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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...
Understanding the tax implications of life insurance policy maturity. Learn about the exceptions and conditions for tax-free amounts received.
In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib),the contention of the assessee will be summarily accepted.
In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department. NER carried out searches on certain businessmen in Meghalaya, found to be involved in running a web of petrol pumps managed and controlled as benami properties.
The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also in Kerala, Andhra Pradesh and Goa. The premises included residences of the promoters, key employees and some of the suppliers of materials.
A new section 194M is proposed to be inserted in the Income Tax Act by the Budget 2019 that provides levy of TDS @ 5% on the sum or aggregate of sums, paid or credited in a year on account of contractual work or professional fees by an Individual or Hindu undivided family, not required […]
Shri Rupesh Rashmikant Shah Vs Union of India & Ors. (Bombay High Court) In the context of interest, there are three crucial dates. The date of the accident is a date in reference to which the entire compensation is calculated. The date of filing of the claim petition is the date from which the claimant […]
Government hereby appoints the 9th day of August, 2019, as the date on which the provisions of Part I, IV, VI & VII of Chapter VI of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force. PUBLISHED BY AUTHORITY MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 9th […]
Notification no. G.S.R. 127 (E) dated 19.02.2019 will be applicable to those Startup Companies also where addition u/s 56(2)(viib) has been made in an assessment order under the IT Act before 19thFebruary, 2019 provided the assessee has subsequently submitted the declaration in Form-2 that it fulfils the conditions mentioned in Para-4 of the above-referred notification.
Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata) FULL TEXT OF THE ITAT JUDGEMENT The captioned appeal filed by the Assessee, pertaining to assessment year 2014-15, is directed against the order passed by the Commissioner of Income Tax (Appeal)-21, Kolkata, which in turn arises out of an assessment order passed by the Assessing Officer u/s 143(3) […]
In these two OAs, the grievance of the applicants is that their applications for selection to the post of Member, Income Tax, Appellate Tribunal are not being treated as valid on account of the fact that their APARs were not received before the stipulated date i.e. 20.08.2018.
