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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...
Addition under section 68 made by AO of the entire share capital and premium received during the year on the basis of negative observation about availability of funds with share applicant was unjustified as the share applicant was the sister concern of assessee, from whom similar share application with premium were received in the earlier year and the balance sheet of the share applicant showed ample source of funds.
The Tax Policy, which feels the pulse of the public and addresses their concerns while raising taxes for the Government is considered as the most progressive one. On the other hand, if it ignores the ground reality, it arouses adverse public sentiments.
The provisions of section 194H of the Income Tax Act, 1961 governs the TDS deductible on commission or brokerage income. The present article briefs the basic provisions of section 194H of the Income Tax Act; explains the meaning of commission / brokerage; provides TDS deduction rate and time of deduction of TDS and also provides the […]
1. Since 1 April, 2018, long-term capital gains (LTCG) made on redemption of equity mutual funds have been subject to 10% tax. 2. The tax is applicable on LTCG made by the investor over and above Rs 1 lakh a year. 3. However, the LTCG made till 31 January, 2018, have been grandfathered, so the […]
The issue under consideration is that whether the assessee having business of land trading can show capital gains from arising out of transfer of land and claim exemption u/s 54F?
Lokesh Chandrappa Vs ITO (Karnataka High Court) It is trite law that the Assessing Officer has a legal obligation to implement the order of the ITAT strictly and such failure would result in the failure of justice. A writ of mandamus would be issued in such circumstances to the respondent – Assessing Officer to carry […]
Employee Stock Option Plan (ESOP) is the option provided to employees to purchase the shares of the company at a future date at a pre-determined price. ESOPs give the employee a right to purchase the share, but not an obligation, to buy a certain amount of shares in the company at a predetermined price for […]
Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payers and to deal firmly with Tax evaders
On this 159th Income Tax Day, I extend my best wishes to each and every member of the Aaykar Parivar and their families. I feel honoured leading such a glorious and professional service, made even more special by the untiring contribution of each and every employee of the Department.
The present article tries to explain the readers the provisions covered under section 194G of the Income Tax Act, 1961 relating to TDS on commission on purchase / distribution / sale and other activities of lottery tickets. Basic provisions governing section 194G Section 194G requires the person, who is paying any income by way of […]
