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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...
ITAT Bangalore held that dismissal of appeal by CIT(A) for non-payment of an amount equal to the amount of advance tax unjustified as assessee has explained good and sufficient reason for not paying the amount.
Jharkhand High Court held that prosecution under section 276(C)(1) of the Income Tax Act liable to be quashed in absence of any penalty provision against the petitioner.
Understand tax implications of financing a wholly owned subsidiary through loans or equity, covering Sections 36(1)(iii), 57 of IT Act, and 186 of Companies Act.
Angel tax removal promises easier investments for startups. However, concerns over valuation, existing litigations, and tax authorities challenges remain unresolved.
Section 40A(3) restricts cash payments exceeding ₹10,000 in business transactions. Exceptions apply for specific cases like transporters, government payments, etc.
ITAT Delhi held that bona fide error cannot be basis of imposition of penalty and hence imposition of penalty under section 270A of the Income Tax Act rightly deleted by First Appellate Authority.
ITAT Bangalore held that imposition of penalty under section 270A of the Income Tax Act on account of underreporting of income not justified as failing to furnish income tax return was bona fide.
New CBDT instruction outlines updated procedures for internal audit objections, emphasizing accountability, compliance, and efficiency in tax assessments.
Learn about capital gain exemptions under Sections 54, 54F, and 54EC of the Income-tax Act for property sales. Maximize tax benefits on LTCG with proper planning.
Explore five recent High Court decisions on income tax issues, including DTAA, FTS classification, MAT inclusion, reassessment orders, and reliance on external reports in tax assessments.
