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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...
File your ITR 1 for the financial year 2020-21 hassle-free. Learn about the income sources and due date for filing ITR 1.
The reporting entities are advised to provide information of interest income, reported to Income Tax Department, to the account holder (in the form of Interest Certificate either through email or portal) which will enable taxpayers to reconcile the information displayed in the Annual Information Statement (AIS) (Form 26AS).
The reporting entities are advised to provide information of dividend income, reported to Income Tax Department, to the taxpayers which will enable them to reconcile the information displayed in the Annual Information Statement (AIS) (Form 26AS).
Court On Its Own Motion Vs State (Govt. of NCT of Delhi) (Delhi High Court) Taking suo moto cognizance of the alarming resurgence of Covid-19, under Article 226 & 227 of the Constitution of India, it is hereby ordered that in all matters pending before this court and courts subordinate to this court, wherein such […]
Any income or loss that arises from the trading of Futures and Options is to be treated and considered as business income or business loss. As such transactions in the F&O Market would be treated as Non-Speculative Transactions as per Section 43(5), they would be taxed just like any other business income. The expenses incurred […]
Buyback of shares is when a company repurchases the shares issued by it from the existing shareholders. The company buys back its shares usually at market value or higher. Companies use buy back as a means to return cash to shareholders and regain ownership. Tax on buyback of shares in India is now regulated by […]
Addition of on-money payment made in both these assessees’ hands on the basis of a mere dumb document and not corroborated by any other evidence was not sustainable as the department had failed to corroborate the impugned seized document indicating assessee’s alleged on money payment over and above the sale price itself.
Unicity Health Private Limited Vs ITO (ITAT Bangalore) Admittedly, the business promotion expenses have been incurred for the purpose of improving sales of the assessee. There is merit in the submission of Ld. A.R. that the question of applying bright line test does not arise in the facts of the present case. Every businessman would […]
Hexagon- MIDCO India Private Ltd. Vs CIT Appeals (ITAT Mumbai) Learned Sr. DR fairly agreed that in case the holding company MIDCO Limited has deducted the TDS on salary paid to these employees no further requirement of TDS on principle but assessee has to produce evidence before the Assessing Officer. Hence, on Principle, we are […]
Shailaja Vs ITO (ITAT Delhi) It is pertinent to note that the assessee has filed original return of income as on 31/08/2015 declaring an income of Rs. 5,71,960/- along with paying of double taxes of Rs. 43,230/- including self-assessment tax of Rs. 33,230/- on 31/8/2015. In the original return of income loss against sale of […]
