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Income Tax : Kedar Jagdish Mankar Vs ACIT (ITAT Pune) Adv. Sachin P. Kumar successfully represented his client in Foreign Tax Credit dispute be...
Income Tax : Union Budget 2025 overlooked critical tax compliance issues, including TDS on partners’ salary, delays in appeals, marginal reli...
Income Tax : The Finance Bill 2025 rationalizes tax loss carry forward rules under M&A by limiting it to 8 years from the original computation ...
Income Tax : Learn how to achieve tax-free rental income of ₹20,00,000 by leveraging deductions under Section 24 of the Income Tax Act, 1961,...
Income Tax : Request tax order implementation with Income Tax e-Filing portal’s new feature. Raise Request for Order Giving Effect online to ...
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 : ITAT Mumbai invalidates reassessment in Ramlal G Suthar vs. ITO due to improper approval under Section 151(ii) of the Income-tax A...
Income Tax : Bombay High Court quashes reassessment notices issued to a non-existent entity post-merger in City Corporation Ltd vs ACIT, citing...
Income Tax : Bombay High Court addresses Hiralal Malu’s plea for the return of seized jewelry, highlighting disputes between the tax departme...
Income Tax : ITAT Mumbai ruled on TVF Fund Ltd’s appeal regarding tax loss set-off under DTAA. Key issues include carry-forward losses, taxab...
Income Tax : Orissa HC examines TDS prosecution in D.N. Homes case, focusing on COVID-19 delays and reasonable cause under Section 278AA of the...
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...
Hi Salaried Taxpayer, Are you confused with Option of Availing New Regime vs Old Regime under Income Tax Act. Please find the Brief Excel Calculator for your decision making. Some of the Deductions available under new regime are given below – Transport allowances in case of a specially-abled person. – Conveyance allowance received to meet […]
Explore the determination of taxability for Non-Resident Individuals (NRIs) in India. Understand the steps involving residential status identification, tax incidence, and the choice between existing and new tax regimes. Learn about TDS, tax liability calculation, and the impact of Double Taxation Avoidance Agreements (DTAA) on NRIs. Get insights into the technical aspects of income taxation for NRIs under the Income Tax Act 1961.
ITAT Mumbai held that there is a direct nexus between interest received on loan given to firm and interest payment on loan taken from the bank and hence netting of the net interest income allowable under section 57 of the Income Tax Act.
Get ready for Income Tax Return filing in FY 2023-24 with the right ITR form. Explore the available forms for individuals, HUFs, companies, and more. Understand due dates and potential penalties for late filing. Stay informed to meet your tax obligations.
ITAT Hyderabad held that interest income received towards loan extended against mortgage of properties cannot partake the character of rental income.
ITAT Delhi held that scope and ambit of section 44BB of the Income tax Act is wide enough to include receipts of assessee from Cairn India and ONGC in connection with activity of prospecting for, or extraction, or production of mineral oils.
Ravindra Dayanand Sankeshwar Vs DCIT (ITAT Bangalore) Assessee, an individual/ proprietor claimed expenses towards interest on unsecured loans. 30% disallowance of interest expenditure for non-deduction of TDS was upheld by CIT(A) holding that Act requires the forms to be submitted before the competent authority during the year under consideration and not at the time scrutiny […]
AO has no right to calculate sales on hypothetical basis ignoring the evidence submitted during the course of assessment proceedings. Once the amount is declared as turn over cannot be called concealed income and be taxed doubly on same amount. The addition U/s 68 is beyond jurisdiction of the ld. AO as the turnover is already reflected in the books of the assessee.
Kishoresinh Hemantsinh Chudasama Pipali Vs DCIT (ITAT Ahmedabad) Undisputedly, before the ld. CIT(A), none-appeared on behalf of the assessee and the appeal was decided ex parte. I have also gone through the Form no. 35 filed before the ld. CIT(A) and find that the assessee has rightly mentioned that email-id mentioned therein was that of […]
Ishwarbhai Madhavlal Patel-HUF Vs ITO (ITAT Ahmedabad) In the present case, the Karta of HUF having expired in the year 2021 itself when this information was first provided and since then revised Form No. 36 in the name of the legal-heirs or representative of the deceased-assessee is not be filed as provided in Rule 26 […]
