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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...
mere legal ownership will not be enough to fasten liability on the assessee in respect of the market value of the seized assets even though the said seized assets belong to the assessee. The Court held that on the valuation date the right of the assessee was in jeopardy and therefore having regard to the definition of net wealth and asset as appearing in Section 2(e) of the Wealth-tax Act, the Wealth-tax Officer was not justified in estimating the value of such asset.
A.T. Kearney Ltd. Vs ADIT (ITAT Delhi) The Income Tax Appellate Tribunal (herein after referred to as “ITAT”), Delhi Bench vide it’s Order dated 20.05.2021 have observed that the assessment completed under Section 144C(13)/143(3) of the Income Tax Act, 1961 (herein after referred to as “Act”) is barred by limitation as Section 144C of the […]
Higher rate of withholding tax for non-filers of income-tax returns – Section 206AB Section 206AA of the IT Act provides for higher rate of tax withholding for non-furnishing of PAN. In order to further increase the compliance of filing return of income by persons who have borne a reasonable amount of withholding taxes, the Finance […]
Undertaking pursuant to Section 206AB and Section 206CCA of the Income Tax Act, 1961 To, (NAME OF THE BUYER/ SERVICE PROVIDER) Dear Madam/Sir, Subject: Declaration confirming filing of Income Tax Return for immediate two preceding years This is in respect to payments due or payments to be made to us for Financial Year 2021-22 (period […]
Vishwataj Developers Pvt Ltd Vs ACIT (Madras High Court) Conclusion: In present case, the Hon’ble high court held Writ Jurisdiction under Article 226 cannot be invoked in a routine manner, when dispute pertains to examination of facts and when there is alternative efficacious remedy available. Held: The assessment orders passed under Section 143(3) of the […]
Yash Raj Films Pvt. Ltd. Vs ACIT (ITAT Mumbai) Since, ex-parte order has been passed by the learned CIT(A), this is a fit case for remanding the appeal before the learned CIT(A) to give more effective opportunity to the assessee and the assessee is also directed to cooperate with the expeditious disposal of the appeal […]
CBDT notifies ‘317’ as Cost inflation index for Financial Year 2021-22 / Assessment Year 2022-23 vide Notification No. 73/2021-Income Tax | Dated: 15th June, 2021. MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 73/2021-Income Tax | Dated: 15th June, 2021 S.O. 2336(E).— In exercise of the powers conferred […]
The Income Tax Department launched the new completely revamped Income Tax Website 2.0. Now, there is a lot of discussion on the social media whether this update was really required or not or regarding the multiple issues which everyone is facing. The old website was project was proposed in 2006 and launched sometime in 2007. […]
If any person is not able to file its income tax return within due date then as per Section 139(4), the last date for filing Income Tax return for AY 2021-22 is 31st March 2022. Section 139(4) says if you fail to file return within the due date for filing ITR, you can file a […]
The Hon’ble Tribunal provided relief to the assesse for AY 2014-15 by making its reliance on section 90(2) of Act and observed that the provisions of the Act or the DTAA, whichever are more beneficial to the assessee would apply making the receipt from sale of software license as not chargeable to tax in India.
