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Income Tax : Even genuine reporting differences between Form 3CD and the ITR can attract automated scrutiny. This article explains key reconcil...
Income Tax : The article explains that 30 June is the Department's deadline to issue scrutiny notices for eligible returns, not a filing deadli...
Income Tax : AI can simplify tax work but cannot replace professional judgment in income tax filing. The article explains why human review rema...
Income Tax : This article explains why reassessment proceedings may be invalid if the Assessing Officer merely relies on Investigation Wing rep...
Income Tax : The Jaipur Tribunal held that every foreign asset or remittance cannot be treated as undisclosed wealth under the Black Money Act....
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 BSNL employees are entitled to full exemption under Section 10(10B) for compensation received under the 2019 VR...
Income Tax : The ITAT Mumbai held that revision under Section 263 was not justified where the Assessing Officer had examined and consciously al...
Income Tax : The ITAT Mumbai held that ESOP discount is an allowable deduction under Section 37(1), observing that the pendency of an SLP again...
Income Tax : The ITAT Delhi held that foreign exchange fluctuation gains arising from export of services must be treated as operating income fo...
Income Tax : The ITAT held that no addition under Section 56(2)(viib) was warranted where shares were allotted to existing shareholders and no ...
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...
Amount paid by the buyer to the tenant for the vacation of tenancy should not be taxed in the hands of the owner of the capital asset.
Once assets have been put to use, claim of depreciation allowance on said assets cannot be restricted. ITAT allows claim of depreciation in respect of closed units or non-functional undertakings
Held that section 18 of MSMED Act and section 7 of A&C Act clarifies that dispute can be referred to Facilitation Council for conciliation and subsequent arbitration if required. Thus, arbitration clause in agreement would not bar reference of dispute to the Facilitation council
Cause 44 of form 3CD requires Total amount of expenditure incurred during the year, Expenditure in respect of entities registered under GST, Expenditure related to entities not registered under GST
Held that revisionary proceedings bad in law as initiated without conducting any enquiry or verification to establish that the assessment order is unsustainable
Held that provisions of section 23(1)(c) are applicable when the property was let out for two or more years, however, was vacant for the whole previous year. Accordingly, income tax on rental income on a notional base doesn’t apply.
Held that notice issued u/s. 274 r.w.s. 271(1)(c) needs to specify the limb under which penalty proceedings are initiated. Penalty not leviable, in absence of the specification of the limb.
Held that as the assessee has already abandoned its statutory right of filing an appeals and has consciously taken decision. Therefore, delay of more than 10 years cannot be condoned without valid and genuine ground.
Understand the implications of Section 194R on benefits and perquisites for residents. Stay updated on tax deductions and reporting requirements.
Section 12A provision govern cancellation of Charitable Trust Registration, and these provisions can neither be diluted or supplemented by CIT
