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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...
Section 139AA of the Income Tax Act provides that every individual who has been allotted a permanent account number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate his Aadhaar number in the prescribed form and manner.
ITAT Delhi held that amount received on account of business support services cannot be treated as ‘Fees for Technical Services’ (FTS) under Article 12(5) of India Netherlands DTAA and hence addition towards the same unsustainable.
ITAT Delhi held that share application money received in cash for allotment of shares would not amount either to a loan or deposit within the meaning of Section 269SS of the Income Tax Act. Accordingly, penalty u/s 271D not leviable.
Undisputedly investment been made out of part of sale consideration. Therefore, simply because sale deed been executed subsequently, section 54F deduction cannot be denied
Paul Gerard Jenner Vs ITO (ITAT Dehradun) The appeal has been summarily dismissed by the ld. CIT(A) treating the appeal filed in manual Form as invalid and holding that the assessee was mandatorily required to file the appeal electronically. The assessee could not submit the appeal in electronic Form/online as it had to be verified […]
Parvatiya Plywood (P) Ltd. Vs ITO (ITAT Delhi) Assessee filed its return of income through e-mode on 30.09.2012 declaring NIL income. It is recorded by the Assessing Officer that the assessee has claimed deduction u/s 80IC of the Act, amounting to Rs.34,49,325/-. In respect of statutory notices, Ld.AR of the assessee attended the assessment proceedings. […]
When donations forming corpus of assessee’s trust received with specific purpose are capital in nature. ITAT held that corpus specific voluntary donations are not taxable in case of unregistered trust
Prakash Tatoba Toraskar Vs ITO (Bombay High Court) In this case initial notice under Section 148 was in the name of the deceased and so was the subsequent communication dated 20 May 2022 purporting to be a notice in terms of Section 148A(b), it is settled law that notice issued under Section 148 of the […]
Decision of jurisdictional high court with jurisdiction over AO should be followed and applied by NFAC. Relief should not be refused to taxpayer merely because there was a conflicting decision of a non-jurisdictional high court.
Income Tax e-Portal has added a new feature that allows taxpayers to respond to any ITBA notice/document DIN that is not linked to a PAN/TAN or Notice under Section 133(6) where the user does not have an e-filing account with the entity to which the notice is issued.
