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July, 2024 Tax Compliance Tracker: Income Tax & GST Deadlines

Goods and Services Tax : Stay updated with Tax Compliance Tracker for Income Tax and GST. This tracker provides due dates for various tax-related filings a...

June 30, 2024 149325 Views 1 comment Print

Judicial Interpretation of Income Tax Law in India

Income Tax : Introduction to Judicial Interpretation of Income Tax Law in India The judicial elucidation of income tax legislation in India pla...

June 29, 2024 642 Views 0 comment Print

Tax Deducted At Source Under Section 194C on Payment To Contractors

Income Tax : Learn about TDS under Section 194C of the Income Tax Act for payments to contractors. Includes rates, who needs to deduct, contrac...

June 26, 2024 1482 Views 0 comment Print

Section 194S: TDS on transfer of Virtual Digital Assets (VDA)

Income Tax : Understand Section 194S of the Income Tax Act, 1961. Learn about TDS on transfer of virtual digital assets (VDA), thresholds, tax ...

June 24, 2024 1080 Views 0 comment Print

TDS on Purchase of Property: Section 194IA of Income Tax Act, 1961

Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...

June 21, 2024 2340 Views 0 comment Print


Latest News


Budget 2024 Proposals: GST & Income Tax Amendments

CA, CS, CMA : Discover comprehensive proposals from The Punjab Accountants Association to improve tax compliance, extend filing deadlines, inclu...

June 29, 2024 4122 Views 0 comment Print

Budget Memorandum 2024 & suggested Amendments to Income-tax Act 1961

Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...

June 20, 2024 3102 Views 0 comment Print

Representation against Proposed Amendment In Section 43B of Income Tax

Income Tax : Discover how proposed amendment in Section 43B of Income Tax Act, 1961, affects MSMEs. Learn about potential challenges and sugges...

June 11, 2024 4872 Views 0 comment Print

Guidance Note on Inventory Valuation under Income Tax Act 1961

Income Tax : Learn how to prepare Inventory Valuation Reports under Section 142(2A) of the Income Tax Act, 1961 with our comprehensive Guidance...

May 10, 2024 2070 Views 0 comment Print

Live Course on Section 43B(h) by CA Manoj Lamba – Last Few Hours to register

Income Tax : Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down ...

May 10, 2024 10110 Views 1 comment Print


Latest Judiciary


PMLA, 2002: ED can Prosecute Violations of Sections 3 & 4 Based on Predicate Offense

Corporate Law : Detailed analysis of Pirtpal Singh vs Directorate of Enforcement case by Punjab and Haryana HC, regarding PMLA prosecution based o...

June 30, 2024 66 Views 0 comment Print

ITAT Kolkata deletes Addition for Share Capital of Rs. 1.54 Crore

Income Tax : Explore the detailed analysis of ITO Vs Axisline Investment Consultants Pvt. Ltd. case where ITAT Kolkata deleted Rs. 1.54 crore a...

June 30, 2024 168 Views 0 comment Print

Share application amount cannot be added twice in payees & recipients’ hands u/s 68  

Income Tax : ITAT Kolkata held in ITO Vs Happy Structure Pvt. Ltd.  that share application amount cannot be added twice under Section 68 of In...

June 30, 2024 165 Views 0 comment Print

Section 68 addition based on conjectures & surmises not justified: ITAT Kolkata

Income Tax : Satyam Smertex pvt. Ltd. Vs DCIT (ITAT Kolkata): Addition made by AO and confirmed by CIT(A) are based on conjectures and surmises...

June 30, 2024 99 Views 0 comment Print

Alleged circular transactions & Bogus Invoicing: HC upheld validity of reassessment proceedings

Income Tax : Explore the detailed analysis of Chetak Enterprises Ltd. Vs ACIT Rajasthan High Court judgment on reopening assessments under Sect...

June 29, 2024 825 Views 0 comment Print


Latest Notifications


Revised Jurisdiction of DIT Intelligence & Criminal Investigation in Lucknow & Kanpur Notified by CBDT

Income Tax : Explore the latest amendment in the Income Tax Act 1961 by Notification No. 50/2024 issued by the Ministry of Finance. Detailed an...

