Income Tax : Check TDS and TCS rates for FY 2025-26 (AY 2026-27) for residents and non-residents. Includes thresholds, rates, and key sections ...
Income Tax : Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at...
Income Tax : Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. I...
Income Tax : Understand key reporting requirements for Tax Audit Reports under Sections 44AA and 44AB, including forms, clauses, and disclosure...
Income Tax : Learn about tax audit under Section 44AB, including objectives, requirements, forms, and penalties for non-compliance....
CA, CS, CMA : ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audi...
Income Tax : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : ITAT Pune rules that ₹10 lakh from truck sale via banking channel is not unexplained cash credit under Section 68, setting aside...
Income Tax : It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differ...
Income Tax : ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasona...
Income Tax : Kerala High Court held that penalty under section 271B of the Income Tax Act, for non-compliance with provisions of section 44AB, ...
Income Tax : Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961...
Check TDS and TCS rates for FY 2025-26 (AY 2026-27) for residents and non-residents. Includes thresholds, rates, and key sections for easy reference.
Gujarat High Court rules write-back of provisions isn’t ‘turnover’ or ‘gross receipts’ under Sec 44AB, quashing tax return invalidation. Cites ICAI notes.
ITAT Pune rules that ₹10 lakh from truck sale via banking channel is not unexplained cash credit under Section 68, setting aside CIT(A)’s findings.
Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at simplifying tax computation while raising concerns over consistency with existing provisions.
It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differences between the facts of the present case and those of the earlier assessment years.
ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasonable cause shown and there was only technical breach without any loss to exchequer of the Government.
Kerala High Court held that penalty under section 271B of the Income Tax Act, for non-compliance with provisions of section 44AB, not imposable since reasonable cause for belated filing of audit report established.
Delhi High Court held that TDS under section 194C of the Income Tax Act not deductible on capital grant subsidy extended by NHAI to the Concessionaire since it cannot be construed as payment made for a work undertaken by the contractor.
Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. Income-tax Act provides for five heads of incomes for computation of taxable income, viz., Salary, Income from House Property, Income from Business or Profession, Capital Gain and Residual Income. Provisions contained under each head of […]
Understand key reporting requirements for Tax Audit Reports under Sections 44AA and 44AB, including forms, clauses, and disclosures for accurate compliance.
