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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...
Delhi High Court dismisses Revenue’s appeal in Modipon Ltd. case, ruling against strict application of Section 50C when circle rates rise between agreement to sell and sale deed dates. Upholds ITAT decision.
Budget 2025 updates tax slabs under section 115BAC, offering zero tax up to ₹12 lakh income with rebate and marginal relief. Old regime remains unchanged.
The Kerala High Court ruled that cash loans exceeding Rs. 20,000 violate the Income Tax Act and are not legally enforceable under the NI Act, emphasizing digital transactions and penalizing non-compliance.
The CBDT has introduced a new mechanism through Circulars 5/2025 and 8/2025 to waive interest on delayed TDS/TCS payments caused by technical glitches, provided specific conditions and timelines are met.
Learn about the taxation of Systematic Withdrawal Plans (SWP), Income Distribution cum Capital Withdrawal (IDCW), and Growth Funds, plus tax-saving strategies like loss harvesting.
ITAT Ahmedabad ruled remuneration to partners cannot be disallowed solely due to an unnotarized or backdated supplementary partnership deed, upholding partner remuneration claims.
ITAT Ahmedabad dismisses assessee’s jurisdictional objection in N.S. Pandya vs ITO, upholding assessment as no prior address change or return filing was proven.
ITAT Chennai held that salary income for services rendered in China is not taxable in India. Accordingly, benefit of exemption under Article 15(1) of the DTAA between India-China. Thus, order set aside and appeal allowed.
ITAT Ahmedabad held that once the books of accounts stood rejected under section 145(3) of the Income Tax Act and profits estimated, there cannot be addition on account of unexplained cash credit u/s. 68. Accordingly, appeal allowed.
Gujarat High Court held that in view of the retrospective amendment u/s. 112(1)(c)(iii) of the Income Tax Act the assessee is eligible to pay tax at lower rate @10% instead of 20% on sale of unlisted share even in absence of filing the claim by way of revised return.
