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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...
ITAT Pune deletes ₹5.1 Cr income tax addition against Pradeep Runwal, ruling loose papers from a third-party search lacked corroborative evidence.
India’s net direct tax collections fell by 1.34% to ₹562,827 crore by July 10, 2025, despite a 3.17% rise in gross collections, primarily due to a 38.01% increase in refunds.
ITAT Delhi held that apportionment of license fees as 10% towards recorded events and 90% towards live coverage instead of 5% and 95% as claimed by sports broadcasters. Accordingly, appeal partly allowed.
ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit cannot be sustained as cash deposit already included in turnover declared by the assessee in return of income. Accordingly, addition is directed to be deleted.
Understand Section 201(1A) for TDS late payment interest, including rates, calculation periods, principal amount, and implications for deductibility.
ITAT Bangalore held that eligibility u/s. 80P should be assessed in the light of the relevant state cooperative law. Under Karnataka Cooperation Societies Act [KCSA], the presence of nominal and associate members is lawful and does not break the mutuality principle.
The petitioner filed return of income for the Assessment Year 2013-14 on 28.04.2016. A notice dated 30.6.2021 was issued u/s. 148 of the Act under the provisions of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA).
ITAT Ahmedabad allows Khedbrahma Taluka Primary Teachers Co-op. Credit Society Ltd. 80P deduction despite a minor delay in IT return filing, citing technical glitches and statutory interpretation.
The ITAT Delhi has allowed an 80IC deduction for Mantangi Rubber Pvt. Ltd. despite a 46-minute delay in return filing, deeming Section 80AC directory and emphasizing justice.
Mumbai ITAT rules in favor of M.K. Shelters, quashing income additions for multiple years. The tribunal cited insufficient evidence linking the dormant firm to alleged cash transactions and noted critical procedural errors by the Assessing Officer in the reassessment.
