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Income Tax : Understand penalties for under-reporting and misreporting of income in transfer pricing adjustments, as per the Income Tax Act 196...
Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...
Income Tax : CPC denies concessional tax rate under Section 115BAB, citing incorrect grounds. Learn about legal inconsistencies, remedies, and ...
Income Tax : Section 194T imposes TDS on partner income, leading to procedural issues, misuse of funds, and complications for taxpayers. Calls ...
Income Tax : Learn about common income tax notices for salaried individuals, their implications, and steps to handle them effectively. Avoid le...
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 : Madras High Court held that recovery action against the Directors of the company under the provisions of the Tamil Nadu General Sa...
Income Tax : The petitioner is engaged in the business of construction and development works. The petitioner performed various contracts under ...
Income Tax : ITAT Delhi held that delay of 35 days in filing of an appeal before CIT(A) ought to be condoned since assessee has explained the s...
Income Tax : ITAT Kolkata held that reassessment order quashed since notice issued under section 148 of the Income Tax Act was served after the...
Income Tax : Delhi High Court held that dismissed the petition as adequate efficacious alternative remedy is available by way of filing an appe...
Income Tax : CBDT mandates electronic filing for Forms 42, 43, and 44 under Rule 131 of Income Tax Rules, 1962, effective November 22, 2024. No...
Income Tax : CBDT Circular No. 17/2024 outlines guidelines for condoning delays in filing Forms 10-IC and 10-ID for AYs 2020-21 to 2022-23 unde...
Income Tax : CBDT Circular No. 16/2024 outlines procedures for condoning delays in filing Forms 9A, 10, 10B, and 10BB for AY 2018-19 onwards un...
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...
PCIT’s revisionary order under Section 263 was unjustified if PCIT failed to demonstrate how the original assessment was erroneous and prejudicial to the interest of revenue
Rajasthan High Court dismisses PCIT appeal under Section 263, citing tax demand below Rs. 2 crore in case of Pratap Technocrats Pvt Ltd for AY 2018-19.
The Karnataka High Court ruled that the BCI Chairman lacks authority to issue gag orders restricting advocates’ speech, quashing a 2024 gag order in a significant judgment.
The difference in the fair market value and the issue price of compulsory convertible preference shares was only 0.65%, therefore as per Rule 11UA issue price was deemed to be fair market value and hence no scope for addition required to be made u/s. 56(2)(viib).
Volvo Group India Pvt Ltd. Vs Union of India (Bombay High Court) Conclusion: The order of the original authority becomes merged with the order of the Revisionary Authority. Since the Revisionary Authority was located within the territorial jurisdiction of the Principal Seat of this Court, assessee had the option to file the petitions here or […]
NFRA imposes penalties on Venkatesh & Co. and debarment of partners for negligence during the audit of Coffee Day Enterprises Ltd, exposing Rs 3,535 crore fund diversion.
ITAT Bangalore held that addition u/s. 69A unjustified as cash deposited in bank account is from business income and the same is already considered under the Profits & gains of business or profession.
ITAT Delhi held that issue relating to allowance of depreciation on non-compete fee is debatable and it is well settled law that rectification provision u/s. 154 of the Income Tax Act cannot be invoked if the issue is debatable.
Section 80E of the Income Tax Act provides deduction towards interest paid on loan taken for higher education. The current article covers deduction under section 80E of the Income Tax Act; eligibility for claiming deduction under section 80E; amount and period of deduction u/s. 80E; source of loan availment for claiming deduction u/s. 80E and […]
Himachal Pradesh High Court held that attachment of account like Cash Credit or Overdraft by exercising powers conferred under section 226(3) of the Income Tax Act untenable as bank doesn’t become a debtor.
