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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...
Madras High Court upholds reassessment against Empee Holdings, affirming factual findings on interest-free loans to group companies and disallowing set-off.
Mumbai ITAT clarifies Section 54F capital gains exemption, ruling that co-ownership does not disqualify an assessee from claiming tax benefits on new residential property.
The ITAT Delhi addressed cross-appeals in Amit Gupta vs. ACIT, ruling on Section 54B deduction based on extended return filing dates and clarifying Section 54F exemption for jointly owned property.
ITAT Jaipur clarifies Section 54F, ruling that booking a flat doesn’t equal ownership for exemption conditions. A key verdict on capital gains tax relief.
ITAT Cochin examines capital gains exemption validity under Section 54F and remands agricultural income assessment for re-evaluation.
KSCAA urges Union Finance Minister to reform Black Money Act (BMA) penalties. Sug-gestions include amnesty, proportional fines, higher thresholds, and a ‘reasonable cause’ test for taxpayers.
Supreme Court outlines mandatory steps for income tax reassessment, requiring AO to provide reasons and dispose of objections before assessment.
Learn to effectively handle faceless income tax scrutiny assessments. This guide covers notice receipt, timely response submission with proper documentation, detailed expense and loan reporting, and responding to show-cause notices for a smooth assessment process.
Understand NRI tax filing in India for FY 2024-25, including residential status, taxable income (NRO interest, rent, capital gains), TDS refunds, DTAA, and filing steps.
Bombay High Court slaps ₹10,000 cost on Zarah Rafique Malik for failing to inform the tax officer about pending DRP objections, setting aside the assessment order for re-consideration.
