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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 new tax regime, introduced to simplify taxation with lower rates, comes with a trade-off: fewer deductions. However, for FY 2025-26, there are some significant updates that make it even more appealing for many taxpayers.
Analysis of the New Income Tax Act 2025 highlights omissions: problematic TDS on partner income, retention of harsh assessment clauses, and lack of clarity on grievance and appeal timelines.
Delhi ITAT rules India-Hong Kong DTAA exchange of information clause not retrospective, quashing assessments beyond limitation period in Sanjay Jain Vs DCIT case.
Explore private trusts under the Income Tax Act, 1961, including definite and discretionary types, their taxation, and key exceptions to tax rates.
ITAT Jodhpur dismisses revenue’s appeal, upholding deletion of addition for understatement of sales, citing lack of corroborative evidence for loose papers.
ITAT Delhi dismisses revenue appeal, deleting Rs. 1.35 Cr addition to Bhola Nath Radha Krishan, citing lack of corroborative evidence and denied cross-examination.
ITAT Lucknow dismisses revenue appeal, confirming deletion of Rs. 1.13 Cr addition, citing lack of identity proof and denied cross-examination.
Delhi High Court clarifies that reasonable payments to trustees do not automatically revoke a trust’s tax exemption under Sections 11 and 12, overturning the Revenue’s challenge.
Delhi ITAT sets aside a Section 263 revision after ruling the underlying reassessment order was void from the start. Reassessment initiated during active regular assessment period is invalid.
ITAT Lucknow dismisses revenue appeal, annulling reassessment against Mohd. Ayub Mohd. Yaqub Perfumers, citing lack of nexus and concrete evidence.
