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Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Indian crypto investors who thought they could dodge taxes by trading on foreign platforms like Binance are in for a rude awakenin...
Income Tax : Erroneous application of Section 87A rebate has led to tax demand notices for eligible taxpayers, while others receive undue benef...
Income Tax : Explore the major amendments in Finance Act, 2025 compared to 2024, covering Income-tax Act changes, compliance updates, tax refor...
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 : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Delhi rules reassessment invalid as AO initiated it while rectification proceedings were pending. Cites Supreme Court ruling ...
Income Tax : Bombay HC dismisses Revenue appeal vs Vodafone Essar (AY 08-09). Upholds ITAT view: Call centre payments fall under TDS Sec 194C (...
Income Tax : ITAT Mumbai ruled that a show-cause notice must be issued before rejecting an 80G application. The case involved a trust's inadver...
Income Tax : ITAT Pune addressed appeal delay in Altekar vs. ITO, focusing on unexplained fixed deposits and CIT(A)'s limitation dismissal....
Income Tax : ITAT Ahmedabad addressed unexplained cash deposits during demonetization in Jaisinghani vs. ITO, focusing on Sec. 69A and 115BBE....
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
In a recent ruling in the case of ACIT v. Fiat India Pvt. Ltd. [2010-TII-30-ITAT–MUM-TP], the Mumbai Bench of the Income-tax Appellate Tribunal, while deciding the case in favour of the assessee, accepted various adjustments made while determining arm’s length price, as they had been sufficiently explained and evidenced by the assessee. The Tribunal also ruled that for an asset intensive industry, the appropriate Profit Level Indicator (“PLI”) shall be Profit Before Interest and Tax and not Profit before Depreciation Interest and Tax
The Mumbai Bench of the Income Tax Appellate Tribunal (‘the Tribunal’), in the case of ITO v. Zydus Altana Healthcare Pvt. Ltd. [2010-TI I-29-ITAT–MUM-TP], while deciding the case in favour of the assessee, ruled that the determination of arm’s length price should be based on the functional and asset profile of a company and profit margins earned by comparable companies should be adjusted for functional differences between the tested party and the comparables. The Tribunal also ruled that in case an assessee’s income is exempt from tax (and taxable in the overseas jurisdiction), this factor should be considered by the revenue authorities while undertaking a tax assessment since in such a situation, there is no benefit to the assessee in charging its associated enterprise a lower mark-up.
The Supreme Court on Monday directed Vodafone to deposit Rs 2500 crore ($550 million) within three weeks in relation to the $2.5 billion tax dispute, a Vodafone spokesman said. The Supreme Court has also fixed Feb 05 as final date of hearing. Vodafon
The Dutch government has approached India on behalf of Vodafone’s Netherlands unit to settle a three-year-old tax dispute involving a Rs 11,000 crore claim, an Indian newspaper reported on Monday. The Netherlands has asked India to consider an alternate dispute resolution that will run parallel to the ongoing court process, the paper said, quoting unnamed tax and government officials.
The high court of Bombay at Goa recently held that an amount of 3.5 crore received by some shareholders of Colfax Laboratories India Limited (CLIL) to give up marketing right of the ‘Old Spice’ range of products to Procter and Gamble (India) Limited
The income tax (I-T) department is hot on the trail of investments worth Rs7,316 crore made by 26 foreign entities in Gurgaon-based real estate company Ireo Group amid rising suspicion of round tripping by some of these investors.
In a recent ruling in the case of Nimbus Communications Ltd v. ACIT [2010–TI1-21-ITAT-MUM-T9, the Mumbai Bench of the Income Tax Appellate Tribunal (“the Tribunal”), while deciding the case in favour of the assessee, ruled that for determination the of arms’ length price (“ALP”), any one of the methods as prescribed in section 92C(1) of the Income Tax Act, 1961 (“the Act”) must be followed. The Tribunal also ruled that levying interest on outstanding trade balances is different from interest charged on loans and cannot be compared.
ADIT (Int. Tax) v. Bank International Indonesia – ITAT held that provision made for doubtful debts will be required to be added back to the net profit as per the profit and loss account while computing the Book Profit for the purpose of determination of Minimum Alternate Tax , subsequent to the amendment to Explanation 1 to section 115JB of the Income-tax Act, 1961 , with retrospective effect from 1 April, 2001.
The Tribunal ruling has reiterated the principle of ‘bona fide difference of opinion’ arising in the context of application of most appropriate transfer pricing method. The Tribunal has ruled that any addition to income arising as a result of bona fide difference of opinion cannot be used as a basis for levy of penalty.
The Delhi Bench of Income Tax Appellate Tribunal (“the Tribunal”) in its recent ruling in the case of ACIT v. Vedaris Technologies (Pvt.) Ltd [2010-TII-10-ITAT-DEL-TP] has held that selection of comparable uncontrolled transactions (“comparables”) for determining arm’s length price (“ALP”) should be done with reference to Rule 10C(2) of the Income-tax Rules, 1962 (“the Rules”).
