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Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
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 : 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 : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...
Income Tax : Karnataka High Court rules on TDS applicability under Section 195 of the Income Tax Act in the case of Abbey Business Services Ind...
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 : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
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...
CIT(A) was not right in levying interest under Section 234A of the Act when the return was filed under Section 148 itself and therefore, the interest should be charged from the date of notice under Section 148 of the Act itself and not from the date of return filed under Section 139 or it is due date under Section 139.
DCIT Vs Shri Sanjay Singhal (ITAT Delhi) The undisputed fact is that the substantive as well as protective additions have been made u/s 69A r.w.s 115BBE of the Act. A bare perusal of the assessment order clearly shows that no money, bullion, jewellery or valuable article was found during search conducted on 07.04.2017 which is […]
Discover tax planning strategies for managerial decisions with insights on Finance Act 2023 changes. Learn simplified versions of tax implications on managerial choices, covering shutdown decisions, asset management, and business expansion or contraction. Explore key tax incentives and considerations for amalgamation, demerger, and more. Stay informed to optimize your organization’s tax position in light of the latest amendments.
ITO Vs Rajesh Kumar Chhanalal Patel (ITAT Ahmedabad) Ahmedabad ITAT upholds CIT(A) order deleting the addition of Rs. 86.75 Cr under Section 69A as Assessee’s unexplained income; Holds that the cash deposited in bank account cannot be treated as unexplained as the Revenue himself in the remand report and on verification accepted that the entire […]
DCIT Vs U.K. Paints (Overseas) Ltd. (Supreme Court of India) As found by the High Court in none of the cases any incriminating material was found during the search either from the Assessee or from third party. In that view of the matter, as such, the assessments under Section 153-C of the Act are rightly […]
Appendix-I Declaration of no PE in India Declaration required u/s 9 of Income Tax Act, and for claiming relief under an agreement referred to in section 90 and 90A i.e. (for claiming the benefit of DTAA – Double Tax Avoidance Treaties) To, _____________________ _____________________ Declaration : No PE in India Sir, The Following letter is […]
ITAT Mumbai held that tally accounts produced before CIT(A) provides only better clarity and understanding of seized documents which are already on record before AO. Hence, submission of the same before CIT(A) doesn’t violate provisions of rule 46A of Income Tax Rules.
Explore the benefits and eligibility criteria for the Section 16 deduction under the Income Tax Act. Understand how salaried employees can claim relief and reduce taxable income.
ITAT Pune held that contribution of undivided title and rights in the land as share of capital in AOP is taxable under section 45(3) of the Income Tax Act.
ITAT Bangalore held that claim of deduction of cost of building is not allowable as there was no mentioning of any value of the building in the schedule of the fixed assets.
