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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...
Direct Taxes Professionals’ Association made a Representation for issues assessees are facing in Faceless Assessments / Penalties and Faceless Appeals to CBDT Chairman. Full text of their Representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, Kolkata 700001 Ph 033-22420638 Email : dtpakolkata@gmail.com Ref. No. – DTPA/Rep/21-22/28 […]
On 1/10/2020, new section 206C(1H) relating to TCS on sale of goods was introduced. It states that, the seller at the time of sale of goods of the value aggregating to Rupees Fifty Lakhs or more in previous year should deducted TCS. Further the following year a new section was introduced in the Finance Bill […]
Taxation on Capital gain on shares & securities has always been a matter of concern for investors since special rates apply on Income from capital gain. In the table below, we have bifurcated the capital gain assets on the basis of period of holding & type of entities: ASSETS PERIOD OF HOLDING SHORT TERM/ LONG […]
CBDT vide notification dated 29 July 2021 [Notification No. 83/2021/F. No. 370142/30/2021-TPL] has omitted certain Rules due to provisions becoming redundant owing to omission or applicability of such provisions not relevant now as the same has expired long time ago. Further, the same is to ease the burden of the taxpayer in certain circumstances where […]
Yogi Ji Technoequip Pvt. Ltd. Vs DCIT (ITAT Delhi) Facts : Addition on account of employee’s contribution to ESI and EPF – CPC while processing the return of the assessee disallowed the claim of employee’s contribution towards ESI and EPF on account of delay in depositing the amount as per the respective statutes Held: Respectfully […]
Ajay Mittal Vs ACIT (Delhi High Court) Hon’ble Delhi High Court on validity of 19 notices issued u/s 148(1) of the Income Tax Act, 1961 restraining the Revenue from continuing with the reassessment proceedings, in any manner, pursuant to the impugned notices. FULL TEXT OF THE JUDGMENT/ORDER OF DELHI HIGH COURT 1. On 13th July, 2021, this […]
Emil Pharmaceutical Industries Private Limited Vs DCIT (ITAT Mumbai) In this case learned CIT(A) has noted that the assessee has not produced supporting documents such as the list of employees at the time of the sale, electricity bills and other details necessary to establish the existence of an undertaking in a continuous business. Furthermore, we […]
ITO Vs The Inclen Trust International (ITAT Delhi) AO made an addition of Rs.37,19,000/- being the excessive remuneration paid to Dr. N.K. Arora. On the one hand, he is being considered a specified person as a de facto trustee and on the other hand, he is being admitted as working under the trust and his […]
Canara Bank Vs DCIT (ITAT Delhi) The fact of this case clearly shows that original order passed u/s 201(1) and 201(1A) of the Act on 24.03.2014 where the Assessee was found to be an assessee in default and also charged interest thereon comprising all the above sum. The appeal before the ld CIT(A) was filed […]
Bhagwati Prasad Jalan Vs Union Of India And Ors. (Calcutta High Court) The learned Advocate for the respondents is not able to deny the allegations of the petitioners that Section 148A provisions of the Income Tax Act, 1961 was not complied with in this case before issuing notice under Section 148 of the said Act and […]
