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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...
No income tax applicable on receipt of software license fees from an Indian subsidiary as it was reimbursement of software licence fees paid by assessee to a third party, and, therefore, it could not constitute income taxable in the hands of assessee.
Mere suspicion of likely escapement of income was not a ground for revision by invoking powers u/s 263 of the Act. Such an order was bad in law.
ICAI request FM to consider further extension(s) of various due dates under Income-tax Act, 1961 especially Tax Audit Reports (TAR) and related returns and Income Tax Return (ITR) Forms for AY 2020-21. text of their representation is as follows:- ICAI/DTC/2020-21/Rep-31 To Chairman, Central Board of Direct Taxes, Ministry of Finance, Government of India, North Block, […]
Chartered Accountants Association, Surat has written a letter to FM and criticized Finance Minister Office (FMO) for its Poor Actions and Policies. As per the letter Actions of FMO ultra-vires the Citizen’s Charter, Deteriorated working standards and health of the stakeholders, FMO failed in recognition of efforts put by the tax professionals, Ignoring communication with […]
Union Budget is ahead and when we think of making a representation, our first humble submission is towards ‘ease of doing business, easy and stable laws and fearless atmosphere to work in a direction whereby the Country can be on the growth track at the fastest possible pace .
ACIT Vs Eagleton Property Holdings (ITAT Bangalore) Whether the deduction under section 80IB(10) can be allowed on proportionate basis in respect of residential units having a built up area of 1500 sq.ft. or less. On this aspect, the CIT(A) held that the assessee would be entitled to deduction under section 80IB(10) of the Act on […]
Honeywell Technology Solutions Lab Pvt. Ltd. Vs DCIT (ITAT Bangalore) We respectfully following the aforesaid judgment of the Honable High Court of Bombay in the case of Sesa Gold Limited (supra), therein conclude that ‘Education Cess’ and the Secondary and Higher Education Cess is not disallowable as a deduction u/s 40(a)(ii) of the Act. FULL […]
In the absence of the notice under section 143(2), assessment framed by AO was liable to be quashed as invalid also when Pr. CIT has granted approval under section 151 in a mechanical manner by putting only ‘Yes’ which was not valid for initiating reassessment proceedings.
TDS under section 194H was not required to be deducted on discount allowed to distributors on sale of Set Top Box and hardware, recharge coupons vouchers because transaction between assessee company and distributor was on principal-to-principal basis and all the risk, loss, damages were transferred to distributor on delivery and it was a sale but not service to come within the ambit of definition of commission as defined under section 194H.
In the absence of any link between the assessee and the alleged admissions of the directors and brokers, human probability is being used as a vague and convenient medium for the department’s conjectures. No addition can be made on the basis of surmises, suspicion and conjectures. The burden of proving a transaction to be bogus has to be strictly discharged by adducing legal evidences, which would directly prove the fact of bogusness or establish circumstance unerringly and reasonably raising an interference to that effect.
