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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 Hyderabad held that addition towards unexplained investment sustained as assessee couldnt explain the source of investment. Onus is on the assessee to explain the source of investment.
If the recipient of income has deposited tax timely in the form of advance tax to revenue, there is no loss suffered to revenue, and no liability for penal interest can be invoked.
ITAT Mumbai held that deduction u/s 36(1)(via) is to be allowed on the total outstanding advances at the end of each month considering the opening balances.
Techna Infrastructure Pvt. Limited Vs ACIT (ITAT Kolkata) ITAT held that in this case Since the ld. Assessing Officer has already decided the issue with regard to the applicability of rate of tax, no further dispute remains pending with the ld. CIT(Appeals). In case, ld. CIT(Appeals) wanted to change the colour of litigation or character […]
Kamal Jafferali Wadhwania Vs ITO (ITAT Mumbai) Section 194I is applicable only in case of rent may be on plant and machinery (@ the rate of 2%) and for the use any land or building or land appurtenant to a building. In this case assessee is paying a rent/lease charges for the office premises which […]
PCIT Vs Emmsons International Ltd. (Delhi High Court) Court is of the view that the same was not called for, as the said CBDT Circular No. 3/2010 dated 2nd March, 2010 has been issued in respect of loss on account of trading in foreign exchange derivatives. In the present case, however, the assessee had entered […]
Fidelity Diagnostics P. Ltd Vs DCIT (ITAT Pune) The issue in the present appeal relates to allowability of referral fees paid to doctors and nursing home by the appellant company. The Assessing Officer was of the opinion that the payment of referral fees to doctors and nursing home would amount to violation of the provisions […]
Ajashy Engineering Sales Pvt. Ltd. Vs ITO (ITAT Delhi) ITAT held that AO was not justified in denying the deduction claimed by the assessee on account of late deposit of PF/ESI/EPF, albeit before filing the return of income. Admittedly in the matter, the Revenue had not contended that the assessee has deposited the contribution after […]
In present facts of the case, the ITAT observed that proceedings under Section 263 of Income Tax Act, 1961 cannot be sustained if the tax payer had opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020.
CIT Vs Mansukh Dyeing and Printing Mills (Supreme Court) Whether amount credited on account of revaluation of fixed assets and credited to the partners’ account is liable to be taxed u/s 45(4) of the Income-tax Act,1961? The department has made a major win today in the above case when the Supreme Court held that upon […]
