Clipped from: https://www.taxscan.in/top-stories/credit-card-payments-treated-as-unexplained-investment-us-69citat-deletes-2169-lakh-addition-1435144?transaction_id=sekwZRSUCADPkuxhkEFMSkWGACZDWDMKuHhkVFlhwJhMEDFCiMCkJiUPbMsasH&link_id=3089477 The assessee had successfully explained the source of all credit card payments. The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the
Category: Income Tax
Diwali gift tax rules: He got Diwali gifts worth Rs 2.21 lakh — then a Rs 33,000 tax shock – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/diwali-gift-tax-rules-he-got-diwali-gifts-worth-rs-221-lakh-then-a-rs-33000-tax-shock-499220-2025-10-22 Under income tax laws, gift taxation depends on the giver and the total value received in a financial year. Gifts from close relatives
Section 87A Rebate Confusion: CIT(A) Approves STCG, CBDT Says No
lipped from: https://taxguru.in/income-tax/section-87a-rebate-confusion-cita-approves-stcg-cbdt-says-no.html Section 87A on Special-Rate Income: CIT(A) Allows but CBDT Says No – What Should Taxpayers Really Do? A Confusing Fortnight for Taxpayers Within
*****Capital Gains Taxable in Year of Possession, Not Registration: ITAT Mumbai
Clipped from: https://taxguru.in/income-tax/capital-gains-taxable-year-possession-registration-itat-mumbai.html Maimoon Fashion Accessories Pvt. Ltd. Vs ITO (ITAT Mumbai) Background: Maimoon Fashion Accessories Pvt. Ltd. (“the assessee”) appealed before the ITAT Mumbai against the
*****Temporary lull in business not cessation, allows tax deductions: SC | Industry News – Business Standard
Clipped from: https://www.business-standard.com/industry/news/supreme-court-business-lull-tax-relief-pride-foramer-judgment-125102100609_1.html Apex court says firms remain ‘in business’ for tax purposes even during temporary inactivity if efforts to continue operations are evident The company,
*The taxman can take away your gold gains – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/the-taxman-can-take-away-your-gold-gains-4014250/ Gold inherited under a Will or otherwise is exempt from tax. However, when you sell such gold later, the capital gains tax applies.
*******How Much Gold and Silver Can You Keep at Home in India without Paying Tax or Getting Income Tax Notice
Clipped from: https://www.taxscan.in/top-stories/how-much-gold-and-silver-can-you-keep-at-home-in-india-without-paying-tax-or-getting-income-tax-notice-1435119?transaction_id=CEkWJlsuCadPkDhEaDkMckGgACjuGuMBdhVadKlxGJwMVDFCYMsBJYDlbMCaSX&link_id=3069763 In India, there is no fixed limit on how much gold or silver you can keep at home, as long as you can
*ITR portal update: Now see when tax officers review your submissions | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/itr-portal-update-now-see-when-tax-officers-review-your-submissions-125101600896_1.html The Income Tax Department’s new feature brings transparency and accountability to faceless assessments, helping taxpayers track official action and reduce uncertainty. The Income Tax
*ITR portal update: Now view if and when an I-T official saw or reviewed your tax notice submissions, know how it benefits taxpayers – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/now-view-if-and-when-an-i-t-official-saw-or-reviewed-your-tax-notice-submissions-this-is-how-it-will-benefit-taxpayers/articleshow/124576092.cms The new feature also identifies delays and uses analytics to evaluate performance and improves efficiency in faceless assessments and appeals, says Bimal Jain,
*******Case of Afterthought Evidence in Income Tax Litigation and its Contemporary Relevance
lipped from: https://www.taxscan.in/top-stories/case-of-afterthought-evidence-in-income-tax-litigation-and-its-contemporary-relevance-1434684?transaction_id=cVbwJRcusAuRbuxAJwVMCbwgACzUgUMKuHAjWEnXwZGMEufciMSbzIUPKMCACX&link_id=3059338 Afterthought evidence refers to documents, affidavits, or pleas introduced late in the proceedings. In a recent development, the High Court of Kerala gave
*****ITAT Allows Gifts from Sisters, Rules Tax Dept Can’t Reject Them Merely for ‘Lack of Scrutiny’ on Donors [Read Order]
Clipped from: https://www.taxscan.in/top-stories/itat-allows-gifts-from-sisters-rules-tax-dept-cant-reject-them-merely-for-lack-of-scrutiny-on-donors-1434589?transaction_id=cVbwJRcusAuRbuxAJwVMCbwgACzUgUMKuHAjWEnXwZGMEufciMSbzIUPKMCACX&link_id=3059331 The tribunal held that the assessee had satisfactorily discharged his initial burden by providing documents that established three crucial aspects: the identity of
*NITI Aayog proposes sharp cut in tax offences — only 6 to remain under criminal provisions – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/niti-aayog-proposes-sharp-cut-in-tax-offences-only-6-to-remain-under-criminal-provisions-497794-2025-10-10 NITI Aayog has proposed a major overhaul of India’s tax enforcement framework, calling for the decriminalisation of most offences under the Income Tax
Cash retains 50% share in India despite booming digital payments and UPI growth – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/cash-still-king-in-india-accounts-for-50-of-payments-even-as-digital-transactions-soar/article70161485.ece Digital payments dominate retail transactions at 99.8%, driven by policy support, fintech growth, and rising internet and smartphone penetration Despite the rapid surge
*Diwali gifts and shopping: What you can claim and what is taxable | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/diwali-gifts-and-shopping-what-you-can-claim-and-what-is-taxable-125101300741_1.html Diwali Gifts Taxable: Here’s a guide on which Diwali gifts and shopping expenses qualify for deductions and which don’t Is Diwali Gift Taxable?
*Income tax disputes stuck in endless loop: Faceless CIT (A)s are issuing repeated notices but no final judgement, preventing taxpayers from taking further action – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-disputes-stuck-in-endless-loop-faceless-cit-as-are-issuing-repeated-notices-but-no-final-judgement-preventing-taxpayers-from-taking-further-action/articleshow/124544337.cms Endless Notices, No Orders: Taxpayers Trapped in Faceless Appeal Limbo The launch of the Faceless Appeal Scheme by Prime Minister, Shri Narendra Modi, in September
*******Karnataka HC quashes Income Tax Reassessment Notices Issued by Jurisdictional Officers Physically, says Faceless Regime Mandatory [Read Order]
Clipped from: https://www.taxscan.in/top-stories/karnataka-hc-quashes-income-tax-reassessment-notices-issued-by-jurisdictional-officers-physically-says-faceless-regime-mandatory-1434522 The Court pointed out that once Parliament, through the Finance Act, 2021, laid down a clear procedure for issuing reassessment notices, the tax
*******Income tax Reopening Notice Issued within Limitation: Supreme Court Refuses to Interfere with Patna HC Order Dismissing Petition [Read Judgement]
Clipped from: https://www.taxscan.in/top-stories/income-tax-reopening-notice-issued-within-limitation-supreme-court-refuses-to-interfere-with-patna-hc-order-dismissing-petition-1434519 The high court observed that the petitioner’s reliance on Rajeev Bansal was misplaced since that decision dealt with Section 149(1)(b), whereas the present
*******Books of Accounts Under Section 44AA of Income Tax Act
Clipped from: https://cleartax.in/s/books-of-accounts-and-audit-requirements-for-freelancers The Income Tax Act has specified the books of accounts that are required to be maintained for the purpose of Income Tax. These have
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