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Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant S...
Income Tax : CBDT Notification 36/2025 requires sellers to collect TCS on luxury goods like watches, art over ₹10 lakh from April 22, 2025. L...
Income Tax : Your ITR refund for FY 2024-25 may be delayed due to pending tax issues. Learn why and how to handle notices from the Income Tax D...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : ITAT Bangalore rules against disallowance under Section 143(1) citing invalidity of updated return filed under Section 139(8A) by ...
Income Tax : ITAT Bangalore rules in favor of Anugraha Education Trust, clarifies 80G approval does not depend on fee receipts being donations....
Income Tax : The assessee is carrying on business activity of export of software development and distinct services as Proprietor of Versatilete...
Income Tax : Assessee-a government-owned entity, had initially filed its income tax return for the assessment year 2016-17, declaring nil incom...
Income Tax : Madras High Court held that the existence of an alternative remedy precludes the petitioner from approaching this Court through a...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Income Tax : CBDT notifies HUDCO’s 10-Year Zero Coupon Bond worth ₹5,000 Cr under Section 2(48) of Income-tax Act for infrastructure projec...
Revisional powers under Section 263 cannot be exercised when AO has already conducted reasonable inquiries and taken a plausible view: SC
ITAT Cuttack rules against revenue, quashing Dilip Constructions’ assessment citing mechanical approval without proper review. Judicial precedents cited.
ITAT Mumbai allows appeal of Jasmine Bhaskar Shah against PCIT’s Section 263 revision on exemption under 54F and indexation of gifted shares.
Bombay High Court seeks reasons for delay in IT refund to Kalmar India, directs affidavit from PCIT-6 and warns of accountability for interest burden on state.
ITAT Mumbai sends back Hotel Association’s Section 11 deduction case for fresh review, citing lack of proper verification of charitable activities by tax authorities.
High Court held that the addition sustained by the ITAT lacked evidentiary basis and was founded on unwarranted suspicion. The assessee had duly discharged the onus placed upon him to prove the genuineness of the gifts. Accordingly, the Court quashed the addition and allowed the appeal.
Kolkata ITAT permits Minu Gupta’s LTCG exemption claim, citing lack of specific evidence against her despite AO’s reliance on general investigation reports.
ITAT Kolkata rules in favor of Raj Kumar Kabra’s LTCG claim, stressing the need for specific evidence over general suspicion in tax assessments.
ITAT Kolkata permits Pawan Kumar Kabra’s LTCG claim, emphasizing the need for specific evidence over general suspicion in assessment.
ITAT Kolkata deleted an addition related to bogus long-term capital gain, finding the assessee’s share transactions to be genuine and supported by sufficient evidence.
