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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...
Section 206C(1H) of Incoem Tax Act, 1961 is already applicable from 01-10-2020 and Section 194Q will be applicable from 01-07-2021 Article explains Section 206C(1H) and Section 194Q considering confusions prevailing currently in industry regarding TDS & TCS under both these sections. Article also contains PICTORIAL FLOW CHART OF INTERPLAY BETWEEN Section 194Q VS Section 206C(1H). […]
The Income Tax Department is going to launch its new e-filing portal www.incometax.gov.in on 7th June, 2021. The existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available to taxpayers as well as other external stakeholders for a brief period of 6 days i.e. from 1st June, 2021 to 6th June, 2021. Taxpayers would […]
Salaried individuals are issued form 16 from their employersat the end of financial year. The details mentioned thereon are helpful in filing income tax return. This article attempts to explain everything a tax payer should know about form 16 before filing income tax return. It is to be noted that form 26AS is of utmost […]
Prima Facie some material is required not sufficiency or correctness for valid reopening u/s 147 We have only to see whether there was prima facie some material on the basis of which the Department could reopen the case. The sufficiency or correctness of the material is not a thing to be considered at this stage. […]
The Hon’ble Gujarat High Court in Trust For Reaching The Unreached Through Trustee v/s CIT [R/Special Civil Application No. 8977, 9370, 9760 of 2020 dated December 22, 2020] quashed and set aside the order rejecting the application for condonation of delay filed for exemption and held that an assessee being a public charitable trust who […]
Depreciation is calculated on the asset which is used for the purpose of business and/or profession. For claiming depreciation assessee should be the owner of asset. If such asset is partially owned then proportionate amount of depreciation is allowed to the assessee on the basis of his share in the asset. Depreciation is allowed if […]
Dharmendra Kumar Vs State of NCT of Delhi (Delhi High Court) A single judge bench of the Delhi High Court today directed that no authority shall stop any advocate in the NCT of Delhi from movement during the curfew period without an e-pass, ‘if he/she produces a valid identity card’ proving that he/she is […]
Shree Lakadipool Vitthal Mandir Vs CIT (Exemption) (ITAT Pune) In the present case, the objects of the trust are not doubted by the Department and they have also not disputed the charitable nature of the activities conducted by the assessee trust. Meaning thereby, all the relevant records were submitted before the Ld. CIT(Exemption) and he […]
The primary question sought to be dealt with in this article is whether an unregistered gift pertaining to immovable property is a valid gift in the case of Mohammedans. To answer this, relevant provisions of the Transfer of Property Act, 1882, the Registration Act, 1908, Mohammedan Law and judgments of various courts have been examined […]
After getting RAP from M.P. High court for extension of due date for complete disregard to Supreme Court order CBDT clarifies that for the purpose of counting the period(s) of limitation for filing of appeals before the CIT(Appeals) under the Act, the taxpayer is entitled to a relaxation which is more beneficial to him and […]
