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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 Vs. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Limited (Supreme Court) There are concurrent findings recorded by CITA, ITAT and the High Court that the respondent/Assessee cannot be termed as Banks/Cooperative Banks and that being a credit society, they are entitled to exemption under Section 80(P) (2) of the Income Tax Act. Such finding of […]
Section 54F does not require one to one co-relation between capital gain arising out of transfer of long term capital asset and utilisation thereof for purchase /construction of residential house.
CIT(A) in his order while rejecting Books of Account does not specify defect in record. The basis of rejection appears to be best judgment of assessment
Jet Freight Logistics Limited Vs CIT Appeal (NFAC) (ITAT Mumbai) It is evident that assessee is in continuous need for payment of cash at various point of time and hence, assessee had to withdraw cash in order to satisfy its business requirements. Moreover, the assessee has got 9 branches all over India and such cash […]
Learn about E-PAN, a digital version of the Permanent Account Number issued by the Indian Income Tax Department. Get an Instant E-PAN in PDF format within 10 minutes for first-time Indian Resident Individual Taxpayers with a valid Aadhaar number. Understand the eligibility, application process, and important considerations. Stay financially fit with Financial Tree Company, your online return filing and tax consultancy partner.
Explore the provisions of updated return under Section 139(8A) of the Income Tax Act, including eligibility, conditions, and scenarios where it can be filed. Understand the implications for reducing total tax liability, increasing refunds, and carrying forward losses. Get insights into the circumstances in which an updated return cannot be furnished, ensuring compliance with income tax regulations. Explore the provisions of updated return under Section 139(8A) of the Income Tax Act, including eligibility, conditions, and scenarios where it can be filed. Understand the implications for reducing total tax liability, increasing refunds, and carrying forward losses. Get insights into the circumstances in which an updated return cannot be furnished, ensuring compliance with income tax regulations. Explore the provisions of updated return under Section 139(8A) of the Income Tax Act, including eligibility, conditions, and scenarios where it can be filed. Understand the implications for reducing total tax liability, increasing refunds, and carrying forward losses. Get insights into the circumstances in which an updated return cannot be furnished, ensuring compliance with income tax regulations.
ITAT Mumbai held that addition under section 69 of the Income Tax Act on unaccounted, undisclosed income on the basis of the seized loose papers sustained as assessee failed to discharge his onus by contradicting the facts found during search proceedings.
ITAT Mumbai held that disallowance of short term capital loss incurred on sale of shares by mechanically applying the information received from investigation wing is unsustainable in law.
ITAT Delhi held that benefit of exemption under section 54 of the Income Tax Act available even if capital gain is invested in purchasing more than one residential houses within stipulated time limit.
Asuda Holdings Private Limited Vs CIT (ITAT Mumbai) ITAT Mumbai held that there is a clear diversion of funds for non-business purpose as funds are borrowed @18% and lended the same to one of its directors at 13.5%. Accordingly, disallowance under section 36(1)(iii) sustained. Facts- AO observed that assessee has taken loan from M/s. Elevators […]
