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The sale proceeds of one residential house, used for the purchase of multiple residential houses, shall come under the exemption u/s 54(1) of the Income Tax Act, the Bombay High Court ruled. The bench witnessed that the issue is whether Section 54(1) of the Income Tax Act permits the taxpayer to set off the cost […]
The Income Tax Appellate Tribunal (ITAT) in Delhi ruled that the assessment conducted by the Assessing Officer under Section 143(3) on December 27, 2019, following a notice issued under Section 143(2) on September 22, 2018, is invalid. The tribunal found that the notice was not in the format required by the Central Board of Direct […]
The Karnataka High Court has decided that IGST will not apply to arrangements where employees are temporarily assigned to work for foreign companies. The issue of whether a secondment constitutes a taxable supply of manpower services or a non-taxable employer-employee relationship, which is covered under Schedule III of the CGST Act, was addressed by Justice […]
A fresh circular no.9/2025 has been issued by the Central Board of Direct Taxes (CBDT), altering the earlier norms on the outcomes of Permanent Account Number (PAN) becoming inoperative under Rule 114AAA of the Income-tax Rules, 1962. The tax deductors and collectors who are facing the notices for the short deduction or collection of TDS/TCS […]
The Income Tax Department has made a key development for the current assessment year 2025–26, enabling the revised Tax Audit Forms 3CA-3CD and 3CB-3CD on its official e-filing portal. The same move has complied with the recent revisions to the income tax rules and aims to ensure facilitated, error-free tax audit compliance for both taxpayers […]
An income tax return is a document submitted by individuals or companies to declare their income, including salary, HRA, allowances, deductions, and total turnover, to the Tax Department. There are seven different types of tax return forms available on the portal, each applicable based on the taxpayer’s category. Taxpayers can use either the government utility […]
The addition of ₹5,01,500 made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, 1961, has been overturned by the Cuttack Bench of the ITAT, which held that the cash deposits made during the demonetisation period were substantiated as business receipts. Tekchand Harilal, a firm that operates as a distributor of […]
The claim for deduction under section 80JJAA of the Income Tax Act,1961 permitted by the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT) even after a 29-day delay in Form 10DA, deeming the delay as procedural. The taxpayer, Analytix Business Solution (I) Pvt. Ltd, had claimed a tax deduction of ₹92.60 lakh u/s […]
The Gujarat High Court has ruled that a Permanent Account Number (PAN) is not required to claim the benefit of a lower Tax Deducted at Source (TDS) rate under a Double Tax Avoidance Agreement (DTAA). As per the bench of Justice Bhargav D. Karia and Justice Pranav Trivedi, Section 206AA of the Income Tax Act […]
