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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 : Learn which ITR form applies to your income type, residential status, and income limits. A guide to ITR 1, 2, 3, 4, 5, 6, and 7....
Income Tax : This blog will examine the causes of tax evasion in India, the effects it has on society, and possible remedies to guarantee a mor...
Income Tax : Capital gain is considered as the gain/profit on sale of property which is arrived at by deducting the Purchase Price from its Sal...
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 : 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 : 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 : 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 held that addition u/s. 68 on account of unexplained cash credit, being bogus unsecured loan, and u/s. 69C on account of unexplained expenditure, being bogus interest claimed, unjustified as repayment of loans in subsequent year accepted.
ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for accepting the cash on account of sale of immovable property.
ITAT Ahmedabad held that contribution under National Pension System (NPS) belatedly, however, before filing of return is allowable as deduction u/s. 43B(b) of the Income Tax Act as there is no due date prescribed for payment under NPS.
ITAT Ahmedabad held that passing of revisionary order by PCIT u/s. 263 of the Income Tax Act without giving proper and adequate opportunity of being heard to the assessee is liable to be set aside.
The Madras High Court in Thejo Engineering Limited Vs Deputy Director of Income Tax ruled that denying Foreign Tax Credit despite accepted computations is incorrect.
Orissa High Court dismisses review application, asserting it cannot act as an appellate authority over a coordinate Bench’s order. Read the full judgment.
Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, and removal of indexation benefits.
Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential challenges for firms.
Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelines, condonation of delay, and regime merger.
Certain expenses related to cost of improvement of land put forward by assessee were disallowed noting lack of proper and sufficient evidence to support claims of cost incurred for improvement of property.
