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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 Tribunal ruled that technical lapses in e-verification cannot override a taxpayer's lawful entitlement to a refund. Once the d...
Income Tax : The Tribunal ruled that reopening proceedings cannot survive where the mandatory sanction under Section 151 is not obtained from t...
Income Tax : Delhi ITAT held that donations qualifying under Section 80G do not lose eligibility merely because they form part of Corporate Soc...
Income Tax : The Tribunal ruled that addition of the entire amount of bogus purchases as unexplained expenditure was unwarranted in the facts o...
Income Tax : Delhi ITAT ruled that delayed deposit of employees' PF/ESI contributions attracts disallowance under Section 36(1)(va). The decisi...
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...
o Employer Employee Relationship exist between a partnership firm and partners so TDS is not required to be deducted on Partner’s Remuneration.
Where the books of accounts maintained by contractors were not accepted by the Department, the estimation of profit made on the basis of history of Gross Profit rate and Net Profit rate of assessee in the previous years or comparable cases of contractors could be made. Once such profit rates were compared, the additions on account of non confirmation or non production of the sub contractors, etc. was totally irrelevant and could not be made.
Taxation of share premium is a relatively new but litigated area of taxation. This article examines the two alternative approaches the AO should adopt while examining the issue where share premium received is in excess of its fair market value, i.e. the route of Section 68 or Section 56 (2)(viib).
This sector specific article aims to share knowledge regarding issues faced during assessment and investigation in case of contractors. Various points of discussion include inflation of expenses, manipulation of stock, revenue recognition methods, common types of additions, how to make additions have a better standing at appellate stages, important case laws, common issues in case of Construction Joint Ventures etc.
Section 153C as part of provisions of search assessment lays down the law relating to the assessment of persons other than the searched person. The author in this article discusses the situation arising from interpretation of provisions relating to the years to be considered u/s 153C assessment in the light of judicial pronouncements and the amendment brought in by the Finance Act 2017.
Assessment of ‘On-Money’ has been the story of ‘Hype vs Reality’. It involves understanding of fundamental issues of taxation such as Receipt vs Income, Heads of Income, Method of Accounting, Business Receipts vs Income from Other Sources, etc. In the absence of a fine understanding of such issues, despite clinching evidence, the AOs have been making assessments, which at times, could not pass the tests of appeal.
Assessment of income from transaction in shares and securities under the Income-tax Act 1961 involves multiple issues. Such transactions give rise to income assessable under different heads of income e.g. business income, capital gain and income from other sources. This article is an attempt to discuss some major issues involved in assessment of such income under the head income from business. Speculative income, non-speculative income, trading, contract, derivatives, setting off losses 43(5), 10, 24(1), 24(2), 28, 73.
Since assessee-contractor carried out work for laying down road in a thermal power plant, therefore, there was no question of not incurring of expenditure by assessee to carry on road work contracts but the disallowance of whole expenditure towards sub contract work by AO for want of proper bills was not justified instead disallowance of 10% of expenses made by appellate authorities was justified.
Office Order No. 144 of 2020 The transfer/postings of the following officers in the grade of Chief Commissioner of Income Tax/Director General of Income Tax. are hereby ordered with immediate effect and until further orders:
Genpact India Pvt. Ltd. Vs DCIT (ITAT Delhi) The issue under consideration is whether the framing of an assessment against a non-existent amalgamating entity is sustainable in law?
