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Income Tax : Learn how to smartly allocate your tax savings in 2025—repay loans, invest in mutual funds, boost spending, or explore business ...
Income Tax : A PAN (Permanent Account Number) is a unique 10-character alphanumeric identifier issued by the Income Tax Department of India to ...
Income Tax : Understand USA corporate tax in 2024, including tax rates, filing deadlines, estimated payments, EINs, and penalties. Stay complia...
Income Tax : Telangana HC clarified that capital gains tax applies only when ownership or possession is transferred along with consideration....
Income Tax : Explore what’s taxable and non-taxable in salary, including allowances, perquisites and deductions. Learn key components and tax...
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 Lucknow quashed assessments in Shri Navin Jain vs. DCIT, citing mechanical approval under Section 153D. Read key details and ...
Income Tax : ITAT Pune rules on Foreign Tax Credit (FTC) in JCIT (OSD) Vs Raj Surendra Mohan Hajela, addressing the delay in Form 67 submission...
Income Tax : Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 5...
Income Tax : Chhattisgarh High Court rules on Aarti Sponge & Power Ltd. vs. ACIT-2(1), addressing the 20% pre-deposit requirement for stay of t...
Income Tax : Assessee being a subsidiary of M/s. Rajasthan State Mines and Minerals Ltd. (RSMML) (a Government of Rajasthan Undertaking). It en...
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...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Bombay HC examines Section 87A rebate issues due to ITR software changes post-July 2024, affecting taxpayers’ rights. Interim relief granted; final hearing on Jan 2025.
ITAT Kolkata held that in course of reassessment, AO concludes that no additions or modifications are warranted under these heads, it would not be entitled to make any additions in respect of other items forming part of original return.
Delhi High Court held that revenue/ department is not entitled to adjust the refunds granted to the petitioner against demand of tax that is stayed. Accordingly, department is directed to refund the amount due to the petitioner.
Madras High Court held that jurisdiction under Article 226 of the Constitution of India cannot be exercised for examination of disputed questions of facts since entire basis of assessment order is on the basis of erroneous/ non-existent facts.
Madras High Court held that non-provision of personal hearing through Video Conferencing, as opted by the petitioner, is against the principles of natural justice. Accordingly, order passed is liable to be set aside.
Delhi High Court held that reopening of assessment under section 148 of the Income Tax Act beyond the period as stipulated under section 149(1) of the Income Tax Act is not permissible. Accordingly, notice issued beyond time limit set aside.
ITAT Ahmedabad held that interest income earned from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, the appeal is allowed.
ITAT Ahmedabad held that delay in the completion of construction of the house will not be a bar to the assessee for claiming the exemption provided u/s.54F of the Income Tax Act. Accordingly, deduction granted.
It is mainly contested that invocation of jurisdiction under Section 148 of the Act was beyond the period of limitation under Section 148 read with Section 147 of the Act as there was no suppression of facts by the petitioners.
ITAT Surat held that each and every addition cannot be a basis for levying a penalty under section 271(1)(c) of the Income Tax Act. There has to be deliberate furnishing of inaccurate particulars or concealed income for levy of penalty.
