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Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Stay on top of important compliance deadlines including GST, ESI, PF, SEBI, and Income Tax filings, with detailed due dates and fo...
Income Tax : Confused about the TDS rate on rent under Section 194-IB for FY 2024-25? Learn when to apply 5% or 2% based on the Union Budget 20...
Income Tax : Plan your finances before March 31 with this year-end tax checklist. Learn about old vs. new tax regimes, investments, deductions,...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
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 : The writ petitioner impugns the order dated 27 March 2018 in terms of which the respondent has come to reject applications filed b...
Income Tax : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
Income Tax : ITAT Raipur held that dismissal of appeal by CIT(A) without disposing off on merits, merely on account of non-prosecution is unjus...
Income Tax : ITAT Delhi deleted additions made on alleged bogus purchases by Rama Hygienic Products Pvt. Ltd., citing lack of evidence and reli...
Income Tax : Delhi High Court held that provision of section 292B doesn’t include passing of order u/s. 148 overlooking error apparent on the...
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 Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Biocon Ltd. Vs ITO (ITAT Bangalore) Present Miscellaneous Petitions are filed by assessee seeking rectification of typographic mistakes in order dated 14.06.2021 passed by this Tribunal in the above referred appeals. We have perused the order passed by this Tribunal viz-a-viz the submissions advanced by both sides and the records placed before us. We note […]
Kishan Kothwal Vs ITO (Telangana High Court) HC held that The parameters for making addition under Section 68 of the Act and under Section 69A of the Act, though may appear to be similar, however, is not so; therefore, addition of cash credit under Section 68 of the Act would stand on a different pedestal. […]
(For the year ending on March 31, 2022 – Ay 2022-23) 1. TDS on the Making Payments to a ‘Non’ Resident of India (i) Responsibility of TDS under the section 195(1) TDS is to be deducted by a person as ‘responsible’ to pay any interest or ‘any other sum’ to a non-resident of India. (ii) […]
Till FY 2020-21 contribution to Recognised Provident fund (RPF) was eligible for EEE (Exempt- Exempt- Exempt) This EEE implied that full exemption from tax is given on (1) investment in PF (u/s sec 80C), (2) Interest on PF (u/s 10 upto 9.50%) and (3) withdrawal of PF (u/s 10(12) subject to 5 year service condition) […]
Ashok Kumar Yadav Vs ITO (ITAT Delhi) Ld. Counsel for assessee contended that AO has wrongly made addition of the cash deposit in the bank account u/s 69 of the Act. We do not agree with the contention of the Ld. Counsel for the assessee because assessee made a cash deposit of the impugned amount […]
Delhi High Court in case of Coforge Limited (formerly known as NIIT Technologies Ltd) vs. ACIT: ITA Nos.213- 214/2020 decided on 05.07.2021, while reversing the decision of the Tribunal, held that demerger expenses under section 35DD of the Income Tax Act, 1961 (Ac”) are also allowable to the ‘resulting company’.
DCIT Vs Aarti Catalyst Solutions P. Ltd. (ITAT Ahmedabad) In the present case on hand, the assessee has discharged his onus by providing details relating to the loan amount availed from the three creditors by producing their bank accounts, Income-Tax Returns, confirmation letters, etc. The AO has doubted source of the creditors thereby the AO […]
Bombay High Court condones 8-year delay in filing appeals against penalty orders. Ruling benefits assessees facing prosecution after penalty payment.
Workflow in ITBA for Withholding of Refund under Sec. 241A of the I. T. Act’ 1961 or Release of Refund determined while Processing of Returns of Income for the cases selected for Scrutiny — Regarding
In peak, the withdrawal of cash, if not utilized elsewhere, is considered as available for making deposits. The highest unexplained cash deposit is considered as peak. The determination of peak reduces the taxable income. However, where withdrawals are through cheques and it is not proved that such withdrawals have come back to the pocket of the assessee, then benefit of those withdrawals will not be available to explain the deposits.
