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Income Tax : Understand tax implications for selling a flat pre-2001 and rectify defects in your tax return with expert advice....
Income Tax : Learn about Form 12BAA, introduced for employers to credit TCS for employees, ensuring accurate TDS calculation and easing tax com...
Income Tax : Supreme Court's verdict on Section 148 notices raises uncertainty in 90,000 cases. Learn its impact on assessment and pending tax ...
Income Tax : Section 79 of the Income Tax Act focuses on beneficial ownership, affecting loss carryforward during shareholding changes. Learn i...
Income Tax : The Vivad Se Vishwas Scheme 2024 simplifies tax dispute resolution, offering discounts and waivers to reduce litigation burden. Se...
Income Tax : KSCAA highlights critical issues on India’s Income Tax Portal, impacting timely filings for returns and TDS with glitches, timeo...
Income Tax : CBDT simplifies compounding procedures under the Income-tax Act, 1961 by reducing charges, removing limits, and easing filing requ...
Income Tax : CBDT simplifies TDS for salaried employees and enables parents to claim TCS credit for minors through recent amendments in Income-...
Income Tax : A PIL filed in Gujarat HC contests the denial of Section 87A rebate, highlighting unfair demands and confusion among middle-class ...
Income Tax : A PIL filed in Gujarat High Court contests the denial of the Income Tax rebate under Section 87A, impacting middle-class taxpayers...
Income Tax : Bombay High Court held that addition of 10% of allegedly bogus purchases without any cogent or convincing evidence is not sustaina...
Income Tax : ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act not leviable as notice failed to specify under which li...
Income Tax : The fiction created by Section 11 of the Acquisition Act, does not imply that the assessee bank would also become a company for th...
Income Tax : ITAT Visakhapatnam held that denial of deduction under section 54F of the Income Tax Act merely because date of registration was b...
Income Tax : Assessee received a notice under Section 148A(a) in name of M/s.Patel Govindbhai Somabhai and Company-a partnership firm having PA...
Income Tax : The CBDT extends the Income Tax Return due date for AY 2024-25 to November 15, 2024, as per Circular No. 13/2024 issued on October...
Income Tax : New CBDT guidelines for compounding of offences under the Income Tax Act, 1961. Learn the conditions, process, and fee structure f...
Income Tax : CBDT exempts income of West Bengal Pollution Control Board under Section 10(46) of the Income-tax Act, 1961, subject to non-commer...
Income Tax : CBDT sets 1% tolerance for wholesale trading and 3% for other cases under Section 92C for FY 2024-25. No adverse effects from retr...
Income Tax : CBDT exempts tax collection at source (TCS) on payments received from the Reserve Bank of India under Section 206C(1F) of the Inco...
ITAT Bangalore held that rejection of exemption u/s. 11 of the Income Tax Act due to non-appearance of form 10B in e-filing portal unjustified as form was already filed but was not appearing in e-filing portal. Matter remanded for fresh consideration.
ITAT Bangalore held that approval given under section 153D of the Income Tax Act at the fag end of assessment in a mechanical manner and without application of mind is invalid and bad in law.
ITAT Chennai held that approval of large number of cases in a single day cannot be reason for faulting reopening of assessment since the case was reopened u/s. 148 of the Income Tax Act after due application of mind.
Taxpayers face challenges when assessment orders don’t reflect DRP directions. Misalignments lead to disputes, rectification issues, and relief from appellate authorities.
Understand the differences between appellate powers u/s 251, revisional powers u/s 263, and 264 of the Income Tax Act, and how they affect taxpayers and revenue.
SC clarifies TOLA’s application to Income Tax Act post-April 2021, covering reassessment notice deadlines and procedural timelines. Notices beyond limits are void.
TDS on agents commission reduced from 5% to 2% as per the Finance Bill 2024. New rate effective from October 1, 2024, under Section 194H of Income Tax Act.
ITAT Ahmedabad held that PCIT has taken divergent view from that of AO without giving the basis for invoking of provisions of section 263 of the Income Tax Act. Accordingly, order passed by PCIT u/s. 263 not justifiable.
ITAT Chennai held that salary received for international assignment which is subjected to tax in UK could not be taxed in India. Accordingly, claim of the assessee allowed. The assessee being non-resident individual filed return of income declaring income of Rs.2295/- and claiming refund of Rs.10.08 Lacs.
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