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Income Tax : Taxation plays a key role in reducing income inequality through progressive tax policies, redistribution, and public services. Lea...
Income Tax : Understand tax obligations for freelancers in India, including GST, deductions, advance tax, and compliance strategies to manage t...
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 : 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 Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Chandigarh held that treating capital gains earned on sale of shares as bogus merely on the basis of warning letter of SEBI w...
Income Tax : Bombay High Court invalidates reassessment notice under Section 148 of the Income Tax Act, citing failure to meet jurisdictional c...
Income Tax : ITAT Jaipur held that exercise of revisionary power under section 263 of the Income Tax Act on the basis of audit objection is not...
Income Tax : Bombay High Court dismisses Shandilya Properties LLP's petition challenging an income tax assessment order, directing them to exha...
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...
ITAT Delhi has ruled that additions made under Section 153C of Income Tax Act cannot be sustained without any incriminating material found during a search and seizure operation.
ITAT Kolkata has ruled that the delay in filing Form 67 should not lead to the denial of relief under Section 90 of the Income Tax Act. The case involves Sobhan Lal Gangopadhyay’s appeal against the order of the National Faceless Appeal Centre (CIT(A)), concerning the claim of tax relief paid in the Republic of Korea. This judgment follows a similar decision in the Sonakshi Sinha case.
A comprehensive analysis of the ITAT Delhi’s recent ruling in the case of Ballabh Prasad Aggarwal Vs ACIT, involving income tax addition on supposed long-term capital gains from jewellery sale.
Bombay High Court has directed the Income Tax Authorities to refund the deposit made under the Income Declaration Scheme (IDS). This article analyzes the court’s decision and its implications, emphasizing the importance of adjusting the deposited amount against outstanding demands.
ITAT Mumbai held that addition made on account of foreign exchange loss unsustainable as the same is duly allowed as deduction by the Tribunal in past
ITAT Chandigarh held that invocation of revisionary powers under section 263 post due enquiry carried out by AO and assessment order passed with due application of mind is unjustified and untenable in law
ITAT Delhi held that deduction under section 80IC of the Income Tax Act is permissible on account of belated filing of return beyond the prescribed time limit under section 139(1) of the Income Tax Act.
Article examines contrast between sections 44AA and 44AB of Income Tax Act 1961, highlighting confusion it creates. Gain insights into requirements for maintaining books of account and audit, and explore suggestions to address disparity
ITAT, Ahmedabad in Joshi Technologies International Inc. v. ADIT held that oil wells are plant and machinery, and accordingly, higher depreciation would be allowed
ITAT Hyderabad held that as addition was not made voluntary but was made only after the search and incriminating evidences found during the search, accordingly, penalty u/s 271(1)(c) of the Income Tax Act towards such addition is sustainable.
