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Income Tax : Have questions about income tax payment? Read this article to find answers to frequently asked questions about income tax, includi...
Income Tax : Explore common FAQs on income tax assessments, including types, procedures, and time limits for sections 143, 144, and 147....
Income Tax : Learn about tax loss adjustments, including intra-head and inter-head, carry forward rules, and restrictions on set-offs under Ind...
Income Tax : Learn about clubbing of income under Indian tax laws, where income of one person is included in another's taxable income, includin...
Income Tax : Learn what constitutes capital gains, how they are taxed, the types of capital assets, and distinctions between short-term and lon...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Ahmedabad held that matter needs to be remanded back as assessee failed to furnish corroborative documentary evidence to prov...
Income Tax : ITAT Mumbai held that notice issued u/s. 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb is unsu...
Income Tax : Kerala High Court held that condonation application for delay in filing the audit report in Form-10B should have been considered ...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
In the case of N.B. Builders & Promoters (P) Ltd Vs CIT, ITAT Chandigarh held that penalties cannot be imposed for mere lower gross profit based on assumptions and conjectures.
ITAT noted that Interest income was earned on NSC, fixed deposit/certificate of bank as a result of a mandatory business requirement as per the West Bengal Cooperative Societies Act. Therefore, the interest earned from these deposits was indeed a business income, making it eligible for deduction under Section 80P(2)(a)(i).
ITAT Delhi in Manveer Singh Vs ITO case emphasised requirement of obtaining bank statement before issuing a reassessment notice under Section 148 of Income Tax Act on alleged cash deposits based on AIR information even, leading to deletion of income tax addition.
ITAT Mumbai held that rejection of books of accounts of the assessee being a corporate assessee and subjected to statutory audits cannot be done in a light manner. Accordingly, matter remitted back to AO for re-adjudication.
ITAT Panaji held that payment of interest on loan taken for paying compensation to the family members of the assessee pursuant to an arbitral award on family settlement has nothing to do with LTCG on sale of the said capital asset. Accordingly, payment of such interest cannot be claimed as deduction u/s 48.
The Karnataka High Court dismisses an appeal involving Manipal Finance Corporation Limited due to monetary limitations, based on Circular No.17 of 2019 by the Central Board of Direct Taxes.
PCIT Vs Anuj Bansal (Delhi High Court)Approval Under Section 153D Given Without Considering Assessment Records and Seized Material Invalid and Not Curable Under Section 292B of Income Tax Act, 1961
A comprehensive breakdown of the Doosan vs DCIT case, in which the Madras High Court upheld the DCIT’s rejection of a stay order.
In the recent case of Sandhya Agarwal Vs ACIT, ITAT Kolkata orders re-adjudication due to a mismatch between contract receipts in Form 26AS and Income Tax Return.
Explore the intricate details and implications of the ITAT Mumbai ruling in the ITO vs Mayur R. Kamdar case. Delve into the tax implications of alleged bogus purchases and understand how this landmark case has unfolded.
