Income Tax : Large cash deposits, credit card spending, FDs, and UPI transactions are monitored by tax authorities. Taxpayers must ensure their...
Income Tax : Taxpayers are advised to wait until departmental records are fully updated before filing AY 2026-27 returns. Filing too early may ...
Income Tax : The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepa...
Income Tax : The new Income Tax Act, 2025 significantly reduces the number of statutory sections and reorganises tax compliance procedures effe...
Income Tax : The case emphasizes that ignoring clarification notices may result in denial of deductions and exemptions. Taxpayers must substant...
Income Tax : A government official was arrested for demanding and accepting ₹1.5 lakh to wipe off outstanding tax liabilities. The key takeaw...
Income Tax : The C&AG’s audits ensure proper assessment, collection, and allocation of direct taxes, identifying evasion risks and improving ...
Income Tax : CBDT’s 2024-25 APA report details 174 new agreements, including record bilateral deals, advancing tax certainty and reducing cro...
Income Tax : All Odisha Tax Advocates Association requests due date extensions for AY 2025-26 ITRs and Tax Audit Reports citing portal glitches...
Corporate Law : Professionals request an amnesty scheme for partnership firms in Maharashtra to regularize past lapses and ease compliance with Re...
Income Tax : ITAT Bangalore restored the issue of consultancy fee deduction to the Assessing Officer after noting that additional evidence rela...
Income Tax : The Gujarat High Court held that revisional powers under Section 263 cannot be invoked merely because the Commissioner prefers ano...
Income Tax : Delhi High Court held that seized amount is prima facie proceeds of crime and not lawful income hence to treat such amounts as tax...
Income Tax : Mumbai ITAT allowed Mahindra & Mahindra's appeal, holding that advertisement and sales promotion expenses of ₹3.26 Cr for 'Mahin...
Income Tax : The ITAT in Mumbai has restricted an income tax disallowance on alleged bogus purchases for Quality Heightcon, capping it at 12.5%...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My h...
DGFT : Following DGFT services will not be available from 1 st June 2021 to 6th June 2021: i. Application for a new IEC ii. Application f...
Income Tax : A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note abou...
Income Tax : The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total...
Large cash deposits, credit card spending, FDs, and UPI transactions are monitored by tax authorities. Taxpayers must ensure their transaction volumes align with declared income to avoid scrutiny.
ITAT Bangalore restored the issue of consultancy fee deduction to the Assessing Officer after noting that additional evidence relating to services rendered had not been examined. The Tribunal directed a fresh review of the expenditure claim in light of the new material.
Taxpayers are advised to wait until departmental records are fully updated before filing AY 2026-27 returns. Filing too early may lead to mismatches, notices, and refund delays.
The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepancies in ITR filings. Mismatches between AIS, Form 26AS, bank records, and ITR disclosures may lead to scrutiny or notices.
The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised limits aim to streamline jurisdictional allocation and improve administrative efficiency in tax assessments.
The new Income Tax Act, 2025 significantly reduces the number of statutory sections and reorganises tax compliance procedures effective from FY 2026-27. The reforms introduce new forms, revised reporting systems, and simplified compliance mechanisms.
The Gujarat High Court held that revisional powers under Section 263 cannot be invoked merely because the Commissioner prefers another valuation method. The Court ruled that the Assessing Officer had conducted proper inquiry and adopted a plausible view based on the DVO report.
The case emphasizes that ignoring clarification notices may result in denial of deductions and exemptions. Taxpayers must substantiate claims with proper evidence to avoid adverse outcomes.
Many taxpayers receive notices despite exemption due to AIS-ITR mismatches. The case highlights that non-reporting of even exempt transactions can trigger scrutiny and requires proper disclosure.
This analysis explains how employer-leased cars reduce taxable salary since only a prescribed perquisite value under Rule 3 is taxed instead of full lease cost. It highlights significant tax savings despite minor perquisite additions.
