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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...
ITAT Hyderabad held that waiver of the principal amount, which was taken for trading purpose, which is credited to the profit & loss account results in income in the hands of assessee and accordingly taxable.
ITAT Delhi held that denial of pre-operative expenses like brokerage and commission expenses, business promotion expenses, vehicle running expenses, etc. intricate to the nature of business activity is unsustainable.
ITAT Pune held that omission of claiming long term capital loss at the time of filing of original return was not bona fide. Accordingly, rejection of claim of the same in revised return unsustainable in the eyes of law.
ITAT Delhi held that directions issued by a superior appellate authorities are binding on the Assessing Officers and Assessing Officer is required to strictly follow the directions of the appellate authorities and decide the issue as per the directions of the appellate authorities.
In present facts of the case, the Hon’ble Tribunal remanded the matter to AO to reconsider disallowance made under Section 40(a)(i) pertaining to whether the assessee has made TDS under section 192 with respect the salary paid to the seconded employees in its entirety.
In the realm of taxation, legal absurdities occasionally surface, leaving individuals puzzled by the intricacies of the law. One such perplexing scenario arises when income tax notices are issued to deceased individuals. Common sense suggests that the deceased should be exempt from such obligations, but the legal implications surrounding this issue can be surprisingly complex.
ITAT Chennai held that penalty u/s 271D and 271E of the Income Tax Act duly leviable as reasonable cause for accepting loans and advances in cash in contravention of provisions of Sec.269SS & 269TT not explained.
Bombay High Court held that reopening of assessment under section 147 of the Income Tact Act unsustainable as there is no reason to believe that income has escaped assessment nor there is any tangible material.
ITAT Ahmedabad held that addition as unexplained credits to capital account unsustainable as gift from assessees aunt shown as credits to capital account.
Bombay High Court held that certificates issued by the Singapore Tax Authorities certifying that capital gain income would be brought to tax in Singapore is sufficient evidence for accepting the legal position.
