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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...
Merely because tax at source has been deducted by the builder, the receipt of mobilization money cannot be deemed as income of the assessee for the year under consideration. We, therefore, do not find any error in the decision reached by the Ld. CIT (A) in deleting the addition on this count. Finding no merit in this ground raised by the revenue, the same stands rejected.
Before you actually sit down to upload your income tax return (ITR) or visit your Chartered Accountant for filing your ITR, it is better you do some ground work to save the time as well to ensure that full particulars are submitted without any omission. Let us discuss what preparatory ground work you should do […]
Disallowance of Expenditure made in Cash- Section 40A(3) & 3(A) (Read with Rule 6DD) (Read with Section 269 ST & Section 271 DA of Income Tax Act, 1961) (Read with Notification 08/2020) Section 40A(3) Cash Payment in Current Year Any payment made to a Person, in a day, for a single Bill exceeding Rs. 10,000 […]
HUF can be used as an efficient tax saving tool that can be used to reduce taxes by proper Tax Planning. The notion of HUF Hindu undivided family) is particularly relevant In India since joint families exist in Indian culture where an individual’s income is also taxed as joint income. Income is charged on family […]
Admach Auto Limited Vs DCIT (ITAT Delhi) Disposal Of Objection To Reasons In Assessment Order Itself Without Separate Speaking Order Makes Entire Reassessment Invalid We have also gone through the objections dated 27.12.2016 filed by the assessee before the AO in which the assessee has specifically objected the initiation of proceedings u/s. 148 of the […]
Balvinder Kumar Vs PCIT (ITAT Delhi) There is no dispute that the case of the assessee was picked up for scrutiny under the category of limited scrutiny. This fact is established from the assessment order and also the notice issued under section 143(2) of the Act. CBDT instructions and the letter clearly establish that it’s […]
M/s Boutique International Pvt. Ltd. Vs ITO (ITAT Delhi) Assessment Invalid if Notice Under Section 143(2) Issued by DCIT Instead of ITO if Returned Income Below 30 Lakh as Per CBDT Instruction No.1/2011 for Corporate Assessee We find that assessee filed its return of income u/s. 139(1) of the Act on 29.8.2013 and the AO […]
Nirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai) We find that the issue in dispute herein is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of Sesa Goa Ltd., vs. JCIT reported in 117 Taxmann.com 96 wherein the Hon’ble High Court had categorically held that education cess paid on […]
CA Social Affiliation (CASA) has requested FM to extend the due dates of furnishing of Tax Audit Report U/s 44AB and Transfer Pricing Audit Report U/s 92E to 28th February, 2021 and Income Tax Return due date to 31st March, 2021 for all type of assessee for Assessment Year 2020-21. Full Text of the Representation […]
Udaipur Tax Bar Association has requested to Union Finance Minister for Further Extension of due dates for filing of both Income Tax Returns & Tax Audit Reports for F.Y. 2019-20 (A.Y. 2020-21). Full text of the Representation is as follows: – Hon’able Smt. Nirmala Sitaraman Ji, Union Finance Minister, Ministry of Finance,Govt. of India, North […]
