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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 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 Mumbai ITAT held that reassessment proceedings under Section 147/148 were invalid where the case was based on search material ...
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...
TDS – Tax Deduction at Source TDS is the abbreviation of Tax Deduction at Source. Basically, it is an income-tax which is deducted from the money paid at the time of making particular payments like salary; interest; rent; commission; professional fees etc. The present article clears up all the basic concepts of TDS. Person liable […]
PAN (Permanent Account Number) PAN is an abbreviation form of Permanent Account Number. It is a 10-digit unique number. An application in Form 49A is to be filed by an Indian citizen/ entity/ company, whereas, an application in Form 49AA is to be filed by a Foreign citizen/ entity/ company. The current article deals with […]
Shri Piyush Goyal says FDI in India growing rapidly over last few years Commerce Minister invites South Korea to invest in Defence and Retail Plan to manufacture 5 billion vaccines next year: Shri Piyush Goyal India will witness one of the fastest growth rates across the world – Shri Goyal The Minister for Commerce & […]
BUSINESS VS PROFESSION Section 44AB of the Income Tax Act, 1961 defines separate limit for business and profession, so it is essential to understand what is business and what is profession. Business Profession The term “business” is defined in section 2(13) of the Act, as under: “Business” includes any trade, commerce, or manufacture or any […]
Under Income Tax Act, Tax Deducted at Source (TDS) is really a Tedious for all the assesses. There are different sections 192 to 194 having subsections, analyses as under: Section 192 TDS on Salary Section 193 TDS on interest on securities Section 194 TDS on Dividends Section 194A TDS on Interest other than Interest on […]
Govind Vs State of Haryana (Punjab & Haryana High Court) Briefly, the allegations against the petitioner are that on 06.01.2019, the police registered a written complaint from Excise and Taxation Officer, Panipat. The complaint mentioned that a Firm got registered under HGST Act on the basis of fake and forged documents and thus received the […]
Understanding the tax treatment of acquired goodwill under the Income Tax Act, 1961. Find out if depreciation is allowable for goodwill.
It is settled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. Accordingly, the amount of disallowance u/s 14A of the IT Act needs to be restricted to the extent of exempted income earned during the relevant assessment year.
Shri Sanjay Agarwal Vs ITO (ITAT Jaipur) In this case, the AO has rejected the books of accounts and has estimated G.P. rate of 0.69% on declared turnover as against G.P rate of 0.38% declared by the assessee and made a trading addition of Rs. 49,56,217/- in the hands of the assessee. The AO has […]
Umkal Healthcare Pvt. Ltd. Vs National Faceless Assessment Centre & Anr. (Delhi High Court) Since in the present case no hearing had been granted before passing the impugned assessment order, there is a violation of principles of natural justice as well as mandatory procedure prescribed in ‘Faceless Assessment Scheme’ and stipulated in Section 144B of […]
