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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...
Starting October 1, 2024, Commissioners (Appeals) will gain new powers to set aside and refer best judgment assessments back to Assessing Officers.
Union Budget 2024 proposes revised holding periods, increased short-term capital gains tax rates, and uniform long-term capital gains tax rates.
Manipur High Court held that non-communication of order of reassessment and demand notice within time lime prescribed under section 153(2) of the Income Tax Act cannot be treated as valid assessment. Accordingly, order quashed aside.
Delhi High Court held that it is impermissible for TPO to disregard the actual transaction unless it comes to the conclusion that an unrelated party would not have undertaken the same in usual course of business. Thus, TPO not permitted to engage in the restructuring of a transaction.
Calcutta High Court held that petitioner not put to notice in respect of addition made under section 69A of the Income Tax Act as notice was issued making addition u/s. 68. Accordingly, the same is violative of principles of natural justice.
Learn about corrections with revised TDS returns. Understand errors, correction types, and filing processes to ensure accurate TDS returns. Avoid penalties and fines.
Explore the Finance Bill 2024’s major changes to the taxability of share buybacks, shifting tax liability from companies to shareholders. Effective from Oct 1, 2024.
Discover the key amendments in the Finance (No.2) Bill, 2024, affecting income tax reassessment procedures under the Income-tax Act, 1961.
Telangana High Court held that department failed in complying with modified income tax reassessment proceedings as laid down under the Finance Act, 2021. Accordingly, show cause notice and consequential order passed set aside.
Kerala High Court held that even after 01.04.2010, Bank would be entitled to the deduction envisaged u/s. 36(1)(viii) of the Income Tax Act in respect of the long term finance provided by it for construction and purchase of houses in India for residential purpose.
