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Income Tax : Learn how YouTube & Instagram earnings are taxed in India. Understand income tax slabs, TDS, GST rules, deductions, and compliance...
Income Tax : This blog delves into the nuances of HRA, its exemptions, tax deductions, and the rules governing it, specifically within the Indi...
Income Tax : INTRODUCTION There are a few popular beliefs in India that agricultural income is completely exempt from tax. While this holds som...
Income Tax : Explore how tax policies influence business decisions, investment trends, and economic growth. Learn about tax reforms, incentives...
Income Tax : Understand how lottery winnings are taxed in India. Learn about tax rates, deductions, TDS, and strategies to manage tax burdens o...
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 Bangalore holds LTCG from Market Linked Debentures taxable at 20% under Section 112, rejecting concessional 10% rate under Se...
Income Tax : ITAT Ahmedabad held that CIT(A) rightly restricted disallowance on account of unexplained bank deposit and withdrawal under sectio...
Income Tax : Held that the invoices issued by the assessee contained a barcode. A barcode on a tax invoice serves as a verification mechanism, ...
Income Tax : It was held that in the original assessment under Section 143(1), the issue related to the deed of purchase of land was not looked...
Income Tax : Assessee then filed returns in response to the notice under Section 148, claiming a deduction under Section 80P. AO disallowed the...
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...
ICAI in it’s guidance note on tax audit has given a glimpse of the method of computation of turnover and profit for the transactions entered in derivatives
In June, 2020, the US Trade representative initiated an investigation of India’s 2020 Equalisation levy (EL 2020) under the Section 301 of the Trade Act of 1974 to determine whether India’s EL 2020 is unreasonable / discriminatory and burdens / restricts U.S. commerce. The report was made public on 06 January, 2021.
CPC Handbook For Tax Consultants/Taxpayers – November 2020 Centralized Processing Center, Bangalore has prepared a handbook in order to provide guidance to taxpayers and taxpayers’ representatives regarding e-filing of returns, processing of returns, issue of refunds, validation of bank accounts, filing of rectification applications and various other connected topics. The answers to the Frequency Asked […]
CIT (A), notwithstanding the fact that in Financial year 2010-11 he had held that the payments were not in the nature of services falling under section 194J, not only ignored his appellate order in Financial Year 2010-11 but also chose to brush aside the explanations and evidences supplied by assessee without examining the same in detail. tI was deemed fit to restore the issue of short deduction of tax at source and interest thereon in the fourth quarter of Financial Year 2011-12 to the file of CIT (A) with a direction to pass a speaking order.
Maria Fernandes Cheryl Vs ITO (ITAT Mumbai) Once legislature very graciously accepts, by introducing the legal amendments in question, that there were lacunas in the provisions of Section 50 C in the sense that even in the cases of genuine variations between the stated consideration and the stamp duty valuation, anti-avoidance provisions under section 50C […]
In the instant case, the AO had proceeded predominantly on the basis of the analysis of the financials of M/s Gold Line International Finvest Limited. His conclusion and findings against the Respondent are chiefly on the strength of the astounding 4849.2% jump in share prices of the aforesaid company within a span of two years, which is not supported by the financials.
Poddar Rubber Industries Vs. DCIT (ITAT Kolkata) The assessee had discharged its primary onus in proving the transaction on F&O by producing the corroborating evidence before the AO/Ld. CIT(A). Both the authorities could not find any infirmity on these documents. However, the AO discarded the primary documents produced by the assessee to establish the veracity […]
Finance (No 2) Act, 2019, inter alia, amended clause (m) of sub-section (3) of section 9A of the Income-tax Act, 1961 (the Act) w.e.f. 01.04.2019 to provide for payment of remuneration by an eligible investment fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf to be not less than the amount calculated in such manner as may be prescribed.
Difference between Conventional Penalty Proceedings & Faceless Penalty Proceedings under Faceless Penalty Scheme, 2021- The easiest way to understand the practicalities and nuances of any new/amended piece of legislation is to compare and analyse it with the existing provisions
The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) High Court held that Admittedly, the country continues to suffer and to reel under the COVID-19 pandemic. A large number of assesses still find it difficult to even meet their Chartered Accountants and to file their Income Tax Audit Reports […]
