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Income Tax : Analyzing if increased TDS thresholds and reduced rates enhance taxpayer liquidity or just shift tax payments to advance tax. Read...
Income Tax : Overview of Income Tax Sections 69A, 69B, on unexplained income, investments, and expenditures. Key cases and interpretations incl...
Income Tax : Recent changes in India's income tax structure, particularly the introduction of rebates, have led to some confusion among taxpaye...
Income Tax : India abolishes Angel Tax from FY 2025-26, boosting startup funding and foreign investment. Learn its impact on valuations, FDI, a...
Income Tax : जानिए आयकर अधिनियम में सैलरी और लीगल पर्सन की आय प...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Aadhunik Infrastructure Development Pvt. Ltd. Vs DCIT (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” ha...
Income Tax : ITAT Nagpur rules in ITO Vs N. Kumar Housing, addressing ₹5.2 crore addition under Sections 41(1) and 68. Liability cessation an...
Income Tax : ITAT Pune rules in Ramchandra Jadhavrao vs. ACIT that no penalty under Section 271(1)(c) applies if income is declared in return p...
Income Tax : Rajasthan High Court quashes reassessment notice for AY 2015-16 citing limitation expiry. Case analysis and implications for Secti...
Income Tax : ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
ITAT Rajkot held that in absence of any specific provisions under the Income Tax Act, notional income on advance cannot be brought to tax. Accordingly, addition deleted.
ITAT Mumbai held that set-off of losses when there is a change in shareholding involves interpretation of various provisions and laws and hence it is not a mistake apparent from record. Accordingly, rectification power under section 154 cannot be invoked.
Expenditure incurred for construction of new facility & subsequently abandoned is allowable Revenue Expenditure: ITAT Hyderabad
ITAT Bangalore held that once the confirmation letter was filed by the assessee from Donor, the burden cast upon assessee is discharged and it would shift to revenue authorities. The Revenue authorities cannot make addition towards unexplained deposits without making any further enquiry.
Held that the disallowance of employees contribution to Provident Fund paid before filing income tax return u/s 139(1), based on the statement made in the Tax Audit Report is not permissible u/s. 143(1)(a) as did not fall within the ambit of prima-facie adjustments.
ITAT Ahmedabad held that as per provisions of section 151(1) of the Income Tax Act reopening of assessment beyond four years period needs sanction from either Principal Chief Commissioner/ Chief Commissioner/ Principal Commissioner or Commissioner. However, sanction from Joint Commissioner in the present case makes the entire reopening proceedings bad in law.
ITAT Delhi held that where two views are possible and AO adopted the one which Commissioner doesn’t agree then in such case revision under section 263 of the Income Tax Act not permissible for mere difference of view.
The figures of Direct Tax collections for the Financial Year 2022-23, as on 17.12.2022 show that net collections are at Rs. 11,35,754 crore, compared to Rs. 9,47,959 crore in the corresponding period of the preceding Financial Year i.e FY 202122, representing an increase of 19.81%.
Nirmala Subramanian Vs CIT (A) (ITAT Mumbai) The short question in this appeal is whether the assessee is entitled to deduction under Section 54 of the Act or not and what is the date of acquisition of new residential house for the purpose of deduction under Section 54 of the Act. Provision of Section 54 […]
SC held that it was not permissible to initiate proceedings under Section 147/148 pending proceedings under Section 154
