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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...
ITAT deleted farm expense disallowances for Crystal Hatcheries, applying Abhisar Buildwell ruling that no incriminating material means no disallowance in unabated years.
The Government of India has withdrawn the Income-tax Bill, 2025, citing drafting errors and a need for corrections. A new bill will be introduced to replace the Income-tax Act, 1961.
ITAT Bangalore deletes ₹25.8L penalty under Section 271D as AO failed to record satisfaction in assessment order. Procedural lapse proved fatal.
The ITAT Delhi quashed a reassessment where a Section 148 notice was sent to a deceased person, reinforcing that notice must be served on the legal heir.
The Mumbai ITAT upheld TNMM for Firmenich Aromatics, deleting transfer pricing adjustments on exports and royalties, and allowed an 80G deduction on CSR donations.
Understand the impact of Section 194T, which mandates a 10% TDS on payments to partners by firms and LLPs, effective from April 1, 2025. This summary covers its applicability, rates, and challenges.
ITAT Ahmedabad held that reopening alleging income escaped assessment merely on the basis of Client Code Modification without any other corroborative evidence cannot be sustained. Accordingly, re-assessment held invalid.
Kolkata ITAT rules Assessing Officer cannot add income for bogus purchases without rejecting books of account or disputing reported sales, ensuring legal sustainability.
Ahmedabad ITAT rules cooperative society income is 100% tax-exempt if S.80P deduction is allowed, making disallowances irrelevant to final tax liability.
Kerala High Court grants interim relief to South Coast Spices, staying coercive tax recovery until appeals and stay petitions against assessment orders are heard.
