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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...
RECTIFICATION OF AN ORDER RECEIVED FROM CPC AND ISSUES RELATING TO DISPOSAL OF THE RECTIFICATION PETITION If the assessee finds a mistake in the order received from the new Income Tax Site, he has been prompted to click the SERVICES button and proceed for filing ‘Rectification Petition’. But under ‘services’ menu, the option for filing […]
Section 147 has been Amended vide Finance Act 2021. Information is required by AO for reopening not “Reasons to believe” If any income chargeable to tax, in the case of an assesses, has escaped assessment for any assessment year. The assessing office may, subject to the provisions of Section 148 to 153, assess or re-assess […]
As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein demand of 8,216 crore has been raised. Undisclosed income of 8,465 crore (approx.) has been brought to tax and penalty of Rs. 1,294 crore has been levied in HSBC cases.
Standard Operating Procedure (SOP) for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 (FAS’ 19)/section 144B of the IT Act, 1961(the Act) and or penalty is passed under Faceless Penalty Scheme, 2021, where NaFAC/CBDT is one of the respondents
Loan to Corporate Person free of interest to be as classified Financial Debt in Section 5(8) of IBC and therefore, a Financial Creditor was competent to initiate the Corporate Resolution Process under Section 7 of the IBC.
Office Order No. 185 of 2021 In supersession of all earlier orders, the following transfer/postings of the officers in the grade of Chief Commissioners of Income Tax/Director Generals of Income Tax. are hereby ordered with immediate effect and until further orders:
Tripura Cricket Association Vs ACIT (Calcutta High Court) The case of the petitioner in short is that the petitioner is the governing body for cricket of the Tripura State and it is affiliated to the Board of Control of India (BCCI) and it is the case of the petitioner that it was enjoying exemption under […]
When there was no valid return available before AO as assessee neither filed original return under section 139(1) nor filed any return in response to the notice issued under section 148 within the prior limit of 30 days as stated in the notice under section 148, there is no requirement of issuance of notice under section 143(2).
Vodafone India Services Limited Vs ACIT (ITAT Mumbai) 1. By way of this application, the asses see-applicant seeks a stay on collection recovery of the tax and interest demands, aggregating to Rs 1128.46 crores, in the matter of assessment under section 143(3) r.w.s. 144C of the Income Tax Act, 1961, for the assessment year 2014- […]
Are u Resident Indian ? Do you have a Citizen of India ? or your Parents are born in Undivided India ? You thought what is this silly questions you have asked? But after reading of this article you will definitely reversed your previous question and in a definite mood to either think or preserve […]
