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Income Tax : Unsure whether to file your income tax return now or wait? Learn why waiting until mid-June may be beneficial, considering TDS ret...
Income Tax : Explore the intricacies of capital gain tax on unlisted shares, from computation to reporting in ITR 2. Learn about deductions, se...
Income Tax : Understand Section 50B Slump Sale, where an undertaking is sold without individual asset valuation. Learn about computation, tax r...
Income Tax : Explore the rules and regulations governing cash transactions in real estate deals to ensure tax compliance. Learn about permissib...
Income Tax : In order to protect and promptly make payments to the MSEs, Clause (h) in Section 43B, inserted vide the Finance Act 2023, provide...
Income Tax : CBDT, has introduced a new feature in Annual Information Statement (AIS) accessible via compliance portal on Income Tax Department...
Income Tax : Learn how to prepare Inventory Valuation Reports under Section 142(2A) of the Income Tax Act, 1961 with our comprehensive Guidance...
Income Tax : Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down ...
Income Tax : CBI) made a significant arrest today in Mumbai, apprehending an Income Tax Officer caught red-handed accepting a bribe of Rs. 4.00...
Income Tax : Engage in shaping tax audit guidelines! Direct Taxes Committee invites public comments on the Exposure Draft for Guidance Note on ...
Income Tax : Delhi HC ruled that PCIT's rejection of an application under Section 119(2)(b) of Income Tax Act lacked reasoning. Court remanded ...
Income Tax : Delhi High Court held that the documents which were seized during the course of search does was unsigned Agreement to sell (ATS) w...
Income Tax : Merely because the Directors of the two companies were common may have given rise to suspicion that the deposits received by the a...
Income Tax : Madras High Court quashes demand in computation sheet and notice, ruling no additions proposed in income tax assessment order....
Income Tax : Madras High Court dismisses writ petition challenging revision order under Section 263 of IT Act, directing pursuit of statutory a...
Income Tax : Ministry of Finance notifies Income Tax Act Section 10(46) for Tamil Nadu Electricity Regulatory Commission, exempting specified i...
Income Tax : Understand the guidelines set by the Indian Ministry of Finance for the compulsory selection of returns for complete scrutiny duri...
Income Tax : Get insights on Circular No. 7/2024 issued by CBDT, extending due dates for filing Form No. 10A/10AB under the Income-tax Act, 196...
Income Tax : Explore Notification No. 41/2024-Income Tax regarding Kerala Autorickshaw Welfare Fund Scheme, Kollam. Analysis, impact, and impli...
Income Tax : Learn about CBDT Circular No. 6/2024 offering relief to TDS deductors for transactions up to March 31, 2024, when PAN becomes oper...
Understand the income tax rules for individuals departing India. Learn about the forms and procedures for obtaining tax clearance and no objection certificates. Find out the necessary information for domiciled and non-domiciled individuals.
ITAT Mumbai held that expenditure claimed by the assessee relating to earning of only exempt income is not allowable as deduction. Accordingly, the whole expenditure incurred for earing exempt income cannot be allowed to carryforward.
ITAT Delhi held that there is no justification of adopting lower Fair Market Value (FMV) merely on the basis of DVO report as DVO has failed to consider the specific features of the property commanding higher value.
ITAT Mumbai held that since the impugned MTM loss was duly reversed in the subsequent year and offered to tax, revisionary proceedings invoked under section 263 of the Income Tax Act cannot be sustained as there is no prejudice to the revenue.
ITAT Mumbai held that services provided by Indian Company to company registered in Isle of Man (i.e. non-resident company) under Canvasser Agent Agreement, on principal-to-principal basis not taxable in India.
ITAT Mumbai held that cash sales accepted and then deposit of said cash in bank account cannot be treated as deposits made out of any undisclosed income. Accordingly, addition under section 68 unsustainable.
ITAT Bangalore held that section 80P(2)(d) of the Income Tax Act provides deduction to co-operative society from income earned by way of interest/ dividends from its investment with any other co-operative society.
ITAT Bangalore held that weighted deduction u/s 35(2AB) is not allowable for expenditure incurred on scientific research as the same are not certified by DSIR. However, such expenditure are allowable as deduction u/s 37 of the Income Tax Act.
Explore detailed rules and exemptions of gift taxation in India under Income Tax Act, 1961, including classification and tax implications for different types of gifts.
Explore the differences between income tax Sections 68, 69, 69A, 69B, 69C in India, their taxability, and implications. Understand when these sections apply, burden of proof, and tax rates if found guilty. Stay informed about transparency and compliance in financial dealings under Indian income tax law.
