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Income Tax : Scrutiny assessment which is mainly governed by Section 143 of IT Act is in-depth process used by tax officers to ensure accuracy ...
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 : 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...
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
Pyramid Infrastructure Pvt. Ltd. Vs DCIT (ITAT Hyderabad) – The issues taken up by the CIT for revision of assessment under section 263 of the Act, namely, work-in-progress & closing stock, opening stock, and dis-allowance of expenditure on account of various heads, have already been considered by the assessing officer in the assessment proceedings under section 143(3) of the Act.
The Tribunal held that income earned by the taxpayer on sale of factory building, plant and machinery although not taxable as “Profit and gains of business or profession” was in the nature of income of business though assessed as capital gains and h
he Explanation to s.73 creates a fiction that the loss suffered by certain companies from the business of purchase & sale of shares shall be deemed to be speculation loss. The Explanation is not inconsistent with the object of introduction. The CBDT
The Assessee had a unit at Bhopal which was not functioning since the assessment year 1997-98. For the assessment year 1998-99, the assessee claimed depreciation in respect of closed unit at Bhopal on the ground that depreciation would be allowable s
As on 11/2/2011 it has processed over 34.1 lakh e-filed returns of AY 2010-11 in all categories of ITRs including Corporate Returns and generated refunds in over 8.6 lakh cases. The Income Tax Department has now extended the last date for sending ITR
The insurance industry wants the government to create a separate tax exemption limit of Rs 50,000 for life insurance premium in the forthcoming Budget to encourage more individuals to buy such policies.
Software vendorwise percentage of correction TDS/TCS statements accepted and rejected at TIN central system for the period October 1, 2009 to December 31, 2010
The Centralized Processing Center of the Income Tax Department at Bangalore, which was established to mass-process Income Tax Returns has bagged the Gold Award in the category “Excellence in Government Process Re-engineering” at the 14th National e-G
Finance Minister Pranab Mukherjee will soon give the green signal to the payment of 9.5 per cent interest rate on provident fund deposits during 2010-11, a senior government official said on Tuesday. “We can get ratification on 9.5 per cent for th
