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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...
A two-judge bench of the Bombay High Court, in The Commissioner of Income Tax, Valsad v. M/s. C. N. Builders & Developers held that the deduction under section 80-IB is available to the assessee- Builder, even if the construction is not according to the plan approved by the authorities.
The Ld.CWT(A) should have struck off the irrelevant column and made known the assessee by mentioning for which reason the penalty was initiated. Penalty u/s 18(1)(c) of WT Act are parimateria to Income Tax Act 271(1)(c). As per settled case laws non striking the irrelevant column in the notice issued u/s 18(1)(c) renders the notice invalid and consequent penalty required to be cancelled.
In case of every Individual (resident or non-resident) or HUF or Association of Persons or Body of Individuals or any other artificial juridical person
Stay updated on the recent changes in ITR due dates and filing requirements. Don’t miss the deadlines for filing your income tax return.
The existing provision of clause (ii) sub-section (14) of Section 10 of the Act, provides the exemption of conveyance or transport allowance of Rs. 1,600 p.m. will be provided to an employee to meet his expenditure for the purpose of commuting between the place of his residence and the place of office.
Pendurthi Chandrasekhar Vs DCIT (Andhra Pradesh HC) Conclusion: AO was not justified in adding the amount of Rs. 73,00,000 to the account of assessee received from maternal aunt as the donor herself had given a confirmation letter clearly stating therein that she had transferred the amount and further declaring that she gave the said gift […]
As per the above instructions the list of the income tax buildings which have limited bandwidth are given in Annexure- A { List of 156 income tax buildings on VSAT} and Annexure –B { List of 212 other income tax buildings which are in the process of up gradation and expected to be completed by 31-03-2018).
Reference may be made to the letter on the subject above in F.No: DGIT(S)-3/AST/Processing of CASS Cases/101/2016-17/2 Date: 07.02.2018, wherein it was requested that Assessing Officers may be directed to complete processing u/s 143(1) for all Time barring Paper and E-filed returns expeditiously, wherever applicable.
Joint Commissioner has failed to grant approval in terms of section 153D of the Act i.e., after application of mind but has rather carried out exercise in utmost haste and in a mechanical manner and, therefore, the approval so granted by him is not an approval which can be sustained.
Ramswaroop Saudagar Vs ITO (ITAT Jaipur) Although the land was agricultural land and situated in the limits of city of Dausa. It was developed into 23 plots of various sizes and sold during the year. The nature of land had gone irreversible change from agricultural to residential plots, therefore, we are agree with the finding […]
