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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...
Held that disallowance by invoking provisions of section 40(a)(i)/ 40(a)(ia) unsustainable as the alleged amount is not debited to the profit and loss account and accordingly not claimed as deduction under profits and gains of business or profession
Held that cash withdrawn by the assessee from the bank was much more than the amount deposited due to demonetization. Further, there is no findings by the authorities that this cash available with the assessee was invested or utilised for any other purpose. Hence, addition u/s 69A unsustainable
If the turnover of the eligible assessee from eligible business is equal to or less than 2 crores ; then profit @ 8 % or more shall be deemed to be his profit if claimed to have been earned in the return.
Understand the concept of Foreign Tax Credit (FTC) and its significance in mitigating double taxation on income earned outside India. Explore how Double Taxation Avoidance Agreements (DTAA) play a crucial role in preventing double taxation. Learn about the process of claiming FTC, including filing Form 67 and providing necessary documentation. Gain insights into the relevant details and conditions associated with FTC, ensuring a transparent and justifiable taxation system for Indian residents with foreign income.
An audit objection did not satisfy the requirement of AO having an independent ‘reason to believe’ that income had escaped assessment, that too after the elapse of nearly six years from the end of the relevant assessment year, therefore, the impugned reassessment proceedings were vitiated.
United Associates Vs ITO (Delhi High Court) A Writ Petition was filed in Hon’ble Delhi high Court to set aside the notice dated 28.06.2022 issued by the Income Tax Department under section 148 of the Income Tax Act, 1961 and order u/s 148A(d) issued by the Respondent No.1 under section 148 of the Income Tax […]
It is trite law that whenever a litigant invokes a particular remedy available under a Statute, then the authority before whom the lis is preferred and pending, is ordinarily duty bound to decide the same on merits.
Assessee found to be a beneficiary of accommodation entries and been instrumental in manipulating prices of several penny stock scrips on stock exchange.
Unlock the secrets of Form No 26AS, the Tax Credit Statement, with comprehensive insights. The amended form by CBDT, effective June 1, 2020, provides a holistic profile of the taxpayer, covering essential details like mobile number, email ID, Aadhar number, and more. Discover information on tax deductions, specified financial transactions, payment of taxes, demands, refunds, and pending/completed proceedings.
Discover the reasons for TDS mismatches with Form 26AS and the potential consequences. Learn how to rectify the discrepancies, including filing a revised TDS return or providing explanations to the tax department. Stay informed to ensure accurate tax reporting.
