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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 Ahmedabad partially allows an appeal by Bhikhabhai Hirabhai Patel, reducing late filing fees after ruling that TDS is not applicable to property transfers under Rs. 50 lakhs per transferee.
ITAT Bangalore recalls an order in the case of Smt. M.K. Rajeshwari, ruling that a Single Member Bench should not have heard the appeal as the assessed income exceeded the Rs. 50 lakh limit.
Understand the rules for interest on late TCS collection under Section 206C of the Income Tax Act, including the 1% monthly rate, calculation period, and non-deductibility of interest.
A summary of the changes to the ITR-3 form for AY 2025-2026, including new rules for capital gains, share buybacks, and crypto reporting. This guide covers how to file and avoid common errors.
ITAT Ahmedabad deletes ₹8 Cr addition u/s 68, holding firm provided sufficient evidence; partner’s non-response to notice u/s 133(6) not held against assessee.
The ITAT Cochin has ruled that an Assessing Officer must refer a property’s fair market value to a DVO. Failure to do so invalidates any capital gains addition.
The ITAT Chennai has quashed a reassessment against Ambattur Constructions, ruling that a mere audit objection without fresh material is not a valid basis for reopening a completed assessment.
ITAT Raipur held that addition made on account of unexplained out of books cash transaction merely on the basis of certain information without cogent evidence or plausible reasoning has not substance to survive in eye of law. Accordingly, addition deleted.
ITAT Mumbai held that adjustments made by Central Processing Centre [CPC] under section 143(1) of the Income Tax Act is deleted since the entire adjustments were on account of technical glitches of the CPC system.
Orissa High Court entertained writ invoking extraordinary jurisdiction under Article 226 and 227 of the Constitution since tax is being assessed twice on the same transaction and double taxation is prohibited. Accordingly, order set aside.
