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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...
ITAT rules that a company’s share premium received from a publicly listed parent company is not taxable under Section 56(2)(viib) and cannot be taxed as income.
Mumbai ITAT rules that tax additions for bogus purchases are not valid if the goods were returned and the transactions were fully reversed in the company’s books.
ITAT Mumbai deletes 100% bogus purchase addition on diamonds, ruling that only the profit element is taxable as the assessee had already offered presumptive income.
The Chandigarh ITAT has dismissed a trust’s appeal for 80G approval, ruling that its hospital operates commercially and has no verifiable charitable activities.
ITAT Chandigarh deletes a Section 68 addition on share capital, ruling that a listed company is not required to prove a source of source for investment.
Chart-based guide to Income Tax Act 1961 for AY 2025-26, updated with Finance Act 2024 amendments. Covers tax rates, deductions, TDS, ITR changes and more.
The Central Board of Direct Taxes has amended the Income-tax Rules, 1962, via the Income-tax (Twenty-Third Amendment) Rules, 2025. This notification updates Form 10CCF for IFSC Insurance Offices.
Penalty under section 271(1)(c) was not leviable as deceased alone could have explained the source of the deposits, and since he had died before the initiation of penalty proceedings, it was not reasonable to expect the legal heir to establish his innocence.
ITAT Delhi held that addition towards accommodation entry and bogus capital gain exemption upheld since the shares were purchased in off market mode. Accordingly, appeal of revenue allowed.
Delhi High Court held that consideration for the resale/use of computer software through EULAs/distribution agreement is not Royalty for the use of copyright of the computer software and hence doesn’t give rise to any taxable income in India.
