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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 Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. D...
Income Tax : The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate au...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an allege...
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...
CBDT notifies new Rule 26D.Furnishing of declaration and evidence of claims by specified senior citizen under section 194P, Amended Rule 31 & 31A, Amended Form no. 12BBA, FORM NO. 16, FORM NO. 24Q, Form No.26QB, FORM NO. 26QC and Form No.26QD. Notification No. 99/2021 – (Income Tax) | 2nd September, 2021. MINISTRY OF FINANCE (Department […]
For the purpose of Section 194P CBDT notifies specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934 (2 of 1934). Notification No. 98/2021-Income-tax | Dated: 2nd September, 2021. MINISTRY OF […]
Kohinoor Indian Pvt. Ltd Vs ACIT (ITAT Amritsar) M/S Kohinoor India Pvt. Ltd (Appellant) filed an appeal in the Appellate tribunal against the order dated March 14, 2017 passed by the Commissioner of Income tax (Appeals) (Respondent) in respect of assessment years 2012-13 and 2013-14, posing a question as to whether iPad falls under the […]
The Income Tax Department carried out a search and seizure operation on 01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips having corporate office in Delhi and factories at Dadra & Nagar Haveli and Dahej.
Smt. Abha Bansal Vs. Pr. CIT (Central) (ITAT Delhi) Taxability of the compensation received by the assessee for non-delivery of the Villa under Builder-Buyer Agreement The compensation received by the assessee on cancellation of the Builder-Buyer Agreement is capital receipt and taxable as capital gains. The view of the A.O. was, therefore, in accordance with […]
Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution Section 45(4) of Income Tax act, 1961 – Newly Substitute provide an another exception of capital gain in the year in which Capital asset received by specified person The existing provisions of section 45 (1) of the Act inter alia, provides […]
Revenue authorities were restrained from continuing with reassessment till further orders with respect to notices issued on or after 1-4-2021 without following the procedure prescribed under section 148A in 79 cases.
Smt. Julie has made an RTI to CPC of Income Tax Department and requested details of The number of pending refunds exceeding 90 lakhs, How much ITR not yet processed, How much time it will take to process the ITRs and issue the refunds and How much Grievances in relation to pending refunds which are […]
With an amendments passed in the Finance Act, 2021, government has take away the benefit of exemption from taxation (w.e.f financial year 01st April, 2021 and onwards) which was earlier available for an interest income earned by the taxpayers on their provident fund contribution. However, their specific rules to determine their taxability was awaited from […]
AKS Power Equipments (P) Ltd. Vs. DCIT (ITAT Kolkata) Where assessee remitted employees contribution towards PF and ESI before filing of return under section 139(1) and that the amendment/Explanation brought in Section 43B of Income Tax Act, 1961 by Finance Act, 2021 with effect from 1-4-2021 on the instant issue being prospective in nature, the […]
