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Income Tax : Failure to file ITRs can result in interest, late fees, loss of refunds, and missed tax benefits. Beyond taxation, it may also aff...
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 : 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 Section 153C requires the AO of the other person to independently assess whether seized documents have a b...
Income Tax : Jaipur ITAT held that reassessment proceedings were invalid because the Assessing Officer mechanically relied on Investigation Win...
Income Tax : The Tribunal ruled that third-party WhatsApp messages and decoded chat entries lacked evidentiary value against the assessee witho...
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 : 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...
Form 26AS -Annual Information Statement- Section 285BB of Income Tax Act 1961 The Government of India has introduced new section 285BB vide Finance Act, 2020 replacing existing section 203AA of the Income Tax Act, 1961 which mandates the prescribed income-tax authority or the person authorized by such authority to upload in the registered account of […]
Value Labs Vs ACIT (ITAT Hyderabad) The issue which arises in the present appeal is against the adjustment made in the hands of the assessee on account of interest due on outstanding Receivables by treating the same as international transaction. Much reliance is placed on the explanation inserted under section 92B of the Act with […]
The very intent of the section 14A of the income tax Act is that no expenditure shall be allowed as deduction, in computing the Total income of the Assessee, if such expenditure is incurred to earn an income, which is exempt under Income tax act. That is to say that no deduction shall be allowed in respect of the expenditure incurred in relation to the income which does not form part of the Total Income of the Act.
The issue under consideration is whether the disallowance u/s 40(a)(ia) is justified for non deduction of TDS u/s 194A on financial charges paid for car loan?
CBDT desires that all the work related to cleaning up of the tax demands and calculating the tax payable or refundable in respect of all eligible assesses under Vivad Se Vishwas Scheme is taken up on priority and completed by 31st August 2020. Also Read- CBDT directs all CIT(A) to dispose at least 80 appeals […]
CBDT directs all CIT (Appeal) that appeals are required to be disposed of through e-appeal proceedings by sending the communication through the e-filing portal and or through emails only. it directs that All pending appeals filed on or before 31.03.2016 to be taken up immediately and all smaller appeals with tax effect up to Rs. […]
To utilize the valuable information available to the department in the form of Tax Evasion Petitions (TEPs) and to prevent harassment of the taxpayers, Board has decided that they should be handled with the help of technology in a centralized manner. All pending TEPs, of whichever category with any officer, is to be transferred to […]
CBDT Chairman has instructed the department to Disposal of all pending applications as on 30.06.2020 for nil or lower deduction TDS/TCS certificates u/s 197 and 206C(9) by 31.08.2020 and dispose all Fresh Applications Within one month of the receipt of the application. Also Read- CBDT prioritise Vivad Se Vishwas Scheme case of demand & Refund […]
1. Income Tax New disclosures asked in the new ITR forms 1 to 7 are: i. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4. ii. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR […]
Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because these people are going to get a tax notice sooner or later. These transgressions can invite penalties and the person has to pay up to 300% of the unpaid amount as the tax.
