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Income Tax : Understand penalties for under-reporting and misreporting of income in transfer pricing adjustments, as per the Income Tax Act 196...
Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...
Income Tax : CPC denies concessional tax rate under Section 115BAB, citing incorrect grounds. Learn about legal inconsistencies, remedies, and ...
Income Tax : Section 194T imposes TDS on partner income, leading to procedural issues, misuse of funds, and complications for taxpayers. Calls ...
Income Tax : Learn about common income tax notices for salaried individuals, their implications, and steps to handle them effectively. Avoid le...
Income Tax : Learn how CRS and FATCA enhance tax transparency, requiring foreign asset disclosure in India. Avoid penalties with complete, accu...
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
Income Tax : CBI files chargesheet against Principal Commissioner of Income Tax and four others in a Rs 10 lakh bribery case. Investigation det...
Income Tax : CBDT sets transfer pricing tolerance range at 1% for wholesale trading and 3% for other transactions for AY 2024-25, providing cla...
Income Tax : KSCAA highlights critical issues on India’s Income Tax Portal, impacting timely filings for returns and TDS with glitches, timeo...
Income Tax : Madras High Court held that recovery action against the Directors of the company under the provisions of the Tamil Nadu General Sa...
Income Tax : The petitioner is engaged in the business of construction and development works. The petitioner performed various contracts under ...
Income Tax : ITAT Delhi held that delay of 35 days in filing of an appeal before CIT(A) ought to be condoned since assessee has explained the s...
Income Tax : ITAT Kolkata held that reassessment order quashed since notice issued under section 148 of the Income Tax Act was served after the...
Income Tax : Delhi High Court held that dismissed the petition as adequate efficacious alternative remedy is available by way of filing an appe...
Income Tax : CBDT mandates electronic filing for Forms 42, 43, and 44 under Rule 131 of Income Tax Rules, 1962, effective November 22, 2024. No...
Income Tax : CBDT Circular No. 17/2024 outlines guidelines for condoning delays in filing Forms 10-IC and 10-ID for AYs 2020-21 to 2022-23 unde...
Income Tax : CBDT Circular No. 16/2024 outlines procedures for condoning delays in filing Forms 9A, 10, 10B, and 10BB for AY 2018-19 onwards un...
Income Tax : CBDT grants tax exemption to the Petroleum and Natural Gas Regulatory Board for AY 2024-25 under Section 10(46A) of the Income Tax...
Income Tax : CBDT sets new monetary limits for waiver of interest on delayed tax payments under Section 220(2) of the Income Tax Act, 1961, eff...
TDS on agents commission reduced from 5% to 2% as per the Finance Bill 2024. New rate effective from October 1, 2024, under Section 194H of Income Tax Act.
Learn about tax compliance for NRIs under Income Tax Act 1961, including residency classifications, deductions, and tax treatment on global and Indian income.
Explore the Budget 2024 changes impacting LLPs and partnership firms, including TDS on partner payments and updated remuneration limits.
In the case of Income Tax Officer Ward 1(3)(7), Surat v. Durlabhbhai Kanubhai Rajpara [2020] 114 com 481 (Guj.), Court had set aside the reassessment proceedings on the ground that no valid notice under Section 148 could be issued against a dead person.
ITAT Ahmedabad condoned delay of 725 days in filing of an appeal since assessee is an agriculturist and is not aware of the intricacies of the assessment proceedings as well as appellate proceedings.
Explore the implications of TDS on expense reimbursements post-Section 194R implementation and understand the invoicing criteria.
The article analyzes the treatment of LLCs under the India-USA DTAA, focusing on taxation implications for foreign entities in India.
Analysis of key tax rulings by ITAT Mumbai covering turnover discrepancies, capital loss classification, FTC claims, and compensation during redevelopment.
Understand Section 80C deductions of the Income Tax Act, eligible investments, and the limits for individuals and HUFs. Reduce tax liability with the right investments.
Learn if cash payments over ₹10,000 for electricity bills are allowed under Section 40A(3) of Income Tax Act. Understand exemptions and related case laws.
