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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...
Office Order No. 199 of 2020 The following transfers and postings in the grade of Additional/Joint Commissioners of Income Tax are ordered with immediate effect and until further orders:
F.No. A-22012/2/2020-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi -110 001 Dated: 16.10.2020 Office Order No. 198 of 2020 The following transfers/postings in the grade of Additional Commissioner of Income Tax (Ad.CIT)/Joint Commissioner of Income Tax (JCIT) in the Investigation Wing/Central Charges are ordered […]
Intercontinental Hotels Group (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) Hon’ble High Court in Philip Morris had directed that M/s. Apitco Ltd. was not good comparable of concerns providing business support services, on the ground that in case of Government enterprises, profit motive is not relevant consideration and the Government company worked for public undertakings. […]
Hon’ble Supreme Court examined the omission on the part of the AO not providing opportunity to assessee to cross examine of two witnesses and held that it was a serious flaw and since the statements of those witnesses were made the basis of the impugned order this omission on the part of AO makes the order nullity inasmuch as it amounted to violation of Principles of natural justice.
Vide a order dated 16.10.2020 Maharashtra govt has allowed women to travel in local trains from 11am to 3pm and then from 7pm till the last service for the day from 17.10.2020. QR codes wilt not be required for ladles travelling during the said time period. Only a Valid Ticket will be required. Government of […]
A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh) The issue before us relates to addition made to the income of the assessee on account of cash found short with the assessee. Cash short, at the most represents expenses / outgoings out of cash available with the assessee not accounted for in the books of the […]
Any coercive or intrusive action for recovery of tax demands should be taken only after exhausting alternative means of recovery as mentioned in Para 2((i) of Board’s letter F.No. 275/29/2020-(IT(B) dated 21st September, 2020.
The recent CBDT circular on extension of due date for assessees required to get their accounts audited u/s 44AB has brought to light many things. Once such thing is the implication for assessees having having turnover less than Rs. 1 crore and having Net loss from business.
Kisan Vikas Patra is one of the most famous investment schemes in India. The main reason is the feature of this investment in which the money invested will get doubled at the end of the maturity period. In December, 2019 fully new Kisan Vikas Patra Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. […]
The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Section 115JB levies minimum alternate tax (MAT) at 10% of book profits (plus surcharge and cess thereon) if such tax is higher than the tax payable under the normal provisions of the Act. Book profits, for this purpose, needs to be calculated by making certain specified adjustments to the net profit as shown in the profit & loss account prepared in accordance with the Companies Act and after taking into account accounting policies and accounting standards adopted for preparing such accounts.
