bombay High Court held that for an assessment to be reopened beyond a period of four years there must an omission or failure on part of the assessee to disclose fully and truly all material facts necessary for the assessment and should not merely be the change of opinion of Assessing Officer (AO).
On October 8, 2021, India and United States joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the United Kingdom) in reaching agreement on the Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy.
The Income Tax Department carried out a search and seizure operation on two real estate groups based in Delhi-NCR on 17.11.2021. These groups are engaged in the construction of commercial and residential projects.
Plugging loopholes within Section 50B governing Slump Sale Transactions : Amendments by Finance Act, 2021 This presentation would aim to simply explain what a slump-sale is and proceed to explain the concept of a slump sale in a tax perspective due to several issues faced pertaining to the tax-computation mechanism of a slump sale and […]
Background of Annual Information Statement (‘AIS’) In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 (‘Act’) read with Rule 114-I of Income Tax Rules, 1962 with effect from June 1, 2020. The new […]
Issue faced in Intimation under section 143(1) with respect to Late Fees under section 234F of Income Tax Act, 1961 Currently the Income Tax authority Centralize Processing Centre (CPC) is issuing intimation for Assessment Year (AY) 2020-21 (FY 19-20) as well as AY 2021-22. In the intimation generated for AY 2020-21, the CPC is levying […]
