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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...
Though AO had issued notice under section 148 on 26-3-2014, i.e., within period of six years from the end of relevant assessment year, however, it was returned unserved by postal authorities and even notice by affixture was also served on 4-4-2014 and there was no report of AO containing names and addresses of witnesses having identified the property, therefore, in the absence of section 148 notice served within stipulated period, reassessment proceedings were invalid.
Section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence, any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering deduction under section 194N of the Act shall be counted from 1st April, 2019.
In order to redress grievances and address various tax related issues in the cases of Start-ups, a Start-up Cell has been constituted by CBDT on 30.08.2019 with the following ex-officio members:
When the books of accounts was rejected, the income of assessee was to be estimated on some reasonable basis for which comparable case and history of assessee could be taken as a guide. Thus, the N.P rate @ 8% applied by the authorities below was without any basis and material on records, the same was rejected and was considered fair to apply an average rate of earlier two years which was 3.50%.
DCIT Vs Atlas Copco (India) Limited (ITAT Pune) The assessee has raised a legal ground challenging the validity of assessment order passed u/s.143(3) r.w.s. 144C of the Income-tax Act, 1961 (hereinafter also called `the Act’). The moot point is as to whether such a long delay deserves condonation. At this stage, it is relevant to […]
High Court in the absence of any discussion or/and the reasoning/ground as to why the order of ITAT did not suffer from any illegality and why the grounds of Revenue were not acceptable and why the appeal did not involve any substantial question(s) of law or though framed could not be answered in Revenue’s favour, the impugned order dismissing the Revenue’s appeal suffered from jurisdictional errors and, therefore, legally unsustainable for want of compliance of the requirements of sub-sections (4) and (5) of Section 260A.
Smt. Asha Gandhi Vs The ITO (ITAT Chandigarh) Conclusion: Tribunal urged State to remove violations of tax laws by new assessees such as part time enterprising housewives, illiterate, semi-skilled men/women or teenagers by highlighting the concepts of agents of economic change; creation of Tax Advisory Cell; and coming out with Policy/Tax Compliance Scheme for the […]
Criteria for generation of non filers: Any person holding valid PAN has not filed the return for the entered AY as well as for preceding 3 A.Y.s. Criteria for generation of stop filers: Any person holding valid PAN has not filed the return for the entered AY but filed the return for any of the preceding 3 A.Y.s.
Kindly refer to the above and Board’s letter dated 20.08.2019 whereby it was directed that process of withdrawal of appeals in consequence of Circular 17 of 2019 shall be completed by 31st October, 2019. 2. In this regard, it is stated that Prime Minister’s Office has requested for‑ figure of withdrawal of appeals as on 31.08.2019 as per table below.
This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. That is, section 68 of I.T. Act, 1961 does not apply to cases of purchase of share assets and allotment of shares by the appellant when purchase and allotment are under a barter
