Income Tax : The most commonly applied interest provisions are found under Sections 234A, 234B, 234C. Understanding these sections is crucial f...
Income Tax : Deadline for filing Income Tax Returns is fast approaching. Although due date for non-audit taxpayers has been extended to Septemb...
Income Tax : Understand advance tax liability and payment due dates in India. Learn who needs to pay, installment percentages, special provisio...
Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Learn steps for calculating and paying advance tax for corporates, due dates for instalments and penalties for delayed payments u...
Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of time limit by condoning delay Issuance of Order under Section ...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance mini...
Income Tax : ITAT Delhi held that addition under section 68 of the Income Tax Act cannot be sustained as assessee has proved the source of fund...
Income Tax : ITAT Mumbai held that short-term capital loss [STCL] on which STT is paid [which is taxable at 15% u/s. 111A of the Income Tax Act...
Income Tax : ITAT Raipur held that addition of commission @1% on bogus sales transacted upheld as no plausible explanation provided by the asse...
Income Tax : ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50...
Income Tax : ITAT Kolkata sets aside ex-parte CIT(A) order on unexplained demonetization cash deposit against Akanksha Enterprises, allowing a ...
ITAT Delhi held that addition under section 68 of the Income Tax Act cannot be sustained as assessee has proved the source of funds for purchase of land made in earlier assessment year. Accordingly, appeal allowed.
ITAT Mumbai held that short-term capital loss [STCL] on which STT is paid [which is taxable at 15% u/s. 111A of the Income Tax Act] can be set off against short-term capital gains [STCG] on which STT is not paid [which is taxable at 30% u/s. 115AD].
The most commonly applied interest provisions are found under Sections 234A, 234B, 234C. Understanding these sections is crucial for taxpayers to avoid unintended liabilities and to ensure proper tax compliance.
ITAT Raipur held that addition of commission @1% on bogus sales transacted upheld as no plausible explanation provided by the assessee. Accordingly, appeal dismissed and order of CIT(A) upheld.
ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50B of the Act is satisfied. Accordingly, benefit of section 50B granted and AO directed to compute the business income accordingly.
ITAT Kolkata sets aside ex-parte CIT(A) order on unexplained demonetization cash deposit against Akanksha Enterprises, allowing a fresh hearing based on natural justice.
ITAT Delhi rules that royalty income, uncertain in collection, cannot be taxed merely due to TDS deduction. Real income theory and AS-9 prevail.
Mumbai ITAT grants relief to senior citizen Neeta Rohit Patel, quashing interest under Sections 234B & 234C on exempt partnership income. Landmark ruling clarifies advance tax exemption.
Deadline for filing Income Tax Returns is fast approaching. Although due date for non-audit taxpayers has been extended to September 15, 2025, it is advisable not to wait, at least for tax payment, until due date of ITR filing.
ITAT Jaipur held that denial of exemption u/s. 10(23C)(iiiad) of the Income Tax Act for non-filing of return before due date prescribed u/s. 139(1) not justified since aggregate annual receipts doesn’t exceed specified limit. Accordingly, exemption granted and appeal allowed.
