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Income Tax : Understand eTDS return corrections, the six-year revision limit, and challenges in claiming TDS credit. Learn how tax adjustments ...
Income Tax : Explore our analysis on including Company Secretaries as Accountants under the Income-Tax Bill 2025. Benefits include improved com...
Income Tax : While tax avoidance is legal and involves strategic tax planning, tax evasion is illegal and constitutes fraudulent activities to ...
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 : 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...
Consequent to order passed by Allahabad High Court passing severe strictures and proposing to levy exemplary cost of Rs 50 lakhs in a writ challenging reopening of assessment on wrong facts, CBDT today ( 22nd August, 2022 ) has issued instructions to all its officers that for initiating proceedings under Section 148/147 of the Act, […]
ACIT Vs Genus Electrotech Limited (ITAT Delhi) Held that sales tax incentive subsidy and excise duty incentive are in the nature of capital receipts and thus not chargeable to tax as regular income as well as income u/s 115JB for computation of book profit. Facts- In the order u/s 154, AO noted that assessee had […]
Portfolio Management Services earning should be assessed as ‘Capital gains’ and not as ‘Profit and gains of business or profession’.
ITAT Held that if application is moved well in time for seeking completion certificate from the Municipal Corporation and delay in issuance of completion certificate is not attributable to the assessee. Then, date of application should be considered for claiming deduction u/s 80IB
Held that interest paid on convertible debentures are allowable as expenditure u/s. 36(1)(iii) of the Act. Such interest cannot be treated as interest on equity.
Held that assessee established identity of the creditors by bringing on record their PANs and complete addresses of the creditors. Hence addition u/s 68, without bringing out any adverse or cogent material to dispute the credit worthiness of the creditors and genuineness of the transactions, is unsustainable
Learn about the provisions of rebates and reliefs under the Income Tax Act in Chapter 8. Discover how these deductions can reduce your tax liability.
Merely because a capital receipt is utilized for incurring revenue expenditure it will not change the nature of capital receipt into a revenue item.
Amount paid by the buyer to the tenant for the vacation of tenancy should not be taxed in the hands of the owner of the capital asset.
Once assets have been put to use, claim of depreciation allowance on said assets cannot be restricted. ITAT allows claim of depreciation in respect of closed units or non-functional undertakings
