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Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : Learn how international transactions are taxed under India’s Income Tax Act, including DTAAs, transfer pricing, TDS provisions, ...
Income Tax : Discover the latest updates from Union Budget 2025, including revised tax slabs, withdrawal of Section 206AB, higher deductions, a...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Bombay High Court quashes CBDT order denying delay condonation for Bharat Education Society, citing procedural lapses and lack of ...
Income Tax : Bombay HC ruled on Anandkumar Dhanraj Rathod's tax case, addressing natural justice claims and directing him to appeal the assessm...
Income Tax : ITAT Chennai dismisses FLsmidth's appeal, upholding PCIT's order for reassessment due to lack of verification by AO....
Income Tax : ITAT Mumbai upholds addition under Section 68 of ₹4.89 Cr. Vijay Maneklal Bhansali’s appeal dismissed, citing lack of eviden...
Income Tax : ITAT Chennai sends ₹42.72 lakh cash deposit case back to AO for fresh assessment after assessee fails to justify deposits made d...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Income Tax : CBDT authorizes data sharing with the Dept. of Food & Public Distribution to identify beneficiaries under PMGKAY as per Income-tax...
Income Tax : Finance Ministry designates key Income Tax Dept. IT systems as protected under the IT Act. Learn about restricted access and autho...
ITAT Delhi restores BKR Capital Pvt Ltd appeal for rehearing after CIT(A) dismissed it ex-parte, directing the assessee be given a hearing opportunity.
Jammu & Kashmir HC rules excise duty exemption is a capital receipt, not taxable under Income Tax Act, dismissing Revenue’s appeal in PCIT Vs Gravita Metal Inc.
ITAT Ahmedabad dismisses Revenue’s appeal due to low tax effect under CBDT Circular No. 09/2024. The case involved taxability of interest income on project funds.
ITAT Delhi remands appeal to CIT(A) for fresh adjudication due to denial of personal hearing in Kumar Kanti Das Vs ACIT case for AY 2017-18.
ITAT Surat remands case to AO for verification of Rs. 15.71 Lakh liability under Section 41(1) due to lack of evidence of payment and TDS deduction.
Clause (ba) of sub-section (1) of section 12A was applicable for AY.2018-19 onwards and not for AY.2017-18, assessee-temple trust was entitled to tax exemptions under Sections 11 and 12 . Hence, the order of AO was not erroneous and prejudicial to the interests of revenue and therefore, it was not amenable to revision u/s 263.
Understand income tax rules for set-off and carry forward of losses, including inter-source, inter-head adjustments, and conditions for carry forward under the Income Tax Act.
This article explores the binding nature of tribunal orders, exceptions, and the role of larger benches in maintaining judicial consistency in taxation matters.
Assessee is an individual filed his Return of Income for AY 2013-14 at Rs.10,98,540/-. During the year consideration, assessee along with other co-owners sold two immovable properties for a consideration of Rs.1,20,60,000/- and Rs.1,85,40,000/-.
ITAT Kolkata held that the disallowance u/s 14A of the Income Tax Act, read with Rule 8D of the Income Tax Rules should be restricted to the dividend yielding investments. Accordingly, AO directed to re-compute disallowance.
