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Income Tax : Compare surcharge rates under the new and old tax regimes. Learn how income thresholds impact tax liabilities for individuals and ...
Income Tax : Compare the New and Old Tax Regimes for FY 2025-26. Learn about tax rates, exemptions, deductions, and which regime suits your inc...
Income Tax : Appeal against penalty under Section 271(1)(b) citing ill health, lack of awareness of Faceless Scheme, and procedural lapses. Req...
Income Tax : Learn about Income Tax Act Section 147 assessment proceedings: reasons for reopening, notice issuance, objections, assessment proc...
Income Tax : Understand the differences in residential status under the Income Tax Act and FEMA for Indians working abroad. Know tax implicatio...
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 Jaipur quashes 271D penalty against Balbir Singh, ruling funds received were advances, not loans, after verifying property ow...
Income Tax : Punjab & Haryana HC quashes Section 148 notice issued by jurisdictional AO, ruling that only NFAC has authority under CBDT Circula...
Income Tax : Punjab & Haryana High Court quashes notice u/s 148 issued by jurisdictional AO, ruling that only NFAC has authority post CBDT Circ...
Income Tax : Delhi High Court examines Nokia Network OY’s Permanent Establishment (PE) status in India, addressing taxation on software reven...
Income Tax : ITAT Lucknow quashed assessments in Shri Navin Jain vs. DCIT, citing mechanical approval under Section 153D. Read key details and ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
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...
ITAT Jaipur held that in case the books of accounts are rejected by applying provisions of section 145(3) of the Income Tax Act then assessment must be completed under section 144 of the Income Tax Act which is not done by AO in the present case.
ITAT Raipur held that tax implication of the gift transaction shall arise in the year in which the said asset will be sold/transferred. Thus, addition based on the notional / fictitious entry of asset made in books of account unjustified.
Delhi High Court held that entire assumption of jurisdiction u/s. 148 is based on a wholly erroneous view that payment made for acquiring mining rights is to be treated as income. Since, such payment is not income, reassessment action based on erroneous view quashed.
Andhra Pradesh High Court held that insurance company cannot object to the income of the deceased as deceased did business and earned income as apparent from TDS deducted. Accordingly, compensation enhanced.
ITAT Mumbai held that software license expenditure incurred for carrying out the routine operations is revenue in nature. Hence, disallowing the same by treating it as capital unjustified. Thus, disallowance deleted.
Delhi High Court held that passing of fresh assessment order beyond time limit prescribed under section 153(3) of the Income Tax Act cannot be sustained and hence set aside.
ITAT Jaipur held that there was short gap between three notices issued as say the opportunities granted hence it a fit case were one more opportunity should be granted in the proceedings before CIT(A), to enable the assessee to represent his appeals.
ITAT Ahmedabad held that revisional jurisdiction u/s. 263 of the Income Tax Act not justifiable as AO had examined the issue in the course of assessment proceeding.
ITAT Raipur held that penalty imposed under section 272A(1)(d) of the Income Tax Act unjustified when an assessment has been completed under section 143(3) of the Income Tax Act.
ITAT Ahmedabad deletes Bogus Purchase Additions as revenue authorities failed to provide contradicting evidence to disprove genuineness of transactions