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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 : Karnataka High Court flags catch-22 in TDS prosecution of ex-MD post-liquidation; directs Official Liquidator to act on representa...
Income Tax : Karnataka High Court quashes Sec 148A(d), Sec 148 notice and ex-parte assessment due to non-receipt of Sec 148A(b) notice; remands...
Income Tax : Karnataka High Court sets aside Sec 154 rectification, remands Sec 54 exemption claim for fresh review; validity of Sec 154 left o...
Income Tax : The issue was whether a reassessment notice issued by a jurisdictional officer instead of a faceless officer is valid. The Court h...
Income Tax : The Tribunal held that addition under Section 41(1) cannot be made without proof of actual cessation of liability. It found that m...
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...
I am getting ‘invalid XML’ while trying to upload the xml? ♣ Invalid XML error may arise due to the following scenarios, 1. The taxpayer might have generated the XML file by using the older version of ITR utility. 2. The taxpayer might have altered or edited the XML file generated from the ITR utility […]
A. How to download and import prefilled XML to Excel ITR utility? Step 1: Go to Income Tax e-Filing Portal www.incometaxindiaefiling.gov.in Step 2: Login to the e-Filing portal by entering the User ID (PAN), Password and Captcha. Step 3: After Login, Go to ‘My Account’ menu and Click on ‘Download Pre-filled XML’. Step 4: In the ‘Download Pre-filled […]
How to Download and extract Excel utility of ITR Step 1: Go to Income Tax e-Filing Portal www.incometaxindiaefiling.gov.in Step 2: Click on ‘Income Tax Return Preparation Software’ link under the ‘Downloads’ section. Step 3: Click on the appropriate ITR’s Excel utility hyperlink. The ITR excel utility zip file will be downloaded successfully. Step 4: Open […]
Since the director was not a shareholder when bonus was paid to him and also the bonus was not paid out of the earlier years’ accumulated profits, therefore, deduction of bonus paid to director was allowable under 36(1)(ii).
Right to Information (Amendment) Act, 2019 received the assent of the President on the 1st August, 2019 and amends Section 13,16, 27.
Where notice under section 143(2) was not issued within the time limit prescribed in proviso to section 143(2), the assessment framed under section 143(3) pursuant to such notice was invalid and accordingly, the same was liable to be quashed.
Smt. Sapna Chauhan Vs ITO (ITAT Agra) It is settled position in law that the question of Jurisdiction is not a matter of acquiescence. The proprietary of Notice under section 148, based upon ‘reasons recorded’ is not dependent upon the objection or no objection by the assessee at the stage of assessment. If the Reasons […]
THE FINANCE (NO. 2) ACT, 2019 – NO. 23 OF 2019 received the assent of the President on the 1st August, 2019, and is hereby published for general information:—
ACIT Vs Rohini Hotel (Madras) Pvt. Ltd. (ITAT Chennai) A perusal of the Page Nos. 6-13 of the Paper Book filed by the assessee shows that the assessee has filed certain reconciliation statements in respect of the shortfall of investments u/s. 68 added by the AO. The same are scanned and made a part of […]
Where the documentary evidences furnished by assessee clearly supported the claim of exemption under section 10(38) on account of sale of securities that assessee entered into genuine transaction of sale of shares through recognized exchange upon which STT had also been paid and there was no other evidence available on record against assessee so as to make the impugned addition under section 68, accordingly, addition was to be deleted.
