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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...
The ITAT Ahmedabad bench ruled that loans from current accounts for business purposes cannot be classified as deemed dividends under Section 2(22)(e) of the Income Tax Act. Learn why this decision matters for inter-company financial transactions.
A summary of the ITAT Delhi ruling on cross-appeals involving International Tractor Ltd. covering key tax issues on depreciation, R&D, and other business deductions.
The Tax Bar Association of Bhilwara requests an extension for the FY 2024-25 income tax return and audit report deadlines, citing delays in utility releases, technical issues on the tax portal, new compliance requirements, and the upcoming festive season.
The FKCCI has formally requested an extension for filing income-tax returns for the AY 2025-26 due to technical issues on the tax-filing portal.
Income tax penalty proceedings initiated against the company under Section271(1)(c) was quashed as no sufficient time was given for reply and a personal hearing rendered the proceedings procedurally unfair and legally unsustainable.
A representation from the Bombay Chartered Accountants’ Society to the CBDT highlights the need for further extensions for income tax returns and audit reports, citing delayed utility releases, portal issues, and other compliance overlaps for the financial year 2024-25.
The ITAT Kolkata has dismissed the Bhaba vs CIT appeal concerning Section 12A registration. The appeal was ruled infructuous after the CIT granted the registration.
The ITAT ruled that an employee cannot be taxed on cash deposits that are found to be the employer’s funds, remanding the case for verification of the end-use of the money.
Invoice under GST Under GST regime, an invoice or tax invoice means the tax invoice referred to in section 31 of CGST Act, 2017.
New tax rules increase salary thresholds for perquisite exemptions. Rules 3C and 3D change limits for tax-free perquisites and overseas medical expenses.
