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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...
It was held that assessee to provide concrete evidence establishing the genuineness of the cash deposits in accordance with CBDT Circular wherein the various instructions had been issued by CBDT dated 21.2.2017, 3.3.2017, 15.11.2017 & 9.8.2019.
AO passed TDS order issued for non–deduction of TDS and interest thereon u/s 201(1) and 201(1A) was beyond the four-year limit and the same was barred by limitation under section 201(1) was invalid.
Reassessment notice issued to assessee by AO was quashed due to non-compliance with the statutory requirement of providing a minimum of seven days for the taxpayer to furnish a reply under Section 148A(b).
Assessee had filed Form No.10AB under section 80G(5). Although, assessee-trust was registered on 01.09.2013, it received provisional approval on 16.09.2022 under first proviso to section 80F (5) (iv), valid until AY 2025-26.
Madras High Court held that benefit of section 10B of the Income Tax Act available even before setting off of unabsorbed depreciation and brought-forward losses. Accordingly, matter decided in favour of assessee.
Vide the present appeal, the assessee has challenged only two issues regarding disallowance of Rs. 1,99,291 towards motor car & Rs.29,345 on motor bikes; and adhoc disallowance towards salary, rent, machine charges & bonus.
Delhi High Court held that initiation of reassessment proceedings under section 148 of the Income Tax Act unsustainable as impugned notice issued in the name of dead person.
ITAT Ahmedabad sets aside an order under Section 144 of the Income Tax Act after a notice was sent to the wrong address. Case remanded for fresh adjudication.
ITAT Delhi rules that subscription fees from cloud services are not taxable as royalty under the India-Ireland DTAA.
ITAT Delhi restores the appeal of Afzalgarh Mahavidyalya to the AO for fresh adjudication due to the assessee’s failure to provide relevant information.
