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Income Tax : The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without...
Income Tax : Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications an...
Income Tax : Bombay High Court, in Chamber of Tax Consultants v. Director General of Income Tax (Systems) (2025), ruled that flaws in the ITR u...
Income Tax : Co-browsing helps taxpayers file ITR, change settings, and navigate the tax portal with real-time help from agents. Secure, free, ...
Income Tax : This article provides an in-depth analysis of India's tax brackets, key deductions, and recent amendments to income tax laws, help...
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 : ITAT Mumbai allows compensation for contract breach as business expense, dismisses revenue's appeal on advance additions in Logica...
Income Tax : ITAT Ahmedabad remands case due to incorrect notice delivery, allowing reassessment of unexplained deposits and income under natur...
Income Tax : ITAT Chennai remands case for fresh assessment, allowing Ramesh Sreenivasalu to submit documents on demonetization cash deposits. ...
Income Tax : ITAT Mumbai rules that trading results and gross profit cannot be disturbed if purchases, sales, and payments are substantiated. B...
Income Tax : ITAT Delhi directs inclusion of Magma Advisory Services Ltd. in Honda R&D's comparable list, rejecting TPO's reasons and DR's func...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
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...
Navigate the complexities of cryptocurrency taxation in India with this comprehensive overview. Explore the classification, tax implications for trading, mining, salary, and GST on cryptocurrencies. Understand the reporting requirements and stay informed on the evolving tax landscape. Disclaimer: Consult a qualified tax professional for personalized advice.
Unlock the complexities of Income Tax on Shares in this comprehensive guide. Explore classifications, Capital Gains, PGBP, and navigate 44AD, 44AB, and Regular provisions. Understand taxation on listed shares for both delivery-based and non-delivery-based trading. Gain practical insights on reporting, tax rates, and effective strategies for profits and losses.
ITAT Kolkata held that making the addition for under valuation of closing stock for not adding making charges specifically for the year under appeal cannot be held to be justified unless and until corresponding adjustment is made for the opening stock. Accordingly, addition deleted.
ITAT Mumbai held that CIT(A) has passed the order ex-parte due to the non-appearance of/on behalf of the assessee. Accordingly, de novo adjudication ordered as CIT(A) didn’t rendered any finding on merits.
In present facts of the case, the Hon’ble High Court have upheld the Judgment of ITAT wherein it was observed that the tax residency certificate is sufficient to determine the proof of residency and the income-tax authorities cannot ignore the valid tax residency certificate issued by the Government authority of the other contracting state, that is, Singapore.
ITAT Pune held that exemption under section 54B of the Income Tax Act based on new agricultural land bought in the name of the son and daughter-in-law and not in the name of the assessee is not allowable.
Bombay High Court held re-opening of assessment under section 148 of the Income Tax Act for mere change of opinion is without jurisdiction and unsustainable in law.
Calcutta High Court held that considering the provisions, order passed u/s 148A(d) is within three years and accordingly, Principal CIT (PCIT) and not the Principal Chief CIT (PCCIT) is ‘Specified Authority’ for approval of the same. Thus, AO rightly took approval from Principal CIT.
ITAT Nagpur held that the assessee is undoubtedly entitled to hold two different portfolios in respect of the same kind of asset i.e. stock in trade and investment. Since, the land was held as investment the same is assessable to tax under the head ‘capital gain’.
ITAT Chennai held that CIT(A) deleted disallowance of interest made u/s 36(1)(iii) based on the fresh evidences furnished by the assessee. However, CIT(A) failed to afford an opportunity to AO to verify the fresh evidence which is in violation of Rule 46A and hence order remanded back to AO to verify the evidences.
