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Income Tax : The Updated Income Tax Return (ITR-U) is a recent provision introduced under Section 139(8A) of the Income Tax Act, 1961. This pro...
Income Tax : Tribunal ruled that Section 12AB(4) does not provide powers to cancel Section 12A registrations, and the notices issued were inval...
Income Tax : Explore income tax benefits for senior citizens in India, including tax slabs, exemptions, deductions, and key provisions under th...
Income Tax : One of the most infamous tax evasion cases in India is the Sahara India tax evasion case, which highlights the legal implications ...
Income Tax : Learn how to save tax under the new tax regime with standard deduction, employer NPS contributions, and tax-free retirement benefi...
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 : Telangana High Court sets aside ITAT's remand to CIT(A) in a penalty case, emphasizing the Tribunal's duty as a final fact-finding...
Income Tax : Gujarat High Court held that reopening of assessment is based on change of opinion since exact entry which was already scrutinised...
Income Tax : ITAT Ahmedabad deletes addition of ₹6.16 lakh under Section 69A for unexplained jewellery, considering joint ownership of locker...
Income Tax : ITAT Mumbai ruled on Dev Engineers Vs DCIT, deleting penalties under Sections 271(1)(c) and 271AAB. Additions were based on estima...
Income Tax : ITAT Delhi rules that interest on enhanced land acquisition compensation under Section 28 is part of compensation, not taxable inc...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
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...
Kerala High Court directs Income Tax Department to consider stay petition in penalty proceedings initiated under Section 271A against Wexco Homes Pvt Ltd.
Gujarat High Court’s decision on Shyamlal Rupchand Parwani vs ACIT, rejecting interference at the Section 153C notice stage and emphasizing legal procedure.
ITAT held that taxation should be based on real income. It found that the AO’s attempt to tax hypothetical income was unjustified. Furthermore, it was established that the credit note adjustments made for benchmarking purposes were legitimate and in accordance with the tax provisions.
Maximize your tax savings as a salaried employee with smart planning strategies. Discover allowances and deductions for income tax exemption before the March 31, 2024 deadline!
Learn about the crucial concept of set off and carry forward of losses in taxation. Discover how losses can be deducted from profits within the same financial year and carried forward to subsequent years for tax relief.
Explore the evolution of harmful tax practices from the OECD’s 1998 report to the BEPS Action 5 approach, focusing on transparency, substantial activity requirements, and the eradication of harmful regimes.
Discover the essentials of home loans, including eligibility, considerations before applying, benefits like tax exemptions, and the loan disbursement process for prospective homeowners.
Understand whether TCS u/s 206C(1H) or TDS u/s 194Q of the Income Tax Act applies to sales/purchases above 50 lakhs in India with clear explanations and examples.
Maximize your tax savings as a salaried individual for the financial year 2022-23. Explore options like Standard Deduction, HRA, Interest on Borrowed Capital, Section 80C investments (Life Insurance, PPF, FDs), Section 80CCD(1B) for NPS, Section 80D for Medical Insurance, and deductions for interest on home loans. Stay informed and plan strategically to optimize your tax benefits.
Bombay High Court quashes reassessment notice against Kartik Gandhi for AY 2019-20, highlighting issues with Section 148 and 151 approvals.
