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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 : ITAT Delhi held that revisionary proceedings under 263 of the Income Tax Act justifiable since related-party expenses were accepte...
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 : 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...
Prasad Film Laboratories Pvt. Ltd. Vs ACIT (Telangana High Court) Payments in Normal Business Course Not Deemed Dividend under Section 2(22)(e): Relief for M/s. Prasad Film Laboratories Pvt. Ltd., Telangana High Court Clears Misapplication of Deemed Dividend Provisions in Inter-Company Business Transactions Background: M/s. Prasad Film Laboratories Pvt. Ltd., a closely held company, filed appeals against […]
ITAT Mumbai clarifies derivative income taxability for Mauritius fund. Rules derivatives are distinct from shares, exempting gains from Indian tax under India-Mauritius DTAA Article 13(4).
Learn how to file ITR 1 Sahaj online for FY 2024-25 under India’s New Tax Regime. A simplified stepwise guide covering documents, process, and key changes.
Learn lawful gifting strategies using debt mutual funds, capital assets, and property transfers to reduce income tax liability under Indian tax law.
ITAT Bangalore rules that merely disallowing advances written off and interest claims does not warrant a penalty under Section 271(1)(c), reinforcing that an honest claim, even if rejected, is not an inaccurate particular of income.
ITAT Bangalore held that delay of more than 5 years in filing of an appeal before CIT(A) condoned as reason for delay found to be genuine. Accordingly, order of CIT(A) quashed and matter restored back to CIT(A).
ITAT Allahabad held that in the absence of any comparable cases, the past history of the assessee, which has been accepted in many assessments under section 143(3) of the Act, cannot be overlooked. Accordingly, directed to assess net profit @3.5% instead of 7%/5% of contractual receipts.
ITAT Ahmedabad held that merely because some parties didn’t respond to the notice of AO, entire expenditure cannot be held as non-genuine. Accordingly, deletion of addition by CIT(A) upheld.
Therefore, the amount distributed by it to the Petitioner would not qualify as exempt dividend income under Section 10(34) of the Act. This to our mind would be merely a “change of opinion”.
ITAT Ahmedabad held that exemption u/s. 54F and 54B of the Income Tax Act cannot be denied solely on the ground of non-adherence to strict time limits. Accordingly, the assessee is entitled to claim the deduction in respect of investments made beyond the prescribed time period.
