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Income Tax : The Income Tax Department has issued comprehensive FAQs explaining what constitutes a benami property and benami transaction under...
Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
Income Tax : ITAT Jaipur held that proceedings under Section 153C are invalid where the Assessing Officer merely reproduces information from th...
Income Tax : The Income Tax Department explains how CPC processes returns under Section 143(1) by correcting apparent errors and incorrect clai...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The Tribunal affirmed the CIT(A)'s order annulling assessments because the search was not conducted in the assessee's name. It als...
Income Tax : The ITAT held that the Supreme Court’s COVID-19 limitation extension did not apply to statutory timelines for completing income-...
Income Tax : The ITAT Raipur held that estimated gross profit addition on unrecorded sales cannot be sustained when the Assessing Officer has n...
Income Tax : The Karnataka High Court set aside the impugned order after finding that the entire tax demand had been recovered despite an inter...
Income Tax : The ITAT Mumbai held that the assessee's convertible debentures lacked the liability component required for classification as Comp...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
ITAT Mumbai held that merely because the assessee couldn’t explain the balance amount of Rs. 8,57,000 mentioned in computation of income and return, the same cannot be added to the total income. Addition not sustainable on the basis of typographical error.
Stay updated with the latest OECD Transfer Pricing Guidelines for 2022. Learn how these guidelines tackle tax avoidance and promote transparency in international tax rules.
Learn about the types of correction in TDS return and how to fix errors in your tax filings. Understand the importance of accurate TDS returns for income tax compliance.
ITAT Mumbai held that as per rule 3(8)(iii) fair market value of any equity shares on the date of exercising option by the employee shall be determined by a merchant banker. Accordingly, quantum of perquisite and TDS liability will be worked on the said basis.
ITAT Jaipur held that addition solely on the basis of PEN drive found during the search proceedings, without checking the veracity/ reliability of the data recorded in the PEN drive, is unsustainable in law.
ITAT Mumbai held that disallowance under section 14A of the Income Tax Act read with rule 8D cannot be more than the quantum of exempt income.
ITAT Mumbai held that as expenses are not specifically disputed; books of accounts admitted to be correct and payments made through banking channel, disallowing the expenses at whims and fancies is unsustainable in law. Department is required to follow the rule of consistency.
ITAT Mumbai held that TPO has jurisdiction to examine the quantum of expenditure, however, TPO has no jurisdiction question the assessees need or prudence for making payment for the expenditure.
ITAT Bangalore held that PCIT justified in invoking jurisdiction u/s 263 of the Income Tax Act as AO merely accepted the additional income offered by the assessee without verifying the bogus purchases and amount recorded in books.
ITAT Mumbai held that addition u/s 68 justified as investment made by the companies in the assessee company lacks trust and details of transactions submitted by the assessee didn’t inspire confidence as the credibility of the companies are questionable as per the financials of the same.
