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Income Tax : Increasing use of RERA data by tax authorities makes alignment between project disclosures and income tax reporting essential to a...
Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The dispute concerned whether dividend received on capital reduction by a foreign subsidiary could trigger restrictions under Sect...
Income Tax : The ITAT Pune held that a genuine claim for exemption under Section 10(20) cannot be rejected merely because the assessee mistaken...
Income Tax : The ITAT Mumbai held that when the reason recorded for reopening an assessment does not ultimately result in any addition, the Ass...
Income Tax : The Mumbai ITAT held that an addition under Section 68 cannot be made solely on the basis of a retracted statement alleging accomm...
Income Tax : The Mumbai ITAT held that Section 263 cannot be invoked merely because the Assessing Officer accepted income without making an add...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Supreme Court rules non-furnishing of approval under Section 151 fatal for reassessment, affirming Delhi High Court’s decision in ITO Vs Tia Enterprises Pvt. Ltd.
Bombay HC quashes notice under Section 148 for non-compliance with faceless assessment provisions in VDA Infosolutions Pvt. Ltd. Vs Union of India case.
CBDT extends audit report filing deadline to 7th October 2024 for AY 2024-25, considering taxpayers’ challenges. Update applies to selected assessees.
Supreme Court slams Revenue for excess surcharge demands due to software issues, urging immediate upgrades to prevent harassment of taxpayers.
Learn about the revised tax implications on buybacks by domestic companies effective October 1, 2024, shifting the tax burden to shareholders.
ITAT Ahmedabad held that addition u/s. 36(1)(va) of the Income Tax Act for delayed payment of employees’ contributions to PF and ESIC based on mis-reporting by the auditor in the audit report is unjustified. Accordingly, addition restriction.
Punjab and Haryana High Court held that interest under section 234B and 234C of the Income Tax Act cannot be waived as depositing advance tax has nothing to do with seizure of the books of accounts.
ITAT Bangalore held that the co-operative societies providing credit facilities to its members is entitled to deduction u/s 80P(2)(a)(i) of the Income Tax Act. Thus, income earned on account of providing credit facilities is allowable as deduction u/s. 80P(2)(a)(i).
ITAT Delhi held that cess fees received by the board is income derived from property held under trust and is thus taxable and the same cannot be treated as capital receipt.
The CIT(A) after examining the issue deleted the addition. No document controverting findings of the CIT(A) are brought on record by the Revenue. We find no infirmity in findings of the CIT(A)on this issue. Hence, the same are upheld.
