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Income Tax : The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, righ...
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 : 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 Tribunal held that failure to issue a jurisdictional transfer order under Section 127 invalidates the assessment. It ruled tha...
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 : 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...
It was pertinent to note that assessee was an agriculturist and semiliterate person, not well versed with the income tax proceedings, therefore, it was the duty of AO to apprise him the correct position instead of putting an extra tax liability because of his ignorance.
ITAT Jaipur held that merely the claim of the assessee was not entertained it cannot be a reason automatically to levy the penalty for misreporting or under reporting of the income. Accordingly, levy of penalty under section 270A of the Income Tax Act set aside.
ITAT Mumbai rules that a lack of response to notices cannot justify a disallowance under Section 40A(2)(b). The AO must prove payments are excessive.
ITAT Bangalore rules that CIT(A) cannot dismiss an appeal for non-prosecution, setting aside an order in the case of Yasmeen Shaikh vs. ITO and remanding the matter for fresh adjudication.
ITAT Delhi deletes credit card addition and remands the mutual fund investment issue for fresh verification in the case of Promilla Mathur vs. CIT.
An overview o the Lower Deduction Certificate (LDC) under Section 197. Learn who can apply, the benefits for cash flow, and the online application process via TRACES.
ITAT Ahmedabad dismisses Revenue appeals in ACIT vs Ashokbhai Kheni, ruling that jurisdiction lies with ITAT Surat as per the Supreme Court’s guidance.
Jaipur ITAT rules that a clerical error in a tax return cannot be grounds for collecting tax on non-existent income, directing the department to rectify the mistake.
Mumbai ITAT partly allows a CA’s appeal, disallowing 50% of his gold coin gift expenses, stating that lack of business nexus and recipient details is a valid reason.
ITAT Mumbai rules that demonetization cash deposits should be treated as business turnover and not as unexplained income, deleting a separate addition.
