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The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the gross deposits of a retail business are taxable at 8% under Section 44AD of the Income Tax Act, 1961, rather than treating the entire amount as undisclosed income. During the Assessment Year (A.Y.) 2011–12, Santosh Kumar, a taxpayer who traded Kota Stones […]
It was cited by the New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) that there is no service tax on the services via the organizer concerning the business exhibition held outside India. It was noted by The Bench of Dr. Rachna Gupta (Judicial Member) and Hemambika R. Priya (Technical Member) that […]
The amendment performed recently in the Income Tax Bill 2025 introduces major reforms in the tax-related terminologies, specifically impacting how the taxpayers and the tax authorities will perceive and compute their tax liabilities. One of the prominent amendments is the introduction of the term tax year, which substitutes the concept of the previous year and […]
The Commissioner of Income Tax(Appeals) order has been set aside by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) concerning a Scheduled Tribe doctor’s exemption claim u/s 10(26) of the IT Act,1961, due to misinterpretation of eligibility. Against the order dated 25.08.2023, the Revenue-appellant appealed passed by CIT(A) for the Assessment Year(AY) 2013-14. In […]
The Dehradun Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the rejection of a tax exemption registration under Section 12AB of the Income Tax Act, 1961, and ordered a fresh hearing. The Uttarakhand Civil Aviation Development Authority is a taxpayer engaged in developing tourism infrastructure, constructing helipads, and conducting emergency rescue operations […]
In the Central Board of Direct Taxes (CBDT), sources sought to clarify concerns raised about the Income Tax authorities being granted additional powers in the Income Tax Bill 2025, allowing them overriding access to electronic records, including emails, social media, and virtual digital spaces. Central Board of Direct Taxes (CBDT) cited that Section 132 of […]
The CA Institute, the world’s largest accounting body, has advocated for a further reduction in the number of sections in the Income Tax Bill 2025, along with a push for simplifying its language. A 10-member delegation of the Institute of Chartered Accountants of India (ICAI) led by President Charonjot Singh Nanda met the 31-member Select […]
A warning has been issued to the taxpayers by the Income tax department, making them aware of the bogus calls and messages about the income tax refunds. Scammers impersonate the tax authorities and get the data of the individual’s bank accounts by deceiving them, which leads the individuals to face financial losses. Beware of Fraudulent […]
The writ petition has been dismissed by the High Court of Madras, contesting the Goods and Service Tax (GST) demand on non-taxable receipts, mentioning the availability of a statutory remedy. The applicant/taxpayer, Ragem Motors, contested the assessment order furnished via the respondent for the AY 2017-18 via the same writ petition. The Court addressed the […]
