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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...
Revenue ought to have brought evidence on record by bringing comparative quotations to prove the fact that the lease rent paid in the sum of Rs. 2 lakhs per month to the trustees was excessive or unreasonable and beyond the fair market value thereon. Since ssessee placed on record that the market value of the land was Rs.13,03,76,400/- as per the registered lease deed and the payment of lease rent of Rs.24 lakhs works out to hardly 1.86% thereon. Hence, it could be safely concluded that the rent paid by assessee-trust to the trustees was not excessive or unreasonable.
Tax Practitioners’ Association, Indore – Team TPA has released Advisory on Section 194Q (TDS on Goods) and TDS on non Income Tax Return Filers filers. Full Text of the Advisory is as follows:- TDS on purchase of Goods – Section 194Q (Applicable w.e.f. 1st July, 2021) Finance Act 2021 has introduced new provision which requires […]
everting to the CUP method applied by assessee as the most appropriate method for benchmarking the SDT of rent payment, assessee had given a comparable instance of rent paid @ Rs.112 per sq.ft. by ICICI bank under a lease agreement dated 17.02.2012 for a nearby premises. As against that, the assessee paid rent @ Rs.75.28 per sq.ft., which showed that the rent paid by assessee was less in comparison with the comparable uncontrolled transaction. Thus, the ALP of the Specified Domestic Tranasction of payment of rent could not be disputed.
Income tax act does not specifically define the term gift. The term gift under the act means something that is received without consideration of for inadequate consideration. Section 56 of Income tax Act talks about taxation of gifts. This article will analyse gifts received from different person on different occasion and its tax implication. 1. […]
Learn about the procedure and consequences of raids conducted under the Income Tax Act, 1961 in India.
Tax Planning may be described as legal way of reducing of tax liability in a year by investing in different schemes as prescribed by income tax Act. It may also include entering or exiting investment schemes so as to save maximum tax possible within the legal framework. Need For Tax Planning Tax payments are compulsory […]
Karnataka Taxpayers Association has released a Press note and stated that New Income Tax Filing Portal has crashed within an Hour of Launching & till date not repaired. It further states that New Portal is neither user friendly and not properly developed. KTA demanded for Roll back of Old Income Tax Portal, so as to […]
Income Tax Department is happy to inform the launch of its new e-filing portal www.incometax.gov.in from Today 7th June 2021. 1. key changes in ITR Forms for A.Y 2021-22 in the simplified form regarding changes in ITR-1- ITR-1 cannot be filed in case tax has been deducted u/s 194N. 2. Now what is Section 194N-TDS […]
Finance Act 2020 had introduced Sec 206C (1H) – which compelled the seller of goods to collect TCS on sale to eligible buyers subject to certain conditions. Amidst a lot of hue and cry the CBDT had finally implemented the same with effect from 1st Oct 2020.
ACIT Vs Remi Electrotechnik Ltd. (ITAT Mumbai) Assessing Officer levied penalty under section 271(1)(c) of the Act on estimate basis without any evidence on record with regard to concealment of income. Penalty under section 271(1)(c) of the Act is leviable to be imposed only where the assessee has concealed its particulars of income or furnished […]
