Section 292B provides that no notice, assessment, or proceeding shall be considered invalid due to any error, defect, or omission if it does not impact the substance of the matter. Section 292B Application: In the case of GPT Sons Pvt …
The PAN 2.0 Project seeks to unify these platforms into a single, comprehensive portal. This integration will streamline processes, enhance service delivery, and improve the overall experience for taxpayers. The Cabinet Committee on Economic Affairs (CCEA) has given its approval …
The consistent rulings of various High Courts and the Supreme Court affirm that capital expenditures made to achieve a trust’s charitable objectives are valid applications of income under Section 11 of the Income Tax Act. Treatment of Capital Expenditure to …
Expenditures on charitable purposes can include capital expenditures. The nature of the expense in the hands of the recipient entity does not affect its eligibility as an application of income. Section 11(1) of the Income-tax Act provides significant tax benefits …
The earning of profit per se would not disentitle the Trust, for exemption under sections 11 to 13 of the Act, unless the facts of the case warrant that the funds of the Trust have been misappropriated by the Trust. …
As per the notification, the Director General of Income Tax (Systems), with the approval of the CBDT, has mandated the electronic filing of the following forms prescribed in Appendix-II of the Income Tax Rules, 1962. In a significant move to …
Effective October 1, 2024, the DTVSV Scheme provides an amicable resolution mechanism for income tax disputes pending before appellate authorities, such as the Income Tax Appellate Tribunal (ITAT), High Court, and Supreme Court. The Direct Tax Vivad Se Vishwas (DTVSV) …
The ITAT Jaipur underscores the need for a detailed examination of rural land transactions for tax purposes, especially when the property is near urban canters. In a significant ruling, the Income Tax Appellate Tribunal (ITAT) in Jaipur has upheld the …
This Awareness Campaign primarily focuses on resident taxpayers who have already filed their ITR for AY 2024-25 but may have missed or incorrectly completed Schedule FA (Foreign Assets) or FSI (Foreign Source Income). Taxpayers are encouraged to take advantage of …
By clarifying that penalty initiation begins from the earliest action, such as a reference from the AO, the Delhi High Court underscores that delays in issuing show-cause notices do not extend the penalty imposition timeline. In a recent ruling, the …
The Court questioned how, during assessment proceedings for 2011-12, the authorities could examine the business nature and extent of the assessee’s activities dating back to 1999-2000. In a significant judgment in Kings Infra Ventures Ltd vs. ACIT (ITA No. 28/2023), …
The ITAT ruled that, as long as interest-free funds are sufficiently available at the time of advance, disallowance of interest on subsequent loans will not stand. In this article, we delve into a notable tax judgement of ITAT involving a …
Under Section 220(2A), certain income tax authorities have the power for reduction or waiver of interest, upon satisfaction of certain condition. Reduction or Waiver of Interest: The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 15/2024 on …
Circular 14/2024 addressing the condonation of delays in filing income tax returns by cooperative societies claiming deductions under Section 80P of the Income Tax Act for the Financial Year 2022-23. The Central Board of Direct Taxes (CBDT) has issued Circular …
CBDT Specified Forms Prescribed in Appendix II of IT Rules 1962, to be Furnished Electronically under Sub-rule (1) & (2) of Income Tax Rules 1962. The Central Board of Direct Taxes (CBDT) has issued Notification No. 5/2024, which mandates the …
The court emphasized that Section 119(2)(b) is a beneficial provision, intended to allow for exceptions and refunds in cases of genuine hardship. Decisions made under this provision must include proper justification, aligning with both procedural fairness and the legislative intent …
For those with high home loan interest payments on self-occupied properties, the old tax regime may still be beneficial due to the deductions it offers. However, if your focus is on simplicity and lower tax rates with fewer deductions, the …
New Definition of Arm’s Length Price of an International or Specified Domestic transaction as per the second proviso under sub-section (2) of Section 92C of Income-tax Act 1961 The Central Board of Direct Taxes (CBDT) has issued Notification No. 116/2024, …
As per the New Guidelines, the time restriction of 36 months for filing compounding applications from the date of complaint filing has been removed. The Central Board of Direct Taxes (CBDT) has released New Guidelines for Compounding of Offences under …
CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents The Central Board of Direct Taxes (CBDT) has recently notified …