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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 Indore rules in favor of Manish Kumar Girdhari Lal Lath Vs ACIT, accepting assessee’s explanation due to lack of full information on credit card expenditure reported by third-party agencies, highlighting the importance of providing complete details for fair assessment.
Telangana High Court allowed credit for advance tax and TDS resulting into refund of Rs. 51.66 Crores on upload of migration order which was earlier not able to be uploaded.
ITAT Mumbai held that as the assessee ceases to be an ‘eligible assessee’ under provisions of section 144C of the Income Tax Act, extended time limit for assessment is not available to AO. Accordingly, order of TPO is barred by limitation.
ITAT Delhi held that addition under section 68 of the Income Tax Act unsustainable in as much as identity, creditworthiness of the creditors and genuineness of the transaction duly proved by the assessee.
In present facts of the case, the Hon’ble Tribunal held that expenses made pertaining to Club Membership fees shall be allowed as business expenditure.
ITAT Delhi held that reassessment order u/s 147 of the Income Tax Act against a non-existent entity is bad in law and vitiated & nullity.
The reassessment notice issued under Section 148 of the Income Tax Act, 1961, concerning the information of alleged bogus political donations, has been challenged on the grounds of exceeding the limitation period. The High Court has instructed the Assessing Officer (AO) to refrain from passing the assessment order.
ITAT Delhi held that addition made by the A.O. in the absence of any incriminating material found during the search operation conducted u/s 132 of the Income Tax Act is liable to be deleted.
ITAT Mumbai held that reasonable amount of addition should be made in case of bogus purchase. Accordingly, CIT(A) has justifiably made addition on the reasonable estimate basis @ 5% of the bogus purchase.
ITAT Delhi held that reopening of assessment under section 147 of the Income Tax Act unjustified in absence of failure on the part of the assessee to disclose fully and truly all the material facts.
