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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...
Introduction When I wrote an article on this topic last year, for the very first time, I stated that rebate was not being allowed from 5th June 2024. After that, I received many mails and comments asking what happened to the writs or appeals on it. Later, we taxpayers won that appeal in the High […]
Jayshreeben Jayantibhai Palsana Vs ITO (ITAT Ahmedabad) The case of Jayshreeben Jayantibhai Palsana vs ITO before the Income Tax Appellate Tribunal (ITAT), Ahmedabad, arose from an appeal against the order of the Commissioner of Income Tax (Appeals)-2, Delhi [CIT(A)], dated 15.04.2025. The appeal concerned the assessee’s eligibility to claim rebate under Section 87A of the […]
Explore rules of agricultural income taxation in India. This guide clarifies how agricultural income is defined, what qualifies as tax-exempt, and how it impacts your tax liability.
This article provides a comprehensive guide on how to recognize house property received from a JDA and its treatment under Income Tax and accounting standards.
The government provides data on nationwide Income Tax Department operations, including searches, surveys, and prosecution cases for unaccounted income.
The Ministry of Finance details how AI tools are enhancing tax compliance. The use of AI for e-verification and targeted campaigns has resulted in a significant increase in tax revenue.
The Ministry of Finance outlines key initiatives to assist first-time and low-income taxpayers with ITR filing. Learn about the E-Return Intermediary scheme, taxpayer hubs, and simplified procedures.
The Minister of State for Finance details India’s direct tax collections from FY 2020-21 to 2024-25, highlighting that collections exceeded budget estimates except in the COVID-affected year of 2020-21. The response addresses the government’s stance on tax evasion, a comprehensive list of direct tax reforms since 2014, and the introduction of the new, simplified Income-tax Bill, 2025.
ITAT Mumbai dismisses revenue’s appeal against Adihemshree Financial, a share trader, on losses incurred from alleged penny stocks. The tribunal cited that the losses were a regular business activity.
The Mumbai ITAT ruled that a tax reassessment on alleged bogus capital gains was invalid, citing the lack of specific incriminating evidence found during the search.
