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Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
Income Tax : Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. S...
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 : 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 : ITAT Pune held that delay in filing audit report in Form 10CCB due to technical problem is justifiable and hence denial of claim u...
Income Tax : ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable...
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 : 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...
Discover the benefits of Alternate Dispute Resolution (ADR) in resolving disputes without going to trial. Save time and costs with negotiation, mediation, and arbitration methods.
The ITAT while dismissing the assessees appeal observed that the assessee has transferred his share of right and interest over the property in favour of his father through relinquishment deed dated 14.10.2014, which is after entering into sale agreement on 28.1.2014 and as per section 2(47)(i) of the Income Tax Act, transfer in relation to a capital asset, includes, the sale, exchange or relinquishment of assets. Therefore, the Order of AO wherein it was held that the assessee could not claim any exemption on the capital gains was upheld.
A comprehensive analysis of the common ITR forms for income tax filers. Learn about the changes and simplified approach to choosing the right form.
ITAT Visakhapatnam held that liquidated damages are incidental business income but cannot be said to be profit from core or incidental activity. As there are not directly received from the core activity, they doesnt form part of computation in tonnage tax.
ITAT Mumbai held that property sold in individual capacity cannot be claimed to be owned by the partnership firm simply by way of making entries in the books of accounts of the partnership firm. Accordingly, Capital gain on sale of property taxable in hands of individual.
ITAT Mumbai held that loss of clients incurred under Options Maxima Scheme claimed by the assessee (being an agent) in its return is not allowable.
ITAT Pune held that depreciation on items like stainless steel table, tools, trollies used by scientist or lab technicians in laboratory are used for production of vaccine/ other is allowable at the rate applicable to plant and machinery
V.C. Infra Vs Commissioner of State Tax (Bombay High court) Heard. 02] On 18/02/2022 the Deputy Commissioner of State Tax passed an adjudication order directing the petitioner to satisfy the demand of Rs.8,43,502/-. The petitioner being aggrieved by the aforesaid, preferred an appeal before the appellate authority On 02/08/2022, the said appeal came to be […]
In any event, in accordance with the mandate of law, the appeal effect order has to be passed within three months of passing of the appeal order.
Ragavs Diagnostic & Research Centre Pvt. Ltd. Vs ACIT (ITAT Bangalore) From the plain reading of section 69C, it is clear that when an assessee offers no explanation or the explanation offered is not satisfactory in the opinion of the AO, then the amount of such expenditure is to be taxed as income u/s. 69C […]
