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Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Delhi High Court ruled on the validity of re-assessment proceedings in PCIT-04 vs Ganesh Ganga Investments Pvt Ltd, focusing on bo...
Income Tax : Bombay High Court directs tax revision for an AI-generated invalid return order lacking reasoning, stressing natural justice and h...
Income Tax : ITAT Kolkata rules in favor of Anindya Sarkar, allowing Foreign Tax Credit despite delayed Form 67 filing, citing DTAA provisions ...
Income Tax : During the course of a survey, it was seen that the assessee had defaulted in deducting tax at source on interest paid to AGE Pate...
Income Tax : ITAT Hyderabad held that addition on the basis of loose papers and documents found from the premises of third party is not tenable...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Central Bureau of Investigation has today arrested an Income Tax Officer, Ward-34 (1) (4), Mumbai for demanding and accepting a bribe of Rs. One lakh from the complainant.
Government of India has announced to launch of 7.75% Savings (Taxable) Bonds, 2018 commencing from 10th January 2018 to enable resident citizens/HUF to invest in a taxable bond, without any monetary ceiling. The main features of the Bonds are:
A division bench of Madras High Court recently invalidated an assessment order against M/s. Cairn India Ltd. The primary object of the Assessee is to carry on exploration and production of oil and gas in India. For this purpose, it had acquired participating interest in various oil and gas blocks.
Whether the observations of Honble DRP is right in directing the TPO to give working capital adjustment [using OCED methodology given in Annexure to chapter – 3 and applying SBI Prime Lending Rate (as on 30th June of the relevant financial year) as the interest rate] against the TPO order dated 16.01.2014 passed u/s 92CA(3) for A.Y. 2010-11.
It is obvious that the appeals should be listed on the judicial side, even if, there is an issue or debate with regard to the territorial jurisdiction of the Tribunal. Such matters cannot be decided on the Administrative side, by the Registry of the CESTAT, even when it is of the opinion that the appellants have not approached the right or correct Bench of the Tribunal having territorial jurisdiction.
Central Government hereby notifies that all the provisions of amending Protocol entered into between India and Brazil shall have effect in the Union of India with effect from the 6th day of August, 2017.
Whether the ITAT has committed an error of law in upholding the dis allowance of Rs. 3,08,79,171 in respect of Sales Tax Recoverable account, under Section 43B of the Income Tax Act?
. The provisions of section 271(1)(c) are not attracted in cases where income of the assessee is assessed on an estimate basis and addition is made on that basis. Even if the assessee is not able to substantiate the explanation, but his explanation is not lacking bona fide, and, therefore, we are of the view that it is not a fit where vigour of provisions of section 27 1(1) is attracted.
The Kolkata bench of Income Tax Appellate Tribunal, in its recent order said that Investment in Jewellery cannot be treated as Unexplained when it is reflected in the books & the source of Fund is evidenced through Bank A/c.
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT), in Vinod Agarwal vs Pr.C.I.T.Central, has explained the law on income tax exemption for partners’ share of profit in the income of the firm in detail.
