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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...
Get a comprehensive analysis of Section 206AB of the Income Tax Act. Learn about the need for this provision, applicable TDS rates, exclusions, and more.
Aditya Balkrishna Shroff Vs ITO (ITAT Mumbai) In the present case, it is not even in dispute, and rightly so, that the receipt is in question is in the capital field but the Assessing Officer has taxed it on the basis that “the gain on realization of loan would partake character of an income under […]
Meena Lahoti Vs Income Tax Officer (ITAT Hyderabad) Learned counsel’s argued that both the learned lower authorities have erred in law and on facts in adding impugned short term capital gains of Rs.51,72,920/- thereby ignoring the clinching fact that she had in fact indulged in development of her land in issue in the nature of […]
The Finance Act, 2019 introduced a new section, Section 194N which brings the concept of TDS on cash withdrawal. In order to strengthen the Digital Economy and to curb on physical cash movement, the Government of India took the initiative to tax the person(s) who withdraw heavy cash from the bank account and below is […]
♦ Tax Avoidance is one of the most important method resorted to by the taxpayers as here they try to look after the loopholes present or existing in the tax law may be in the form of lack of proper jurisdiction to hear case or in the form of lack of proper stringent and vigil […]
Section 154 of the Income Tax Act is a very important Section and as per this section the assessee or department has a right to rectify any arithmetical error in an assessment order or assessment intimation. Section 154(1A) authorizes the Assessing Officer to give appeal effect. The assessee can file an application to CPC in […]
Commissioner Of Income- Tax vs Smt. Indira Balkrishna (Supreme Court) Section 2(31)(v) of the Income Tax Act ,1961 with Explanation “Person” includes an association of persons or a body of individuals , whether incorporated or not ,with Explanation as under : For the purpose of this clause , an association of persons or a body […]
Omkara Assets Reconstruction Private Limited Vs ACIT (Madras High Court) In view of the fact that the Assessment Order is appealable and such appeal has been filed by the petitioner, I am not inclined to consider the Writ Petition on merits. Nonetheless, in view of the fact that the main issues for consideration in such […]
Hon’ble Hyderabad ITAT has in the case of Value Momentum Software Services Private Limited in I.T.A. No. 2197/HYD/2017 has held that late deposit of Employees Provident Fund prior to 01-4-2021 will not attract any disallowance as the explanation inserted by Finance Act,2021 in section 43B and Sec 36(va) has prospective effect and the same will be applicable only from 01-04-2021
Tax Bar Association, Nizamabad has made a request for Extension of Due date in filing the Return of Income under Income tax act for the Asst year 2020-21 [Financial year ending 31st of March 2020] and timelines for TDS/TCS compliances for AY 2021-22. Full Text of their Request Letter is as follows:- TAX BAR ASSOCIATION […]
