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Income Tax : Explore the concept of agricultural income under Income Tax Act 1961, including definitions, exemptions, and conditions for income...
Income Tax : IT Dept scrutinizes political donations ₹5L+ for tax fraud. Learn about Section 80GGC/80GGB, penalties, and steps to ensure comp...
Income Tax : Why does tax evasion still thrive despite all the efforts to stop it? And more importantly, what can be done to fix it? This blog ...
Income Tax : Through tax laws on Virtual Digital Assets (VDAs) like cryptocurrencies and Non-Fungible Tokens (NFTs), India has initiated the pr...
Income Tax : Explore evolution of tax laws from ancient times to the modern era, highlighting key changes, global trends, and challenges shapin...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
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 : ITAT Pune remands the appeal of Mula Parisar Serva Seva Sangh regarding TDS refund claim for 2018-19, citing past precedents....
Income Tax : ITAT Chennai sets aside CIT(E)’s rejection of 80G registration for SKNNSM Society, citing inadequate time for response. Case sen...
Income Tax : ITAT directed AO to verify Factory Premises rental income and compute taxability under section 57, allowing proportionate expense...
Income Tax : Delhi High Court directs NFAC to expedite pending appeals, expressing concern over prolonged delays in taxpayer cases, including a...
Income Tax : Delhi ITAT rules Section 56(2)(viib) of the IT Act does not apply to transactions between holding and subsidiary companies, quashi...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
Get a comprehensive analysis of Section 206AB of the Income Tax Act. Learn about the need for this provision, applicable TDS rates, exclusions, and more.
Aditya Balkrishna Shroff Vs ITO (ITAT Mumbai) In the present case, it is not even in dispute, and rightly so, that the receipt is in question is in the capital field but the Assessing Officer has taxed it on the basis that “the gain on realization of loan would partake character of an income under […]
Meena Lahoti Vs Income Tax Officer (ITAT Hyderabad) Learned counsel’s argued that both the learned lower authorities have erred in law and on facts in adding impugned short term capital gains of Rs.51,72,920/- thereby ignoring the clinching fact that she had in fact indulged in development of her land in issue in the nature of […]
The Finance Act, 2019 introduced a new section, Section 194N which brings the concept of TDS on cash withdrawal. In order to strengthen the Digital Economy and to curb on physical cash movement, the Government of India took the initiative to tax the person(s) who withdraw heavy cash from the bank account and below is […]
♦ Tax Avoidance is one of the most important method resorted to by the taxpayers as here they try to look after the loopholes present or existing in the tax law may be in the form of lack of proper jurisdiction to hear case or in the form of lack of proper stringent and vigil […]
Section 154 of the Income Tax Act is a very important Section and as per this section the assessee or department has a right to rectify any arithmetical error in an assessment order or assessment intimation. Section 154(1A) authorizes the Assessing Officer to give appeal effect. The assessee can file an application to CPC in […]
Commissioner Of Income- Tax vs Smt. Indira Balkrishna (Supreme Court) Section 2(31)(v) of the Income Tax Act ,1961 with Explanation “Person” includes an association of persons or a body of individuals , whether incorporated or not ,with Explanation as under : For the purpose of this clause , an association of persons or a body […]
Omkara Assets Reconstruction Private Limited Vs ACIT (Madras High Court) In view of the fact that the Assessment Order is appealable and such appeal has been filed by the petitioner, I am not inclined to consider the Writ Petition on merits. Nonetheless, in view of the fact that the main issues for consideration in such […]
Hon’ble Hyderabad ITAT has in the case of Value Momentum Software Services Private Limited in I.T.A. No. 2197/HYD/2017 has held that late deposit of Employees Provident Fund prior to 01-4-2021 will not attract any disallowance as the explanation inserted by Finance Act,2021 in section 43B and Sec 36(va) has prospective effect and the same will be applicable only from 01-04-2021
Tax Bar Association, Nizamabad has made a request for Extension of Due date in filing the Return of Income under Income tax act for the Asst year 2020-21 [Financial year ending 31st of March 2020] and timelines for TDS/TCS compliances for AY 2021-22. Full Text of their Request Letter is as follows:- TAX BAR ASSOCIATION […]
