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Income Tax : Explore the differences between Form 16 and Form 16A, their purposes, eligibility, and significance in income tax filing. Understa...
Income Tax : The Supreme Court’s Rajeev Bansal case clarified the validity of reassessment notices for AY 2013-14 to 2018-19 and introduced t...
Income Tax : Learn about the planned overhaul of India’s Income Tax Act 1961, set to simplify and modernize tax laws by 2025, aiming for clar...
Income Tax : Learn how to revise TDS returns online via TRACES, correct errors, and ensure compliance. Get step-by-step guidance and understand...
Income Tax : In the alternate, assessee has also raised a ground that Assessing Officer ought to have allowed the expenditure incurred in culti...
Income Tax : Learn how CRS and FATCA enhance tax transparency, requiring foreign asset disclosure in India. Avoid penalties with complete, accu...
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
Income Tax : CBI files chargesheet against Principal Commissioner of Income Tax and four others in a Rs 10 lakh bribery case. Investigation det...
Income Tax : CBDT sets transfer pricing tolerance range at 1% for wholesale trading and 3% for other transactions for AY 2024-25, providing cla...
Income Tax : KSCAA highlights critical issues on India’s Income Tax Portal, impacting timely filings for returns and TDS with glitches, timeo...
Income Tax : Gauhati High Court held that gravity of charge against CIT(A) has been diluted when the ITAT has remanded the matter to the Assess...
Income Tax : Madras High Court held that delay in filing returns of income and seeking refund thereof is condoned in terms coverage within the ...
Income Tax : The ITAT Mumbai ruled on Prakash Udyog Ltd. vs ITO, addressing errors in income computation, disallowance under section 14A, and o...
Income Tax : ITAT partially allows appeal, ruling that unsupported statements without corroborative evidence are insufficient for additions und...
Income Tax : ITAT Jaipur upheld income additions in Kavita Samtani vs. DCIT due to undisclosed cash investments under Section 69 and questioned...
Income Tax : CBDT grants tax exemption to the Petroleum and Natural Gas Regulatory Board for AY 2024-25 under Section 10(46A) of the Income Tax...
Income Tax : CBDT sets new monetary limits for waiver of interest on delayed tax payments under Section 220(2) of the Income Tax Act, 1961, eff...
Income Tax : CBDT issues Notification No. 5/2024 for mandatory electronic filing of Forms 3CEDA and 3C-O under Income Tax Rules, effective from...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
Income Tax : The CBDT extends the Income Tax Return due date for AY 2024-25 to November 15, 2024, as per Circular No. 13/2024 issued on October...
Explore Chennai Water Board Tax Case with TDS on loss-making payee, interest levy, and proportionality issues under the Income Tax Act.
Whether salary credited to a bank account in India for services rendered there by a non-resident was taxable in India?
This decision is relevant to assessees following RBI guidelines for accounting for interest rates swaps. Companies which are claiming unrealised loss on outstanding interest rate swaps at the year end would find this ruling useful. While this ruling
Calcutta High Court in the case of PILCOM v. CIT , held that if any payment in the nature of guaranteed amount was paid to any non-resident sports association in relation to any match played in India, the provisions of section 194E of the Income-tax Act, 1961 would be applicable with respect to deduction of tax at source. Furthermore, the HC has held that the provisions of section 115BBA of the Act which deals with taxability of non-resident sportsmen or sports associations, are independent from the other provisions of the Act and would override the generality of section 9(1) of the Act which deals with the accrual or assessing of income in India.
The Chennai Tribunal has held that payments towards IPLC / dedicated bandwidth are towards use of ‘equipment’ or ‘process’ and therefore would qualify as royalty under the Act as well as DTAA. It may be noted that the proposition on ‘process’ eleme
Recently, the Delhi High Court (High Court) in the case of CIT v. Whirlpool of India Ltd. (ITA No. 1154 of 2009) (Judgement date: 24 January 2011 Assessment Year 1996-97) held that additional provision for warranty made was not contingent liability
In principle, the CUP method (the traditional transaction method) is preferable to the other methods because all other things being equal, the CUP and traditional transactional methods lead to more reliable results vis-a-vis the results obtained by a
The learned CIT has also given one more reason that it is not comprehensible as to why not the assessee got itself registered as a society,if the motive of the assessee was to do activities of public charity. This reason given by the CIT is found, in
Industry chamber Assocham today asked the government to re-introduce the tax exemption scheme to promote affordable housing in the forthcoming Budget for 2011-12. The chamber also said real estate sector should be accorded infrastructure industry sta
The Income-Tax department has filed an appeal in Bombay High Court against an order of its tribunal allowing Bollywood actor Shah Rukh Khan to seek tax reliefs for using his membership at Otters Club in suburban Bandra and his BMV Range Rover car for
