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Income Tax : Understand the rules for disclosing foreign assets and income by resident Indians. Learn eligibility, required ITR schedules, due ...
Income Tax : Learn steps for calculating and paying advance tax for corporates, due dates for instalments and penalties for delayed payments u...
Income Tax : Bombay HC grants interim relief allowing taxpayers to claim Section 87A rebate for AY 2024-25. Revised ITR deadline extended to 15...
Income Tax : Learn about capital gain exemptions for investing in multiple residential units under Section 54F, with case law insights on eligi...
Income Tax : Learn the step-by-step procedure for NGO Darpan registration, required documents, and how to obtain a unique ID for your NGO or ch...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Income Tax : The Government's report on income tax return filings, including the percentage of filers, income categories, zero income declarati...
Income Tax : Analysis of a 25% rise in income tax returns filed over five years, with key government initiatives like pre-filled forms, updated...
Income Tax : The PIL challenges the TDS system's constitutionality, citing undue burdens, forced labor, and Article 14, 19, and 21 violations, ...
Income Tax : Exploring the need for relaxation in Vivad Se Vishwas II Scheme, 2024, addressing issues of pending appeals filed after July 23, 2...
Income Tax : ITAT Kolkata held that the disallowance u/s 14A of the Income Tax Act, read with Rule 8D of the Income Tax Rules should be restric...
Income Tax : In the case abovementioned ITAT Ahmedabad remanded the matter to CIT (A) after considering that assessee could not file evidence b...
Income Tax : Return for AY 2002-03 was filed on 30.10.2002 and an intimation under Section 143(1) was issued on 19.12.2003. A Revised return wa...
Income Tax : ITAT Ahmedabad held that section 275(1A) of the Income Tax Act empowers AO to pass penalty order by enhancing or reducing penalty ...
Income Tax : ITAT Ahmedabad held that the income of beneficiaries of trust cannot be treated as income in the hands of the trust. Accordingly, ...
Income Tax : The CAG's 2024 report on direct taxes highlights tax issues, recovery, and errors in corporate and income tax assessments, with co...
Income Tax : The Central Silk Board gains tax exemption for specified income from grants, royalties, fees, and interest, effective for 2024-202...
Income Tax : Govt. issues notification exempting TDS on payments to Credit Guarantee Fund Trust for Micro and Small Enterprises under Income-ta...
Income Tax : Circular No. 19/2024 offers clarifications on the eligibility and settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024....
Income Tax : CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Officia...
An assessment under section 23(3) of the Act cannot be made only on bare suspcion. An assessment so made without disclosing to the assessee the information supplied by the departmental representative and without giving any opportunity to the assessee to rebut the information so supplied and declining to take into consideration all materials which the assesses wanted to produce in support of his case constitutes a violation of the fundamental rules of justice and calls for the powers under Art. 136 of the Constitution.
CIT v. S Sen & Others (Orissa High Court) 17 ITR 355 (Orissa) The proceeding arises out of two application consolidated because of the facts being identical, by the Commissioner of Income-tax/Excess profits Tax, Bihar and Orissa, under Section 66(1) of the Income-tax Act read with Section 21 of the Excess profits tax Act for the stating a case and a case stated for the opinion of this Court on the following three question of law :-