June 6, 2024 840 Views 0 comment Print

CBDT exempt RBI from Higher TDS deduction under Section 206AB

Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...

May 27, 2024 3504 Views 0 comment Print

CBDT Extends Due Dates: Form No. 10A/10AB Filing upto 30th June, 2024

Income Tax : Get insights on Circular No. 7/2024 issued by CBDT, extending due dates for filing Form No. 10A/10AB under the Income-tax Act, 196...

April 25, 2024 25383 Views 0 comment Print

Notification under Section 80G(2)(b) for Shree Ramanuj Kot Trust Indore

Income Tax : Explore the notification under section 80G(2)(b) of the Income Tax Act 1961 for Shree Ramanuj Kot Trust in Indore. Details of vali...

April 23, 2024 567 Views 0 comment Print

CBDT notifies designated authority for sharing information with Uttar Pradesh Govt

Income Tax : Explore the Central Board of Direct Taxes order under section 138(1)(a) of the Income-tax Act, 1961, regarding information sharing...

March 27, 2024 477 Views 0 comment Print


ITAT Upholds Denial of Section 35(1)(ii) Deduction for Donations to Trust Issuing Bogus Bills

February 13, 2024 576 Views 0 comment Print

ITAT Ahmedabad dismisses Haresh Acids and Chemicals Pvt Ltd’s appeal, rejecting deduction under Section 35(1)(ii) for bogus donation bills, emphasizing legal compliance.

Kerala HC Orders swift CBDT Decision on Co-op Deposit Guarantee Fund’s Section 10(46A) Exemption Request

February 13, 2024 234 Views 0 comment Print

Kerala High Court directs swift decision on Kerala Co-operative Deposit Guarantee Fund Board’s exemption application under Section 10(46A) of the Income Tax Act.

Chandigarh ITAT allows additional evidence in assessments under section 144

February 12, 2024 762 Views 0 comment Print

Chandigarh ITAT allows additional evidence in assessments under section 144, ensuring fair taxpayer treatment and legal compliance.

No Section 69 Addition If Investment recorded in Books & Explanation Satisfactory

February 12, 2024 1299 Views 0 comment Print

Mumbai ITAT decision clarifies that no addition under Section 69 I-T Act is justified once the source of investment is proven, setting a precedent.

Safe Harbour Limit of 5% Under Section 50C(1) Deemed Retrospective

February 12, 2024 984 Views 0 comment Print

Mumbai ITAT reiterates Sec 50C(1) as a measure against tax evasion by undervaluing property sales, emphasizing its retrospective application.

No Cessation of Liability u/s 41(1) as debt not written off in books

February 12, 2024 975 Views 0 comment Print

ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said that that cease to exist.

Section 40A(2)(a) Disallowance Requires Fair Market Value Assessment: Arbitrary Ad Hoc Disallowances Not Upheld

February 12, 2024 378 Views 0 comment Print

Delve into ITAT Delhi’s verdict on ACIT vs Noida Cyber Park Pvt. Ltd., emphasizing the need for fair market value assessment in Section 40A(2)(a) disallowances and rejecting arbitrary ad hoc deductions.

No Addition u/s 69A for NRI’s cash deposit during Demonetization in NRO Account from earlier Withdrawals

February 12, 2024 675 Views 0 comment Print

ITAT Delhi deletes addition under section 69A of Income Tax Act in Viren Bakhru vs. ACIT case. Assessee’s explanation of cash deposit during demonetization accepted.

LTCG Not Bogus if Assessee Proves Transaction Genuineness

February 12, 2024 870 Views 0 comment Print

Gujarat High Court rules in favor of taxpayer in PCIT-1 vs Parasben Kochar, dismissing appeal on LTCG tax exemption under Section 10(38).

CIT Cannot Cancel Trust Registration for Settlor’s Use Clause or Mutual Fund Investments

February 12, 2024 390 Views 0 comment Print

ITAT Pune overturns CIT (Exemption)’s decision, allowing S.M. Batha Education Trust to retain its registration under Section 12AB, affirming its charitable nature.

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