The guide explains deferred tax assets and liabilities, timing versus permanent differences, MAT implications, measurement rules, and how tax-accounting mismatches affect future tax obligations.
The guide explains Sections 54 to 54GB, showing how taxpayers can claim capital gains tax exemptions through reinvestment, subject to eligibility, timelines, limits, and compliance conditions.
The guide explains Sections 206AA and 206AB, detailing higher TDS consequences for non-furnishing of PAN and return-filing defaults, applicable exceptions, compliance checks, and the impact of Section 206AB’s omission from 1 April 2025.
The guide explains how AIS and TIS provide a consolidated view of income, financial transactions, taxes, and proceedings, enabling taxpayers to verify data, submit feedback, and ensure accurate pre-filled ITR filing.
The guide explains faceless assessments, appeals, penalties, rectification requests, and demand responses under the Income-tax Act, highlighting how digital processes reduce human interface and enhance transparency.
A practical guide for salaried taxpayers to save capital gains tax through home reinvestment, 54EC bonds, tax-loss harvesting, and LTCG exemptions.
The Tribunal held that reliance on third-party statements without granting effective cross-examination amounted to a violation of natural justice. Consequently, the addition based on such statements could not survive.
The ITAT held that mere working sheets showing interest calculations do not establish taxable income. The Revenue must prove actual accrual or receipt of interest before making an addition.
The Allahabad High Court held that allegations arising from private land transactions and cheating claims did not satisfy the requirements of organized gang activity under the Gangsters Act. The Court quashed the proceedings and stressed that criminal law cannot be invoked without statutory ingredients being established.
This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It highlights application of income, accumulation rules, anti-abuse provisions, and a detailed computation model for exempt and taxable income.
