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Income Tax : Understand USA corporate tax in 2024, including tax rates, filing deadlines, estimated payments, EINs, and penalties. Stay complia...
Income Tax : Telangana HC clarified that capital gains tax applies only when ownership or possession is transferred along with consideration....
Income Tax : Explore what’s taxable and non-taxable in salary, including allowances, perquisites and deductions. Learn key components and tax...
Income Tax : Check the latest TDS rates for FY 2025-26 (AY 2026-27) on salary, interest, rent, and more. Understand applicable thresholds and d...
Income Tax : NSC offers 7.7% interest, tax benefits under Section 80C, and capital security. Learn about its taxability, lock-in period, and in...
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 : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : ITAT Lucknow quashed assessments in Shri Navin Jain vs. DCIT, citing mechanical approval under Section 153D. Read key details and ...
Income Tax : ITAT Pune rules on Foreign Tax Credit (FTC) in JCIT (OSD) Vs Raj Surendra Mohan Hajela, addressing the delay in Form 67 submission...
Income Tax : Karnataka High Court ruled on V.S. Chandrashekar vs. ACIT regarding tax treatment of land transactions, applicability of Section 5...
Income Tax : Chhattisgarh High Court rules on Aarti Sponge & Power Ltd. vs. ACIT-2(1), addressing the 20% pre-deposit requirement for stay of t...
Income Tax : Assessee being a subsidiary of M/s. Rajasthan State Mines and Minerals Ltd. (RSMML) (a Government of Rajasthan Undertaking). It en...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
ITAT Ahmedabad grants stay of tax recovery in Siddhi Parag Patel vs ITO case. The dispute centers on unexplained land investments and tax demand revisions.
ITAT Mumbai held that the Finance Act, 2022 amended section 14A of the Income Tax Act doesn’t have retrospective effect. The said amended provisions are effective from 1st April 2022.
ITAT Mumbai held that invocation of revisionary proceeding u/s. 263 justified as AO was fully ignorant about verification of unsecure loan and addition of 10% unsecured loan by AO was baseless hence assessment order turned out to be erroneous and prejudicial to the interest of revenue.
Karnataka High Court dismisses Tayana Consult Pvt Ltd’s appeal due to non-prosecution, following ITAT’s decision in related tax assessments.
ITAT held that disallowances based on estimations do not constitute underreporting of income and thus are not grounds for a penalty under Section 270A.
ITAT Ahmedabad rules that Section 50C applies to sellers, not buyers, and clarifies the retrospective effect of Section 56(2)(vii)(b) on property transactions.
ITAT Kolkata quashes DCIT’s reassessment of Ganesh Steel for AY 2012-13 due to jurisdictional errors and invalid addition of bogus purchases under Section 69C.
ITAT Mumbai ruled in favor of Jitendra Vanigota, deleting the ₹595,000 addition under Section 56(2)(x) for AY 2020-21. Learn more about the case details and judgment.
Explore tax complexities faced by RNOR individuals in India, including foreign income taxation, DTAAs, and recent changes in tax rates impacting compliance.
When a taxpayer submits their Income Tax Return (ITR) and requests a refund, they need to wait for the Centralized Processing Center (CPC) to process it. Currently, CPC processing is quite efficient, with an average turnaround time of 15 to 45 days from the date of e-verification of the ITR.
