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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...
CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala Sitharaman and brought to her attention improper Drastic changes made in Income tax provisions relating to Charitable and Religious Trusts (Trusts/NGOs. He highlighted provisions relating to putting severe restriction on utilization of Corpus Donations, provisions […]
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent – Notification No. 4 of 2021-Income Tax-DGIT Dated: 30th April, 2021 Also Read- Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions-Notification No. 3 of 2021-DGIT Dated: […]
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions-Notification No. 3 of 2021-DGIT Dated: 30th April, 2021 Also Read – Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent – Notification No. 4 of 2021-Income Tax-DGIT […]
Axis Wind Farms (Anantapur) Private Limited Vs Union of India (Telangana High Court) Petitioner contends that the impugned Assessment Order has been passed by 2nd respondent for the Assessment Year 2018-19 without providing a personal hearing to the petitioner and without considering the documentary evidence provided by petitioner. Sri B.Narasimha Sarma, learned Special Senior Counsel […]
Merely because the some Directors did not appear in the case of assessee would not be a ground to have an adverse inference against the assessee, therefore, there was no justification to sustain the addition of Rs.45 lakhs under section 68 and addition of Rs.90,000/- under section 69C.
Under Income tax law revised return is dealt in section 139(5). Now first question which must come to your mind that why there is concept of revised return. Revised return in simple words can be termed as return which is filed to correct error or mistake i.e. correct return. While filing ITR whether original return […]
Objective Author in this article discusses as t 1. how Karnataka High Court should not have remanded the matter back for the second time; and 2. should have admitted the substantial question of law and / or of facts regarding taxation of transaction between Google India and Google Ireland. The procedural lapses, as relied upon […]
Gemological Institute of America Inc. Vs Add. CIT (ITAT Mumbai) Conclusion: In terms of the provisions of section 92CE, refund of taxes could be claimed or allowed on account of secondary adjustments- even if, such secondary adjustments end up reducing the income of the foreign AE assesses as a result of partial repatriation of income. […]
Govt extends timelines of certain compliances vide Circular No.8/2021 dated 30.04.2021, to mitigate the difficulties faced by taxpayers due to ongoing COVID-19 pandemic. Also Read Relevant Press Release :- Government extends timelines of certain Income Tax compliances Circular No. 08/2021-Income Tax F.N0.225/49/2021/ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of […]
Alankar Jewelers Vs DCIT (ITAT Indore) The CBDT vide its circular F.No. 286/2/2003-IT (Inv.) dated 10th March 2003 has issued an advisory to its field officer regarding confession of additional income during the course of search and survey operations. Relevant portion of the above said circular is reproduced hereunder: “Instances have come to the notice […]
