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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...
Budget 2020 proposes to digitize the process of registration for Charitable Trusts. Even the existing charitable institutions are required to apply for fresh registration under the new provisions of Sec 12AB of Income Tax Act. This article discusses the new provisions and procedure for registration under the new Section 12AB of the Act. In order […]
Section 48 Mode of computation. The income chargeable under the head “Capital gains” shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :— (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) […]
Floral Realcon Pvt. Ltd. Vs National Faceless Assessment Centre (Delhi High Court) This Court is of the view that Section 144B(1)(xvi)(b) mandatorily provides for issuance of a prior show cause notice (SCN) and draft assessment order before issuing a final assessment order. Since in the present case the averment that no show cause notice as […]
If ATM machine can be considered as a computer then why mobile phones and iPad? Considering change in technology, Mobile Phones should be considered as part of Computer and higher rate of Depreciation should be available to them.
e-Filing portal of the Income Tax Department – updates The e-Filing portal of the Income Tax Department (www.incometax.gov.in) was launched on 7th June, 2021. Taxpayers and professionals have reported glitches and difficulties in the portal since then. The Ministry of Finance has been regularly monitoring the resolution of issues with Infosys Ltd which is the Managed […]
Hyosung Corporation Vs Union of India & Ors. (Delhi High Court) Learned counsel for the Department states that the petitioner has filed a rectification application in which a prayer for up-to-date interest has also been made. He assures and undertakes to this Court that the petitioner’s rectification application shall be decided within two weeks and […]
Why the requirement to disclose the assets owned by you in the ITR In order to detect the cases of disproportionate increase in the assets as compared to known source of income, the government has mandated individual tax payers to disclose certain assets in their ITR. Let us discuss. To whom this requirement applies? The […]
1. Petitioner – ‘Petitioner’ refers to the party who petitioned the Supreme Court to review the case. This party is variously known as the petitioner or the appellant in court cases . 2. Respondent – ‘Respondent’ refers to the party being sued or tried and is also known as the appellate. The respondent is the […]
Harshvardhan Chhajed & Others V. DGIT & Others (Rajasthan High Court) Seizure under Income Tax has to be conducted after due care and caution. Merely on account of reasons to suspect, seizure of goods ought not to be undertaken. In fact the investigation wing has to show reason to believe that a person is carrying […]
Sanjay Matai Vs ITO (ITAT Jaipur) From perusal of record, we observed that Section 254 of the Act read with Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963 states about power to admit additional evidences, whether mere fact that evidence sought to be produced is vital and important does not provide a substantial […]
