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Income Tax : Explore how rental income is taxed under Income from House Property. Learn about deductions, NAV calculation, and rules for pre- a...
Income Tax : Finance Act, 2023, has inserted section 43B(h) to facilitate timely payments to MSMEs by withholding deduction on account of delay...
Income Tax : Learn about the Income Tax Appellate Tribunal (ITAT), its role, procedures, and recent updates for taxpayers in India navigating t...
Income Tax : Chapter X of the Income Tax Act applies solely to transactions with Associated Enterprises (AEs), excluding non-AE transactions fr...
Income Tax : Impact of the New Income Tax Regime on Salaried Employees: Analyzing How the Revised Tax Slabs and Exemptions Affect Salaried Indi...
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 : CBDT simplifies compounding procedures under the Income-tax Act, 1961 by reducing charges, removing limits, and easing filing requ...
Income Tax : CBDT simplifies TDS for salaried employees and enables parents to claim TCS credit for minors through recent amendments in Income-...
Income Tax : Upon further examination of the assessee's bank statements, the Assessing Officer observed that significant funds were being trans...
Income Tax : The assessee is an individual and engaged in the business of retail milk selling. For the relevant AY 2012-13, the assessee did no...
Income Tax : ITAT Delhi held that assessment order under section 153A of the Income Tax Act quashed as assessment has been framed not based on ...
Income Tax : ITAT Ahmedabad held that addition u/s. 2(22)(e) of the Income Tax Act is liable to be set aside since advance was received was mer...
Income Tax : Delhi High Court rejects Revenue's plea for condonation of 880-day delay in re-filing an income tax appeal against Anil Bhalla....
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...
Income Tax : CBDT issues Notification No. 5/2024 for mandatory electronic filing of Forms 3CEDA and 3C-O under Income Tax Rules, effective from...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
Income Tax : The CBDT extends the Income Tax Return due date for AY 2024-25 to November 15, 2024, as per Circular No. 13/2024 issued on October...
Income Tax : CBDT exempts income of West Bengal Pollution Control Board under Section 10(46) of the Income-tax Act, 1961, subject to non-commer...
MP High Court rules that a well-qualified wife should not remain idle or depend entirely on maintenance, emphasizing financial independence for women.
Learn why Income Tax refunds are failing due to unlinked PAN with bank accounts, the implications, and how taxpayers can resolve this issue.
Supreme Court denies retrospective application of amended Section 80DD in Ravi Agrawal vs Union of India, upholding the policy original objective for disabled beneficiaries.
Delhi High Court held that passing of a draft assessment order as mandated under section 144C of the Income Tax Act is mandatory prior to passing of final assessment order. Accordingly, order liable to be set aside.
ITAT Ahmedabad held that restriction of addition to Rs. 1.45 crore from Rs. 9 crore towards unexplained cash credit on account of share application money by CIT(A) justified as the same was based on evidences.
Karnataka High Court held that passing of order under section 201(1) and 201(1A) of the Income Tax Act beyond period of four year is barred by limitation. Accordingly, impugned order set aside.
Discover the evolution of income tax in India, from ancient texts like Manusmriti to modern reforms, including changes in tax slabs and the introduction of new regimes.
Penalty under section 271(1)(c) was not leviable as AO had not demonstrated any falsehood in the particulars provided by assessee. Mere making a claim that was not legally sustainable did not constitute furnishing inaccurate particulars of income by assessee.
Madras High Court directed Commissioner of Income Tax to dispose of the appeal within a period of 4 months and stay granted by the Court is directed to be extended till the disposal of appeal filed by the petitioner.
ITAT Ahmedabad held that it is mandatory for the AO to refer the valuation to the DVO if the assessee objects to the adoption of the stamp duty value and claims that the value adopted exceeds the fair market value.
