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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...
ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deduction. The Ld. CIT(A) allowed depreciation by […]
Sonali Hemant Bhavsar Vs PCIT (ITAT Mumbai) We observe from the notice issued under section 143(2) of the Act for limited scrutiny dated 19.09.2016 and find merits in the contentions of the assessee that the said limited scrutiny can not be expanded unless the AO converted it into complete scrutiny with the approval of Ld. […]
Recently there was an outreach by the Income Tax Department to the practicing CA’s to impress upon their clients to opt for the Vivadh se Vishwas scheme which will shortly conclude on 31-12-2020, though there is a likely hood of the scheme being further extended following the Luke warm response to the said scheme as […]
R. & H. Property Developer Pvt. Ltd. Vs PCIT (ITAT Mumbai) Pr. CIT had held the order passed by the A.O under Sec. 143(3), dated 10.10.2016 as erroneous, in so far it was prejudicial to the interest of the revenue, for the reason, that he had failed to carry out proper investigation as regards the […]
Vyyapaar Mandal Association, Nagore & All India MSME and Tax Practitioners Association (AIMTPA) has made a representation to FM for Extension of Due date of GST Annual Returns F.Y. 2018-19 and 2019-20, and Income Tax Return & Tax Audits for A.Y. 2020-21 and compliance of Notices. Relevant Text of their Representation is as follows:- Dated: […]
Chartered Accountants Association, Jalandhar has made a representation to the FM and requested for extension of Due Dates for Tax Audi and Income Tax Return Filing for the Assessment Year 2020-21. Full text of the representation is as follows:- Chartered Accountants Association (C R Building, Model Town Road, Jalandhar) For correspondence care:- CA. Ashwani Jindal, […]
ITAT Mumbai verdict on Amarchand & Mangaldas vs ACIT. Disputed tax credit under Indo-Japanese tax treaty. Details of the case and judgment.
DCIT Vs Morarjee Realities Ltd. (ITAT Delhi) ‘Capital Asset’ as defined in Sec.2(14) would mean property of any kind held by an assessee, whether or not connected with his business or profession’, except those which are specifically excluded in the said section. The only exclusion is only for stock in trade, consumables or raw materials […]
ACIT Vs Fortis Hospitals Ltd. (ITAT Delhi) Non compete fee did not confer any exclusive right to carry-on the primary business activity. The right is restricted only to the particular party or individual and does not have the exclusivity over the rest of the world. Thus, non-compete fee cannot be termed as intangible asset. The […]
All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the assesses be suitably extended, to 28.02.2021,from the current extended due date of 31.12.2020 for AY 2020-21. Simultaneously, the ‘specified date’ for filing tax audit reports be extended from 31.12.2020 to 28.02.2021 as […]
