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Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...
Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
ITAT Chandigarh held that reopening of assessment under section 148 of the Income Tax Act merely on the basis of ‘reasons to suspect’ rather than on ‘reason to believe’ is invalid in the eye of law. Held that passive reliance on third-party intelligence would render the reopening invalid as it reflected merely a ‘reason to suspect’.
Calcutta High Court held that writ petition is not entertained due to availability of alternative efficacious remedy under the provisions of Income Tax Act against the final assessment order. Accordingly, writ petition dismissed.
Delhi High Court held that license fees paid for use of goodwill is allowable as business expenditure. Accordingly, the same is deductible under section 37 of the Income Tax Act. Thus, appeal of revenue dismissed.
Sections 206AA and 206AB mandate higher TDS rates for recipients who fail to furnish PAN (up to 20%) or do not file an Income Tax Return despite high TDS/TCS (up to twice the normal rate or 5%). Higher of the two sections’ rates applies if both conditions are met.
Know the key provisions of Sections 194Q and 206C(1H) on TDS and TCS for sale or purchase of goods, including thresholds, rates, exemptions, and compliance rules under the Income-tax Act.
Understand TDS on rent under Sections 194-I and 194-IB, including threshold limits, rates, timelines, filing requirements, and PAN-related implications for tenants and landlords.
Know the differences between Sections 80TTA and 80TTB of the Income-tax Act. Learn eligibility, deduction limits of Rs.10,000 and Rs.50,000, applicable income sources, and rules under the new tax regime Section 115BAC.
The ITAT Delhi quashed a rectification order under Section 154, holding that a debatable issue regarding provision for construction expenses is not a “mistake apparent from record.” The ruling reinforces that Section 154 cannot be used to make additions that require a long-drawn process of reasoning or legal interpretation.
The ITAT followed its earlier ruling for the German financial institution, confirming that the management/processing fee was a component of the loan financing and not a fee for technical services. The decision directed the deletion of the entire addition, reinforcing that the taxability of fees must be determined based on their underlying nature and link to the principal loan.
The Tribunal ruled that the cross-charged fee for use of third-party software does not qualify as Royalty as the payment is for a copyrighted article and not the transfer of copyright rights. This decision deletes a significant addition, reaffirming that the make available clause in the DTAA was not satisfied.
