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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...
Understand Section 79 of the Income Tax Act, 1961, concerning loss set-off in closely held companies. Explore judicial interpretations of “beneficial ownership” and its implications for corporate restructurings.
Learn about Section 60-64 of the Indian Income Tax Act regarding income clubbing, which prevents tax evasion through asset transfers. Discover legal strategies to avoid unexpected tax liabilities.
A comprehensive guide to filing ITR 4 (Sugam) for FY 2024-25, covering applicability, new tax regime’s impact, required documents, and step-by-step online filing instructions.
Learn about the new 12.5% capital gains tax rate on Land/Building (LBB) transfers from July 23, 2024, and the CBDT’s proviso protecting assessees from higher tax.
ITAT Raipur deletes additions for bogus purchases and short yield in P.D. Rice Udyog case, citing lower purchase rates and incorrect yield calculation.
ITAT Raipur directs tax authorities to limit bogus purchase additions to profit margins, citing Bombay HC precedent on genuine sales.
Ahmedabad ITAT rules in Greenfield Reality case to tax only 8% profit on unaccounted on-money, deleting separate additions for expenses and cash credits.
ITAT deletes interest disallowance under Section 36(1)(iii) for lack of nexus and upholds telescoping of expenses to avoid double addition of unaccounted cash.
ITAT Ahmedabad reviews Sankalp Recreation’s tax appeals concerning unaccounted income, expenses, book rejection, and PF/ESIC disallowances following a search operation.
Amritsar ITAT sets aside reassessment against Bhai Industries Pvt. Ltd., citing lack of independent AO application of mind and denial of cross-examination in bogus purchases case.
