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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 Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. D...
Income Tax : The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate au...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an allege...
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...
ITAT Jaipur rules in favor of Hitkari Vidyalaya Sahkari Shiksha Samiti Ltd, allowing 80P deduction on interest income from cooperative banks for AY 2017-18 & 2020-21.
Delhi High Court held that that no notice under section 148 of the Income Tax Act shall be issued if four years “but not more than six years” have elapsed from the end of the relevant assessment year.
Learn how to use 26AS text to Excel conversion tool. Tested in Excel 2019, 2021, and Office 365. Follow simple steps to convert and manage TDS/TCS data efficiently.
The Madras High Court ruled that the 2016 amendment to Section 50C of the Income Tax Act applies retrospectively, impacting capital gains assessment for earlier years.
Faceless assessments in FY 23-24 raised Rs 43 trillion in tax arrears, sparking concern over the impact on India’s tax ecosystem and small businesses.
The Central Action Plan 2024-2025 by CBDT aims to optimize India’s direct tax system, focusing on revenue, litigation, taxpayer services, and efficient administration.
The Finance Act, (2), 2024 has made certain changes relating to levy of income tax on consideration received on buy-back of shares resulting significant impact on income tax liability to shareholders. This change impacts all future buy back proposals. Corporates houses are evaluating different strategies to minimise the tax impact. Legal experts challenges taxing buy […]
Bombay High Court imposed a cost on JAO and CCIT of Mumbai for not following judgement Hexaware case and Order them to deposit 25000 each as personal Cost with National Association for the Blind
Bombay High Court rules that CIT(A) cannot dismiss appeals for non-prosecution. Tribunal’s decision to restore appeal upheld.
Summary: Income additions by tax authorities due to discrepancies between a taxpayer’s declared income and the details in Form 26AS are common. However, these additions often lack proper verification. In cases such as Swati Mahesh Vinchurkar v. Dy. CIT, the Tribunal ruled that merely relying on Form 26AS without verifying the taxpayer’s claims is insufficient. […]
