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Income Tax : The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and t...
Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by em...
Income Tax : ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax pay...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Tribunal held that the assessee was entitled to additional interest under Section 244A(1A) because the Assessing Officer faile...
Income Tax : The Tribunal held that once Second Line Support services were examined and covered under an Advance Pricing Agreement, disallowanc...
Income Tax : ITAT remanded the case as NFAC passed an ex parte order despite notice issues and held that a combined reassessment and ITAT effec...
Income Tax : ITAT Delhi held that interest expenditure cannot be disallowed without establishing a nexus between borrowed funds and non-busines...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Net direct tax collections grew by 7% year-on-year, driven by higher corporate and non-corporate tax inflows and a reduction in refunds.
The Tribunal held that income is taxable in the year it accrues, not in the year TDS is deducted by the payer, rejecting addition based solely on Form 26AS.
The Tribunal ruled that only the part of a property actually rented can be assessed for ALV, excluding self-occupied areas under Section 23(2).
Delhi High Court held that tax authorities cannot replace projected business valuations with actual results when assessing transfer pricing, emphasizing commercial prudence principle in asset transfers.
ITAT Delhi held that penalty under Section 272A(2)(g) cannot be imposed when TDS delay is due to technical reasons and the assessee has already paid compounding charges and interest.
The tribunal dismissed both assessee and Revenue appeals, confirming that income from accommodation entries can be estimated at 5% of credit entries in the bank. The ruling clarifies that when commissions are claimed on transactions without actual goods delivery, a reasonable percentage can be applied to determine taxable income.
ITAT Delhi upheld that non-deduction of TDS on External Development Charges (EDC) paid to HUDA constitutes default under sections 201(1)/201(1A). Following High Court precedent in Puri Construction, the ruling clarifies that such payments attract TDS under section 194C even without a formal contract.
Dubai remains income-tax-free, but new corporate, VAT, and excise taxes make it no longer fully tax-free. Learn what expats and businesses need to know in 2025.
ITAT Jaipur held that addition towards unsecured loan cannot be sustained since identity of lenders, creditworthiness of parties and genuineness of loan transaction duly proved. Accordingly, CIT(A) order upheld and appeal of revenue dismissed.
ITAT Delhi dismissed the appeal challenging PCIT’s exercise of jurisdiction under Section 263, holding that the Commissioner can revise orders even when the matter is pending before CIT(A). Key takeaway: jurisdiction under Sec. 263 extends to unresolved appeals.
