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Income Tax : Explore the tax implications for IPL players, including income tax for Indian and overseas players, TDS rates, and the role of DTA...
Income Tax : Explore the taxation framework for startups in India, including tax holidays, ESOPs, and angel tax exemptions under the Income Tax...
Income Tax : New Application for Condonation of Delay in Filing Forms 9A, 10, 10B, and 10BB Post 18th November 2024 as per Circular No. 16/2024...
Income Tax : India-Switzerland MFN clause suspension may cost $100 billion in Swiss investment, raising tax rates on dividends and impacting th...
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Income Tax : Government decriminalizes minor direct tax offences, simplifies compliance, and improves litigation management. Key changes includ...
Income Tax : PAN 2.0 focuses on process upgrades for taxpayers with no mandatory new PAN card. Existing cards remain valid. Estimated cost: ₹...
Income Tax : CBDT's electronic campaign helps taxpayers fix mismatches in income and transactions for FY 2023-24 and 2021-22. Revised ITRs can ...
Income Tax : KSCAA raises concerns and provides suggestions for improving the Direct Tax Vivad Se Vishwas Scheme 2024 to the CBDT....
Income Tax : The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years....
Income Tax : The assessee is a souharda cooperative society duly registered under the Karnataka Souharda Sahakari Act, 1997 and is engaged main...
Income Tax : ITAT Ahmedabad held that addition towards undisclosed receipts not sustainable since the amount stand reconciled. Accordingly, ord...
Income Tax : Madras High Court granted stay on payment of 10% of tax demand since the respondent/ department failed to furnish proof against al...
Income Tax : Delhi High Court held that in case of investment in two residential properties, exemption under section 54F of the Income Tax Act ...
Income Tax : Assessee had given reasons that as per the previous counsel, late Shri R.R. Jain (C.A.) had given advice no separate appeal agains...
Income Tax : Circular No. 19/2024 offers clarifications on the eligibility and settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024....
Income Tax : CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Officia...
Income Tax : Notification designates special courts in Tamil Nadu under the Income Tax Act, 1961, and Black Money Act, 2015, for specific distr...
Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
Income Tax : Overview of steps in the ITBA Assessment Module for passing assessment orders, including income computation, feedback, and order g...
Madras High Court held that expenditure claimed as capital expenditure cannot be claimed as revenue expenditure in the computation of income. Accordingly, appeal filed by the assessee dismissed.
The assessee filed his return of Income on 27.08.2019. After filing the return, assessee received intimation u/s 143(1) of the Act dated 23.03.2021 and found that relief under section 90 of the Act had not been allowed amounting to Rs 73,658/-.
ITAT Bangalore held that delay of 1809 days in filing of an appeal condoned since reasonable cause shown for the delay. Accordingly, appeal allowed and AO directed to allow Foreign Tax Credit after due verification of Form 67.
ITAT Surat held that the delay in filing the appeal before CIT(A) is not deliberate or intentional or due to gross negligence on the part of the assessee. Accordingly, delay of more than 2 years condoned and matter remanded back to CIT(A).
Explore the taxation framework for startups in India, including tax holidays, ESOPs, and angel tax exemptions under the Income Tax Act.
New Application for Condonation of Delay in Filing Forms 9A, 10, 10B, and 10BB Post 18th November 2024 as per Circular No. 16/2024-Income Tax In certain instances, due to unforeseen circumstances, the assessee or auditor may file the audit report for the trust in Forms 9A, 10, 10B, or 10BB after the due date. As […]
India-Switzerland MFN clause suspension may cost $100 billion in Swiss investment, raising tax rates on dividends and impacting the India-Swiss DTAA benefits.
ITAT Chennai held that only peak credit to be considered and no further addition to be made in case of circular transaction since bank account of appellant’s father duly considered for the purpose of calculating peak credit in the hands of assessee.
Without purchases, there would have been no sales. AO’s claim of inflated purchases to reduce tax liability was not substantiated, as all 10 transactions of diamond purchase and sale were documented with relevant details.
Addition of Rs.10 Crore under Section 271(1)(c) was not justified as Revenue failed to specify whether the addition was being made alleging concealment of income or for furnishing inaccurate particulars of income.
