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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...
DCIT Vs Pool Thevar Marimuthu (ITAT Chennai) The Assessing Officer alleged that assessee has used old plant and machinery previously used in the unit of M/s. Arun Plasto Moulders Private Ltd at Rs.31 ,20,023/- out of total plant and machinery installed at new unit of Rs.59,81,123/- and the said used plant and machinery is more […]
Start-up India initiative is one of the pertinent initiatives that every budding entrepreneur should be aware of. It enables the start-up to gain various benefits under Income-tax Act, 1961. The requirement is nothing but registration on the Start-up India portal. However, there are some pre-requisites for being eligible to get registered as a Start-up. Vide […]
Hill Queen Investment (P) Ltd. Vs PCIT (ITAT Kolkata) In this case issue is whether the ld. Pr. CIT is correct in invoking his powers u/s 263 of the Act. In our considered view, the Assessing Officer has called for and verified all the details and documents in connection to the purchase and sale of […]
CIT could not brand the action of AO to accept the claim of assessee in respect of LTCG as a case of no enquiry on the part of AO to term it as an erroneous order and which finding could have facilitated him to usurp/interfere by exercising his revisional jurisdiction u/s. 263. Further, CIT himself ought to have conducted enquiry to bring out the fallacy as to show how the enquiry conducted by the AO was erroneous. Thus, revision was not justified as the impugned order was nothing but cut & paste exercise without application of mind.
Additions made on the basis of statement of assessee u/s 132(4) in the hands of assessee ignoring the fact that the seized material belongs to company was not justified as the same were not attributable to the Managing Director for undisclosed and unaccounted income of the Company.
First question must come to your mind that is why there is PAN. As you know almost under every taxation law person is identified with a unique number or code allotted under particular taxation law to identify the person and in the same manner under Income-tax law person is identified with PAN which is income […]
It is undisputed fact that the consideration is paid to individuals who had experience in the business of consultancy for not to engage themselves in similar kind of business and activities for a period of 3 years. It is also not disputed that such consideration is independent and not part of the cost of acquisition of business paid to shareholders.
Sure, it’s an investor’s duty to pay their taxes in full and in a timely manner, but they also have an option to save on tax. Nobody likes the extra influx of cash from their pockets. The government encourages individuals to invest in tax-saving investments by offering them tax benefits in form of tax deductions […]
Finance Act, 2020 made a paradigm shift in the process of registration of public charitable trust by inserting a new section 12AB. Though the same to be made applicable from 1st June, 2020, the pandemic delayed its applicability and the same was made applicable recently on 1st April, 2021. The notification making the same applicable […]
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021).
