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Income Tax : The new law reorganizes TDS provisions into simplified sections and forms. The key takeaway is that rates remain unchanged, but co...
Income Tax : The ruling confirms that in matters of undisclosed foreign assets, the Black Money Act prevails over general tax provisions. This ...
Income Tax : The case clarifies that only specified adjustments can be made while computing book profit under MAT. The ruling limits arbitrary ...
Income Tax : Many taxpayers receive notices despite exemption due to AIS-ITR mismatches. The case highlights that non-reporting of even exempt ...
Income Tax : Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines,...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : The Tribunal held that receipts from sponsorship and royalty were incidental to the promotion of sports. It ruled that absence of ...
Income Tax : The Tribunal addressed disallowance arising from mismatch between ITR and tax audit report. It held that inadvertent reporting err...
Income Tax : The case involved additions for unexplained bank deposits where the assessee later produced authenticated NRE account evidence. IT...
Income Tax : The Court dismissed the SLP due to a 390-day delay and absence of valid grounds. The ruling leaves intact the finding that interco...
Income Tax : The High Court followed its earlier ruling that interconnect service charges are not taxable as royalty. The Revenues appeal was d...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
This article is an attempt to give clarity about requirement of Accounting and Funding Arrangement for Gratuity Benefits. Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than five years, –
Once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions are not complete in all respects and as required under the law, that would not disentitle the assessee from the benefit under Section 54F.
CBDT notifies Assistant Commissioner of Income-tax (e-Verification), Delhi, to act as prescribed Income-tax Authority for the purpose of Section 143(2) of Income Tax Act, 1961 read with rule 12E of the Income-tax Rules, 1962 vide Notification No. 65/2019- Income Tax dated 13th September, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) […]
Notification No. 64/2019- Income Tax provides for tolerance range of one per cent. for wholesale trading and three per cent. in all other cases for assessment year 2019-20. It is certified that none will be adversely affected by the retrospective effect being given to the notification. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification […]
Functionality for processing of returns having refund claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons- reg.
Shri Vijay Kumar Vs ITO (ITAT Chandigarh) The main contention of the Ld. Counsel for the assessee is that the Assessing Officer while making the impugned additions has exceeded his jurisdiction. That the case of the assessee was selected for limited scrutiny issue i.e. regarding security transaction. The Assessing Officer could not find any reason […]
Availability of Miscellaneous Functionalities related to ‘Selection of Case of Search Year’ and ‘Relevant Search Years’ in Assessment module of Income Tax Business Application (ITBA)- reg. ITBA – Assessment Instruction No. 12 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Instruction/Assessment/177/2016-17/ Dated: 12/09/2019 To All Principal […]
CBDT notifies Cost Inflation Index for Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Inflation Index for Financial Year 2019-20 at 289. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 63/2019- Income Tax New Delhi, the 12th September, 2019 (INCOME-TAX) S.O. 3266(E).—In exercise of the powers […]
AGFTC & ITBA has made a representation to Smt Nirmala Sitharaman on Hardships to the income tax payers due to delay in providing e-filing platform and frequent amendments in return preparation Utilities and Requested for extending due date for submitting Tax Audit Reports/related Income Tax returns for financial year ended on 31.03.2019 due to delay in release of utilities and heavy rains [A.Y. 2019-2020).
JCIT (OSD) Vs Eastman Exports Global Clothing (P) Ltd. (ITAT Chennai) We have considered the rival submissions on either side and also perused the relevant material available on record. The Market Linked Focus Product Scheme is a scheme promoted by the Director General of Foreign Trade wherein incentive @ 2% on the FOB value of […]
