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Income Tax : Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines,...
Income Tax : ITAT Kolkata remands case on disallowance of subcontractor expenses, stressing need for evidence, due diligence, and verification ...
Income Tax : The new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but...
Income Tax : Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensu...
Income Tax : Notices are increasingly triggered by AIS/TIS mismatches and automated systems. Accurate reporting and reconciliation are key to a...
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 court examined whether consolidated GST show-cause notices across financial years are valid. It found no clear statutory bar b...
Income Tax : Karnataka High Court declines writ on pension, arrears and leave claims of retired tax official, holds service matters must first ...
Income Tax : Karnataka High Court sets aside rejection of business loss for violation of natural justice due to denial of personal hearing; rem...
Income Tax : The Tribunal held that incorrect identification of property does not invalidate proceedings when benami investment is established....
Income Tax : Karnataka High Court rejects Revenues appeal, holds Sec 69A addition unsustainable where cash source explained with evidence; huma...
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...
The withholding certificate which directed TDS to be deducted at 5% on the payments made by the Indian entities to assessee-overseas company was unsustainable in law, inasmuch as there was arbitrariness and non-application of mind at various levels which vitiated the certificate.
NEWS – DIRECT TAX 1. Income Tax Department detects foreign assets in recent search. 2. NR earning income from investment fund set up in IFSC is exempt from filing of ITR. 3. CBDT extends due date for filing of ITR from 31-07-2019 to 31-08-2019. 4. Income earned by NR from off-shore investments routed through Category […]
Now A VALID DEBATE can be started whether it can be said that cash withdrawal from bank account by the account holder bears any income element of the recipient so that a valid TDS Provision can be brought in statute?
Respite for Startups from Angel Tax. CBDT says -Focus on innovation and improvement of existing products, services and processes and generate employment. Forget the Taxman !! Further through the promise made by our Hon’ble Finance Minister Nirmala Sitharaman’s on July 5th, 2019 to resolve the issues hovering around startups, CBDT has issued a circular “Circular […]
Rate of income tax – Surcharge and Tax rate for company I. Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 There is no change in this part. It is same as provided earlier. In respect of income of all categories of assessees liable to tax for the assessment […]
Bright line test is not an appropriate yardstick for determining existence of an international transaction for calculating arms length price.
Enhancement u/s 251 (1) (a) is prohibited on the issues which have not at all been considered by AO during assessment proceedings, therefore, CIT (A) had exceeded his jurisdiction in enhancing the income of assessee by considering the new sources of income not at all considered by AO.
Amount received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was not exigible to income tax as in case of individual, the HUF has not been included in the definition of relative in explanation to section 56(2) (vii) as it was not so required because in case of HUF,
The following are the important aspects of ESOPs in relation to the legal framework, procedure for its issuance, tax implications upon its exercise and on sale, its compliances and reporting:
Analysis of Circular No. 17/2019 dated 08/08/2019 1. As a measure for reduction in the tax litigations, CBDT has further increased Monetary Limits for filing appeals by the Income Tax Department. The revised monetary limits are as under: Sr. No. Appeals/SLPs in lncome tax matters Earlier Limits Revised Limits vide this circular 1 Before Appellate […]
