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Income Tax : This guide explains when Section 206AA requires TDS at a higher rate due to non-furnishing of PAN and the applicable exceptions. I...
Income Tax : Learn how TDS on rent is governed under Sections 194-I and 194-IB, including eligibility, deduction rates, thresholds, and complia...
Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
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 upheld deletion of the Section 69A addition after finding that the bank credits were satisfactorily explained as insuranc...
Income Tax : Tribunal held that final assessment order was time-barred because it was passed after mandatory period prescribed under Section 14...
Income Tax : The ITAT held that a transfer pricing order issued without authentication or a digital signature is invalid in law. Consequently, ...
Income Tax : The ITAT held that an opening cash balance cannot be treated as unexplained merely because the previous year's income tax return r...
Income Tax : The ITAT held that the Assessing Officer disallowed interest expenditure without adequately verifying the records or confronting t...
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...
INTERIM ACTION PLAN FOR FINANCIAL YEAR 2021-22 Apart from the time barring work being attended to by the respective Charges, the following Key Result Areas have been identified for achievement within the time lines as indicated below:
Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2021- 22 – conduct of assessment proceedings in such cases
The standard of proof in criminal proceedings was higher than the standard of proof in civil/departmental proceedings. In a reverse case, where criminal proceedings ended in acquittal but simultaneous departmental proceedings continued, the result of the criminal proceedings would not have any bearing on the departmental proceedings, as judgment of the criminal Court was not binding in civil or departmental proceedings.
DCIT Vs Toshvin Analytical Private Limited (ITAT Mumbai) As per facts recorded above, the penalty in this case is only with reference to addition on bogus purchases amounting to Rs.3,83,388/-. The addition was sustained by the ITAT @8% of the bogus purchases. We find that on the facts and circumstances of the case, the Ld. […]
Ekta Housing Pvt. Ltd Vs DCIT (ITAT Mumbai): Conclusion: Addition as regards the on-money received by assessee was to be made to the extent of the income element embedded in such receipts and the entire amount of on-money could not have been added in the hands of the assessee. No reason or logic had been […]
Dheeraj Thakran Vs ITO (ITAT Delhi) Conclusion: Since the gifts in the instant case were received from parents, brother and spouse, respectively and the father had withdrawn substantial cash amount from the bank before giving the gift on various dates to his son and the gifts from brother, from mother and from spouse were not […]
1. The Income Tax Department has launched its new e-filing portal https://www.incometax.gov.in On 7th June 2021. 2. The new e-filing portal has a simplified feature to download Form 26 AS. 3. FORM 26AS: Form 26 AS is the most important document required before filing Income Tax Return (ITR). This Form is also known as the […]
♦ Who is liable to deduct TDS u/s 194Q? Buyer will deduct TDS of seller As per section 194Q, When a Buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of such value exceeding Rs.50 Lakhs during the year, he shall deduct […]
Vishwanath Sharma Vs Pawan Kumar Singal (NCLT Delhi) In relation to repeated assertion made by Senior Counsel Mr. Ganda that without disposing of the Application filed by Dhankalash Distributors Pvt. Ltd in IA-2116/2021 and IA-2184/2021 challenging the constitution of the voting share percentage of the Homebuyers, which will have a significant impact on the voting […]
ACIT Vs CMG Steels Pvt. Ltd. (ITAT Chennai) Facts already disclosed in return of income cannot constitute incriminating material found during search. Also held cross examination importance when requested without which addition becomes invalid In the present case, on perusal of facts available on record, we find that the AO has made additions towards unsecured […]
