Income Tax : Breaks down Section 234F penalties, 1% monthly interest, and the hidden loss of tax benefits that arise when returns are filed aft...
Income Tax : Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed adva...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for ...
Income Tax : Missing the ITR due date u/s 139(1) mandates the use of the new tax regime, as the option to choose the old regime or file Form ...
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 : Representation for relaxation from levy of interest u/s. 234A on payment of self-assessment tax for A.Y. 2020-21 within extended d...
Income Tax : The Government is planning to specify a certain category of taxpayers to pay their entire tax liability for FY 2019-20 in advanc...
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 : Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of ac...
Income Tax : Relying on its earlier ruling in the assessee’s own case, the Tribunal held that gross profit should be estimated at 0.40% rathe...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Income Tax : ITAT Delhi held that lawful TDS credit cannot be denied merely because the Assessing Officer overlooked an earlier rectification o...
Income Tax : The Tribunal ruled that participation by a legal heir does not validate notices and assessment orders issued in the name of a dece...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
Income Tax : CIRCULAR NO. 2/2015 The Board has decided that no interest under section 234A of the Act is chargeable on the amount of self-asses...
ITAT Delhi held that the assessee is not required to prove that a particular debt had become bad debt in order to claim deduction on account of bad debt written off pursuant to the amendment made u/s 36(1)(vii) of the Income Tax Act after 01.04.1989.
ITAT Jaipur allowed Naval Kishore’s appeal, ruling that no additions could be made under Section 153A, as no incriminating material was found during the search.
Discover the risks and penalties of submitting fake rent receipts to claim HRA exemptions and learn how to comply with tax regulations effectively.
ITAT Ahmedabad held that the severance compensation received by the employee is a capital receipt and the same is not chargeable to tax under Section 17(3) of the Income-tax Act, 1961.
ITAT Bangalore rules CIT(A) cannot dismiss an income tax appeal on limitation grounds after con-doning the delay. Case remitted for fresh consideration.
ITAT Ahmedabad rules in favor of a co-op housing society, deleting addition based on assumed 8% net profit from unsecured loans taken from non-members.
ITAT Bangalore held that addition u/s. 69A unjustified as cash deposited in bank account is from business income and the same is already considered under the Profits & gains of business or profession.
AO, however, did not accept the explanation of the assessee and the accumulation of income of Rs.5,92,352/-in A.Y. 2008-09, which was held as not applied within the stipulated period of 5 years, was treated as income of the current year.
ITAT Mumbai held that issuance of notice under section 148 of the Income Tax Act in contravention of the provisions of section 151, as the sanction of the concerned Specified Authority was not obtained, is void abinitio and bad in law.
Punjab and Haryana High Court held that interest under section 234B and 234C of the Income Tax Act cannot be waived as depositing advance tax has nothing to do with seizure of the books of accounts.
