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Income Tax : Increasing use of RERA data by tax authorities makes alignment between project disclosures and income tax reporting essential to a...
Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. D...
Income Tax : The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate au...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an allege...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
We find no merit in Revenue’s case for disregarding the gift of a house property by the assessee to her spouse prior to the transfer date (of the original asset) for the purpose of reckoning eligibility to exemption u/s.54F of the Act.
The facts and which are taken from the director’s report itself would indicate that the Assessee had disclosed what was relevant and necessary for the purpose of making assessment. The Assessee did not hold back any document nor failed to supply any information in addition to the explanation given by it in writing concerning the said management fees expenses. In the circumstances, this is a clear case of change of opinion and based on which, the reassessment is proposed.
The Central Board of Direct Taxes has decided to fast track all applications made by Voluntary Organisations/Trusts seeking approval u/s 11(1)(C) of the Income Tax Act, 1961 for rendering help to the victims of earthquake in Nepal. Approval under this section is required by the charitable institutions for application of their income outside India to promote international welfare.
Calcutta High Court held In the case of CIT vs. Mihir Kanti Hazra that it is well settled that creditworthiness of the alleged creditors and the source of the source are relevant enquiries. In the case of CIT Vs Precision Finance Pvt. Ltd. reported in (1994) 208 ITR 465
Centralized Processing Cell (TDS) has observed that Online Corrections have been submitted by deductors on TRACES website by using Digital Signature Certificate. However, there was no Registered Digital Signature Certificates (DSC) was available in his profile on TRACES website. Immediate Attention: The Centralized Processing Cell (TDS) has provisioned for use of Digital Signature Certificate (DSC) […]
The provisions of section 147 empower the Assessing Officer, to reopen an assessment if he has reason to believe that income has escaped assessment. The important words under section 147 are ‘has reason to believe’ and these words are stronger than the words ‘is satisfied’.
Issue No.1:- Weather year of acquisition and year of installation should be same or different for claiming Additional Depreciation? Issue No.2:- If Acquisition And Installation Done In Year 1 and put to use in year 2, then Additional Depreciation will be allowed in year 1 or in year 2 or it will lapse?
Commissioner of Income Tax (CIT) has the power u/s 263 & 264 of the Income Tax Act, 1961, to consider an order passed by Assessing officer (AO). U/S 264, CIT can consider the order passed by AO, only when an appeal is made by assessee to him within stipulated time frame. However, u/s 263 CIT possesses the power to consider the order passed by AO and prejudicial to revenue, relevant extract of section 263 is as follows:-
Issue- Whether the insertion of sub clause (iv) in Section 80-IB(9) of the Income Tax Act, 1961, by Finance (No.2) Act, 2009 conferring the benefit of the deduction under this Section to undertakings engaged in commercial production of natural gas in blocks licensed under VIIIth round of bidding provided
Assessment proceedings under the Income Tax Act are not a game of hide and seek. The inquiry in the wake of a notice under Section 148 is not an empty formality. It must be effective and with a sense of purpose.
