Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...
Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
The Tribunal held that estimating business income at 10% of turnover without citing comparable cases or industry benchmarks is unsustainable. Arbitrary profit estimation must be supported by material evidence.
Taxing a debenture waiver as revenue income was challenged. The Tribunal rejected the approach, holding the waiver arose from capital financing and not trading operations. The ruling confirms that capital restructuring gains are not taxable by default.
The Tribunal found that full construction cost was not proved with evidence. However, a reasonable ad-hoc allowance was granted considering practical difficulties.
The Tribunal held that reassessment cannot survive when no addition is made on the very issue for which reopening was initiated. Once the recorded reason fails, the entire reassessment collapses.
The case examined whether an appeal dismissed as withdrawn under the Vivad Se Vishwas Scheme could survive when tax payment was uncertain. The Tribunal ruled that actual payment must be verified and remanded the matter for fresh examination.
The addition under Section 69 was remanded as the assessee claimed the source through rotation of funds. The Assessing Officer must now verify the fund flow after granting proper hearing.
The Tribunal held that reassessment notices issued after 01.04.2021 for AY 2015-16 are time-barred. Such reopening is invalid despite reliance on TOLA, and must be quashed.
The court held that additions for excess stock and cash cannot be sustained when based solely on a survey statement under Section 133A, reaffirming that such statements lack conclusive evidentiary value.
The Tribunal held that late filing of Form 10CCB is a procedural lapse. Deduction cannot be denied when the audit report is filed before assessment processing.
Holding that actions prescribed by statute must be performed only in the specified manner, the Tribunal deleted the penalty. The case reinforces the importance of lawful service of notices before penal action.
