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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 : ITAT Mumbai held that additions under Section 68 cannot be sustained merely on suspicion regarding penny stock transactions. The T...
Income Tax : The Court held that the assessee failed to produce any written or registered document proving transfer of property to the firm. Co...
Income Tax : ITAT Mumbai upheld the CIT(A)'s directions to verify fund flow, bank statements, and lenders' creditworthiness before making addit...
Income Tax : ITAT Chennai held that estimating income at 8% of turnover was excessive where the assessee's accounts were tax-audited and past p...
Income Tax : The Tribunal restored the matter to the Assessing Officer after finding that transfer pricing adjustments may have been added twic...
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...
Understand key provisions of advance tax under the Income Tax Act — who is liable, due dates, revision of estimates, payment procedure, capital gains treatment, TDS credit, Form 28A requirements, and computation rules.
ITAT found authorities erred by upholding CPC’s denial of exemption solely because assessee filed ITR-7 instead of ITR-5. Ruling emphasizes that denying a just claim over procedural non-compliance causes undue hardship to taxpayer.
Know about Statement of Financial Transaction (SFT) or Reportable Account under Section 285BA — entities liable to file, reportable transactions, due dates, penalties, and compliance procedures.
ITAT allowed taxpayer’s appeal, holding AO erred by applying Section 50C to cash compensation received for extinguishment of a right to receive flats instead of an actual transfer of immovable property. The order directs deletion of confirmed LTCG addition of Rs. 80.32 lakhs.
ITAT Mumbai held that, in terms of section 194A(3)(v) of the Income Tax Act, co-operative society is not liable to deduction TDS on interest paid or credited on deposits to members before 1st June 2015. Accordingly, order set aside and appeal allowed to that extent.
ITAT Delhi deleted a ₹45.69 lakh disallowance made by CPC under Section 43B for unpaid GST/Service Tax. Tribunal held disallowance was invalid because assessee had not claimed taxes as an expenditure in Profit and Loss Account.
Know about TAN under Section 203A of the Income Tax Act—its purpose, applicability, application process, forms, penalties, and key rules for TDS/TCS deductors and collectors in India.
Loss of ₹7.66 Crore was allowable as bad debt deduction under Section 36(1)(vii), recognising the loss as a genuine business loss arising from NSEL’s operational suspension.
Understand the provisions of tax audit under Section 44AB of the Income Tax Act, including its objectives, applicability, prescribed forms, due dates, and penalties for non-compliance by businesses and professionals.
Supreme Court ruled that High Court erred by dismissing Revenue’s appeal based only on old precedent without examining current facts. Judgment emphasizes that new AUDA tests must be applied to specific factual situation of Development Authority.
