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Income Tax : This comprehensive FAQ explains the TDS provisions applicable for AY 2026-27, including rates, thresholds, compliance obligations,...
Income Tax : Learn how Section 161 of the Income-tax Act, 2025 establishes the arm's length principle for international and specified domestic ...
Income Tax : Learn why taxpayers must deposit unutilized capital gains into a Capital Gains Account Scheme (CGAS) before the ITR due date to pr...
Income Tax : This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026...
Income Tax : This guide explains how taxable income and tax liability are computed under the Income-tax Act, from Gross Total Income to the fin...
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 ITAT held that penalty under Section 270A could not be sustained because the Assessing Officer failed to clearly distinguish b...
Income Tax : The Delhi High Court held that immunity under Section 270AA could not be denied when the penalty notice did not specify whether th...
Income Tax : Tribunal ruled that an unsigned and uncorroborated loose sheet lacking essential transaction details could not form the sole basis...
Income Tax : The Tribunal held that an addition under Section 69 could not be sustained solely on the basis of a seized loose sheet without ind...
Income Tax : The High Court upheld the Tribunals finding that an uncorroborated loose Excel sheet could not sustain an addition of alleged on-m...
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...
Explore the impact analysis of the recent Supreme Court verdict in Checkmate Services Pvt Ltd vs CIT-1 on the treatment of delayed Employee PF Contribution payment under the Income Tax Act. Understand the background, adjustments in summary proceedings, Finance Act 2021 amendments, and the way forward for ongoing litigation.
TDS on salary income of a non-resident individual shall be deducted u/s 192 of the Income Tax Act, 1961 at the applicable slab rates. Tax liability for the whole year shall be calculated on the prospective salary income of the non-resident and such determined tax shall be then deducted from the payment to be made of salary, in twelve monthly installments.
ITAT Bangalore held that before setting aside the matter the PCIT must have some material which would enable to form prima facie opinion that the order passed by the AO is erroneous in so far as it is prejudicial to the interest of the Revenue. Revision under section 263 of Income Tax Act not possible on guess work.
Madras High Court held that addition of gifts as undisclosed income sustainable as there was no acceptable explanation as to the nature of relationship the gift receiver had with the donor in the course of business transaction.
We are of the considered opinion that estimated additions do not call for levy of penalty. Therefore, by deleting the impugned penalties for all the years, we allow the appeals of the assessee.
We notice that there is nothing on record to show that the AO has examined this aspect at all. We noticed that the AO had asked for details of sales and expenses, but the assessee has furnished only the Profit and Loss account.
The Assessing Officer has no power to review; he has the power to re-assess. But re-assessment has to be based on fulfillment of certain pre-condition and if the concept of ‘change of opinion’ is removed, as contended on behalf of the Department, then, in the garb of re¬opening the assessment, review would take place.
Latish Chandar Samnani Vs ITO (ITAT Pune) The issue in the present case is with respect to disallowance of freight for expenses. The Assessing Officer had disallowed the expenses at 20% on adhoc basis which was restricted to 10% by CIT(A). Before us, it is assessee’s submissions that if the addition is restricted to 5% […]
Assessee had not disputed that he is common shareholder in both companies, however, contended that provisions of section 2(22)(e) have no application, inasmuch as, loan advanced was in ordinary course of its business.
ITAT Delhi held that both support services and reimbursement of expenses are not in nature of Fees for Included Services (FIS) under India – USA DTAA and hence not taxable in India.
