Income Tax : This guide explains the penalty and prosecution framework under the Income-tax Act for AY 2026-27. It highlights the consequences ...
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
Income Tax : The article explains how offences such as wilful tax evasion, failure to file returns, non-payment of TDS/TCS, falsification of re...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
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 : ITAT Hyderabad deleted Section 69A addition as cash deposits were already accepted as business turnover under Section 44AD, avoidi...
Income Tax : ITAT Amritsar set aside the reassessment and remanded the matter for fresh adjudication after directing verification of Section 14...
Income Tax : ITAT Delhi deleted Section 11 disallowance and allowed exemption claims, holding denial under Section 13 is restricted to the exte...
Income Tax : ITAT Mumbai held software distribution receipts and management service fees not taxable under Article 12 of the India-Singapore DT...
Income Tax : ITAT Mumbai held management fees were not taxable as FTS under the India-Singapore DTAA and remanded software taxability for fresh...
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...
सरकार द्वारा कोरोना महामारी को देखते हुए आयकर से सम्बंधित विभिन्न तिथियों को बढ़ा दिया है जिससे करदाताओ को राहत मिलेगी आयकर से सम्बंधित बढाई गई मुख्य तिथिया निम्न है 1. वित्तीय लेनदेन से सम्बंधित स्टेटमेंट जिसे (एस.एफ.टी) भी कहा जाता है वित्तीय वर्ष 2020-2021 जिसे 31 मई 2021 तक भरना था वह अब 30 […]
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 section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is extended to 31st October 2021;
CBDT issued Income Tax circular No. 09/2021 dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases: Extended Income Tax Due Date Chart after Considering circular […]
Formerly while notice under section 148 is received from the department to assess the income that has escaped the assessment, by the Assesses, who have already filed the returns of income, it has been the accepted practice that they would send a letter stating that they had already filed the return of income on a […]
Any assessee who has tax payable and don’t file his/her Income Tax Return within the due date specified u/s 139(1) is liable to pay interest u/s 234A. Meaning of Due Date U/s 139(1) Non Audit Cases : 31st July Audit Cases : 31st Oct, Due to Covid 19 CBDT on 24th June 2020 extended the […]
DCIT Vs Zorawar Vanaspati Ltd. (ITAT Delhi) The issue under consideration is whether the cross objection filed by the revenue regarding levying penalty u/s 234A and 234B of the Act on returned income is justified in law? ITAT states that as far as Revenue’s appeal is concerned, an undisputed fact that the Revenue’s appeal is […]
The issue under consideration is whether disallowance u/s 36(1)(iii) made by AO forming an opinion that interest bearing funds were withdrawn from the firm being capital withdrawn by the partners and interest free advances is justified in law?
Whether A.O. is right in dismissing the claim of the assessee u/s. 54F of the Act on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?
The issue under consideration is whether the assessee is correct in stating that cognizance taken under section 153A of the Act is illegal at the end of the A.O.?
Orion Property Management Services Ltd. Vs. ITO (ITAT Bangalore) The issue under consideration is whether CIT(A) is correct in making addition of Sponsorship and Promotional income by reducing it from marketing cost? In the instant case, the marketing income has been considered under the head marketing cost and net of expenses is debited to P&L […]
