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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...
Himachal Pradesh High Court stays reassessment proceedings against Prakash Chand Jadaik, awaiting the Supreme Court’s verdict on similar Section 148 challenges.
Delhi ITAT rules bank passbooks are not books of account for Section 68 additions, quashing unexplained cash credit claims without assessee’s formal books.
Proposed Income Tax Bill 2025 aims to simplify tax rules by restoring 80M deduction, allowing NIL TDS certificates, and eliminating late-filing refund bar.
ITAT Delhi allows real estate developer Sourya Towers to claim ₹64.72 Cr loss on an abandoned Amritsar project as a revenue deduction, overturning a disallowance.
ITAT Delhi deletes Rs. 14 lakh tax addition for Aquakiosk India, citing invalid reassessment notice and proven investment source from mutual fund switch-outs.
The ITAT Delhi ruled on ACIT vs. B.K. Sales Corporation, emphasizing that Assessing Officers must adhere to limited scrutiny parameters, disallowing additions outside the scope.
ITAT Delhi grants Asha Gupta final chance to prove Rs. 40 lakh unsecured loan genuineness, remanding case to AO for fresh adjudication.
ITAT Ahmedabad held that appellate authority has jurisdiction to entertain new claim. Accordingly, additional claim for deduction on account of ESOP is allowed. Accordingly, appeal allowed to that extent.
New circular from Maharashtra Charity Commissioner allows public trusts to invest up to 50% of funds in diverse securities without individual approval.
ITAT Rajkot held that transactions of sale and purchases cannot be treated as cash credit/bogus under section 68 of the Act, if they are circular in nature. Also held that profit margin of 12.50% can never be possible in case of circular trading activities.
