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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...
Section 194-IA is very familiar but tricky section to implement in real life. Though it is effected from year 2013, so many people are still unaware about many different things related to 194-IA and hence today I am writing this all inclusive article on Section 194-IA which will include everything from basic section, its compliance, […]
Rejection of books of accounts under section 145(3) was not justified as once the books of accounts had been prepared/recasted, AO could not go back to the stage of survey proceedings to contend that since no books of accounts were available at that point in time, he would not consider the books of accounts so recasted/prepared and furnished subsequently.
Inter-trust donations from one charitable trust to another for utilization by the donee trust for charitable purposes was proper application of income for charitable purposes in the hands of the donee trust and it would not affect the exemption claimed as application by the Donor trust.
The issue under consideration is whether overdue receivables from AEs is considered as an international transaction? ITAT direct the learned transfer pricing officer to delete the addition on account of interest on overdue receivable from associated enterprise. Accordingly ground of the appeal is allowed.
PCIT Vs S.R.Trust (Madras High Court) Conclusion: In the absence of any incriminating documents or evidence discovered during the course of search under Section 132 in the case of searched person against the assessee, the jurisdiction under the provisions of Section 153C could not be assumed. Held: Assessee was a charitable trust registered under Section […]
During the course of a Search and Seizure action, it is seen in practice that incriminating material in the form of documents, diaries and other evidences are found which sometime reflects undisclosed income of an assessee only for a particular limited period of time and not for all the assessment years to be covered u/s 153A of the Income Tax Act’1961.
The genesis of trial of three petitions before the trial court is the complaint bearing CC No.511538/16 (Old CC No.131/2014), under Section 276-D of the Income Tax Act dated 28th February, 2015 and the other two complaints rest on the same. Whether the petitioner is holding a foreign account or not is a matter of trial in the first complaint and the assumption that he holds an undisclosed foreign account, which forms basis of other two complaints, is also subject matter of trial.
Case Commentary on Vodafone International Holdings B.V. vs. Union of India (UOI) and Ors. (20.01.2012 – SC) and Formula One World Championship V CIT. TAX OPINION PAPER- CASE SUMMARY FOR VODAFONE AND FORMULA ONE CASE Vodafone International Holdings B.V. vs. Union of India (UOI) and Ors. (20.01.2012 – SC): MANU/SC/0051/2012 Vodafone International Holdings, a copany […]
Example: Five separate invoices of Rs. 60,000 each were issued to a customer. The customer intends to make cash payment in installments of Rs. 10,000 each on daily basis. State the applicability of Sec 269ST and 40A(3)? As per sec 40A(3), if any payment is made by an assessee to a person in a day above Rs.10,000, other than […]
Chapter VI A of the Income Tax Act, 1961 provides for various deductions that are available from the total income of an assessee while computing the taxable income. The assessees are normally aware of certain common deductions such as deduction u/s 80C in respect to contribution made towards LIC, provident fund, deduction u/s 80D for […]
