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Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...
Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...
Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...
Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandat...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Delhi rules that Section 50C adjustments cannot be made under Section 143(1) without referring valuation disputes to the DVO,...
Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...
Income Tax : ITAT Cochin remands Thrissur Co-op Society’s demonetization cash deposit case to CIT(A) for a fresh decision on merits after ex-...
Income Tax : Addition based on the District Valuation Officer’s (DVO) report, which exceeded the stamp duty value was upheld as assessee ch...
Income Tax : ITAT Cochin sends penalty case back to AO as CIT(A) failed to address immunity plea for late Form 28 filing....
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Revised e-Filing Helpdesk number for General Queries related to Income Tax, Rectification, Refund, Intimation and other Income Tax Processing Related Queries, e-Filing of Income Tax Return or Forms and other value added services provided through e-Filing Portal, Form 16, Tax Credit (Form 26AS) and other queries related to TDS statement, Form 15CA processing and Queries […]
Explore the ITAT Delhi ruling on the taxation of on-money received on the sale of agricultural land, examining the exemption and tax implications under the Income Tax Act.
Explore the ITAT Pune ruling on the disallowance of car expenses incurred by a private limited company for personal use by directors, citing relevant case law and legal principles.
Unlock the intricacies of Income Tax Section 194A: TDS on interest payments beyond specified thresholds, excluding interest on securities. Learn about the applicability, rates, and compliance under this section. Dive into detailed insights on interest from fixed deposits, bonds, unsecured loans, loans and advances, and payments to Non-Banking Financial Companies (NBFCs). Understand the obligations of the payer, including TDS deduction, deposit, issuing certificates, and reporting in income tax returns. Stay tax-compliant with this comprehensive guide.
Navigate the tax season with our detailed checklist for filing income tax returns, tailored for individuals and companies. Covering personal information, form selection, income details, deductions, TDS, capital gains, bank statements, foreign assets, and more. Consult with tax professionals for personalized guidance.
In this article, let us focus on specific issues involved in Capital Gain tax exemption on the sale of inherited property. An attempt has been made to simplify the relevant provisions & legal decisions with the help of Illustrations.
Unlock the complexities of Income Tax Acts Section 56(2)(viib). Dive into the tax implications for closely-held companies issuing shares above fair market value. Explore applicability, covered transactions, tax incidence, fair valuation methods, and the legislation’s rationale. Stay compliant, understand the rules, and ensure transparent transactions.
Explore the ITAT Ranchi ruling on penalty imposition for non-audit of books, analyzing the distinction between maintenance and audit requirements under Sections 44AA and 44AB of the Income Tax Act.
ITAT Kolkata held that addition of sales reversal entry alleging the same as unexplained expenditure is unjustified and unsustainable in law.
ITAT Mumbai held that penalty u/s 271(1)(c) of the Income Tax Act unsustainable as entire addition is made on estimation basis and at no point of time it is proved that assessee has concealed the particulars of income or has furnished inaccurate particulars of income.
