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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...
The Delhi High Court upheld that exemptions under Sections 54 and 54F are applicable even if a reconstructed property contains multiple independent residential units.
The ITAT ruled that an assessment initiated before an assessee’s death is not void. It remanded the case, directing the AO to re-do the assessment in the legal heir’s name.
ITAT Chennai ruled that gold wastage during ornament manufacturing isn’t considered a payment for making charges, so TDS under Section 194C is not applicable.
ITAT Mumbai ruled that an assessee who temporarily holds cash is not its owner, leading to the deletion of Section 69A additions for unexplained money.
The ITAT ruled that unaccounted receipts from known business debtors can’t be taxed as unexplained money under Section 69A, granting relief to an assessee.
Learn about the ITAT Mumbai’s ruling in the P&G case, which found that reimbursement for ESOP and ISOP plans is a deductible business expense, not a capital or contingent expense.
CBDT exempts specified income of West Bengal Municipal Development Fund Trust from tax for FYs 2021–22 to 2025–26 under Section 10(46) of Income-tax Act.
The Central Board of Direct Taxes has notified income tax exemption for the All India Council for Technical Education (AICTE) on specific income sources.
The Central Government has exempted specific incomes of the Haryana State Pollution Control Board from income tax, effective from the 2024-25 financial year, subject to certain conditions.
The ITAT, Pune, rules that a clerical error in a trust’s registration application is a rectifiable mistake. The tribunal directs the CIT (Exemption) to reconsider the application on its merits, setting a precedent for similar cases.
