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CA, CS, CMA : The article summarizes important notifications, circulars, judicial rulings, and regulatory changes issued between 11–17 May 202...
Income Tax : The Bombay High Court held that reopening for AY 2016–17 becomes invalid when sanction is obtained from an authority not prescri...
CA, CS, CMA : The week witnessed important rulings on benami transactions, GST natural justice violations, and misuse of insolvency proceedings....
Income Tax : A comprehensive guide explaining taxation of house property income, annual value computation, deemed ownership, and deductions und...
CA, CS, CMA : This update compiles key statutory deadlines across multiple laws for May 2026. It highlights filing requirements under income tax...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
Income Tax : The government responds to queries on corporate tax, including notices, prosecutions, and collections over the past five years....
Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...
Income Tax : Live Webinar on Section-43B(h) of Income Tax Act, 1961 read with Section-2, 7-8, 15-16-17 of MSMED Act 2006 on 03-03-2024- SundayÂ...
Income Tax : Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me te...
Income Tax : The court directed the Board of Advance Rulings to expedite the disposal of a pending application under Section 245Q, ensuring tim...
Income Tax : The High Court allowed a religious society to submit delayed audit documents, citing the treasurer’s age and Covid-19 as valid r...
Income Tax : The Kerala High Court has temporarily halted income tax recovery proceedings against Palode Service Co-Operative Bank Ltd a Primar...
Income Tax : The Delhi High Court dismissed the Revenue's appeals in CIT-1 v. Casio India Co. Pvt. Ltd. for AY 2012-13 and 2013-14, affirming t...
Income Tax : The Tribunal found the addition uncalled for. cash deposits from the sale of old vehicles, accepted as genuine sales by the AO, ca...
Income Tax : CBDT Notification 150/2025 grants income tax exemption to the Jhansi Development Authority under Section 10(46A), effective from A...
Income Tax : The Central Board of Direct Taxes has granted income tax exemption to the Parambikulam Tiger Conservation Foundation on specific i...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
The proposed changes consolidate all IT and ITeS activities into a single category with a lower, uniform margin and a much higher turnover threshold. The key takeaway is reduced litigation risk and greater pricing certainty for large and mid-sized IT service providers.
The Budget combines strong capital spending with wide-ranging tax simplification measures. The key takeaway is reduced litigation and easier compliance without compromising fiscal discipline.
The court directed the Board of Advance Rulings to expedite the disposal of a pending application under Section 245Q, ensuring timely filing of tax returns by the petitioner.
The High Court allowed a religious society to submit delayed audit documents, citing the treasurer’s age and Covid-19 as valid reasons, directing authorities to reconsider exemption under Section 11.
The CBDT’s Income Tax Informants Reward Scheme 2018 offers rewards up to ₹5 crore for specific, written information leading to the detection of substantial tax evasion, including undisclosed foreign assets. It specifies eligibility, confidential procedures, and tiered rewards based on the realized tax amount.
The Kerala High Court has temporarily halted income tax recovery proceedings against Palode Service Co-Operative Bank Ltd a Primary Agricultural Credit Society. The Kerala High Court stayed income tax recovery proceedings against a Primary Agricultural Credit Society, citing a pending appeal where the core tax issue is allegedly covered by the Supreme Court’s Mavilayi Service Co-Operative Bank judgment.
Summary of Income Computation and Disclosure Standards (ICDS) and their mandatory reconciliation with Accounting Standards for calculating taxable income under the Income-tax Act.
The Delhi High Court dismissed the Revenue’s appeals in CIT-1 v. Casio India Co. Pvt. Ltd. for AY 2012-13 and 2013-14, affirming the ITAT’s finding that AMP expenses did not constitute an international transaction warranting separate transfer pricing adjustments.
The Tribunal found the addition uncalled for. cash deposits from the sale of old vehicles, accepted as genuine sales by the AO, cannot be treated as unexplained cash credit under Section 68 merely for the absence of buyers’ PAN or address details.
ITAT Delhi held that notice under section 143(2) of the Income Tax Act issued by ITO, who didn’t have jurisdiction over the assessee, instead of DCIT is unwarranted. Thus, assessment order based on invalid notice is not sustainable.
