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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...
Office Order No. 107 of 2021 Consequent upon approval of the Competent Authority, the following officers are, hereby, promoted to the grade of Commissioner of Income Tax (CIT) (level 14 in the pay matrix Rs. 144200-218200/-) on in-situ basis with immediate effect or with effect from the date they assume charge of the post. whichever is later.
Sobha City Vs ACIT (ITAT Bangalore) No addition for transfer pricing (TP) adjustment related to Specified Domestic Transactions (SDT). Conclusion: The reference to TPO for transfer pricing adjustment in respect of specified domestic transactions mentioned in clause (i) of section 92BA was not valid, as the said provision had been omitted. Accordingly, AO was directed […]
ACIT Vs North American Coal Corporation India Pvt. Ltd. (ITAT Pune) A careful perusal of the ITSC direction explicitly indicates that the AO shall compute the tax payable ‘after giving credit for taxes already paid by the applicant’. `Taxes already paid’ do not mean only the taxes directly paid by the assessee but also those […]
Withholding tax rate of 5% is to be applied while making payment of dividend by Indian entity to its shareholder in Netherlands after applying the Most Favoured Nation (MFN) clause in the Tax Treaty between India and Netherlands.
Runwal Constructions Vs Union of India (Bombay High Court) Conclusion: Notice issued to assessee for prohibiting the transfer of property for alleged non-payment of Excise duty by Respondent No. 3 was quashed as excise dues were not dues which arise out of land or building. Such liabilities could be in the form of property tax, […]
Special Non Resident Rupee Account (SNRR) FAQs SERIES I The following accounts are allowed to be opened by non residents as per RBI regulations: 1. Non- Resident External Rupee (NRE) Account – Savings / Current / Recurring / Fixed Deposit account opened by Non-resident Indian (NRI) or Person of Indian Origin (PIO) to deposit his […]
Cosmat Traders Pvt. Ltd Vs ITO (ITAT Kolkata) We hold that the assessment order is bad in law for the reason that the Assessing Officer having jurisdiction over the assessee, has not issued a notice u/s 143(2) of the Act as required by the statute. Notice issue by the officer having no jurisdiction of the […]
DCIT Vs Agile Electric Sub Assembly Pvt. Ltd. (ITAT Chennai) Admittedly, the assessee has filed a tabular chart explaining date of purchase of machinery and completion of commissioning of such machinery, as per which all the plant and machinery was commissioned before 30.03.2013. The assessee had also placed on record commissioning report for installation and […]
Representation with regard to application of old tax rates due to filing form 10IC after submitting ITR but before due date filing ITR as per provisions of section 115BAA
Unifi Capital Pvt. Ltd. Vs Income Tax Officer (ITAT Chennai) Admittedly, membership fee paid to any stock exchange including MCX Exchange Ltd., is for acquiring a right in membership of exchanges for trading in shares and securities. Further membership rights in any stock exchange including MCX Exchange Ltd., is a transferable right. Therefore, said right […]
