Clipped from: https://www.taxscan.in/cpc-cannot-continue-to-rectify-and-re-rectify-intimation-u-s-1431a-of-income-tax-act-repeatedly-delhi-hc/520944/ The repeated use of rectification powers, without due consideration of earlier corrective actions, was deemed improper. This aspect was not considered by the
Category: Income Tax
*******Reassessment order set aside as passed without disposal of objections: Karnataka HC
Clipped from: https://taxguru.in/income-tax/reassessment-order-set-passed-disposal-objections-karnataka-hc.html Hewlett Packard Financial Services (India) Pvt Ltd Vs DCIT (Karnataka High Court) Karnataka High Court held that reassessment order under section 148 of
*******Reopening u/s. 148 beyond 4 years quashed as material facts fully & truly disclosed: ITAT Raipur
Clipped from: https://taxguru.in/income-tax/reopening-u-s-148-4-years-quashed-material-facts-fully-disclosed-itat-raipur.html Pradeep Kumar Agrawal Vs ITO (ITAT Raipur) ITAT Raipur held that reopening of proceedings under section 148 of the Income Tax Act beyond
*******Don’t File Your ITR Without Reconciling AIS &; TIS — Here’s Why?
Clipped from: https://taxguru.in/income-tax/donaet-file-itr-reconciling-ais-tis-aehereaes-why.html Introduction It’s ITR season again, and many taxpayers are logging in to find something new on their Income Tax portal — AIS (Annual Information
***Taxation of Gifts and Zero Rating of Gift Transactions In The Hands of Individual
Clipped from: https://taxguru.in/income-tax/taxation-gifts-rating-gift-transactions-hands-individual.html Section 56(2)(x) of the Income Tax Act, 1961, is a wide-ranging anti-abuse provision aimed at taxing gifts and property transfers; received without consideration
***Section 50C addition without referring to Valuation Officer not sustainable: ITAT Ahmedabad
Read more at: https://taxguru.in/income-tax/50c-addition-referring-valuation-officer-sustainable-itat-ahmedabad.htmlCopyright © Taxguru.in Clipped from: https://taxguru.in/income-tax/50c-addition-referring-valuation-officer-sustainable-itat-ahmedabad.html Mohammedaarif Yunusbhai Patel Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition invoking provisions of section 50C(2) of
***Bombay HC quashes Income Tax Order passed before Deadline to file SCN Reply
Clipped from: https://www.taxscan.in/income-tax-assessment-order-passed-hours-before-deadline-to-file-scn-reply-bombay-hc-quashes-revenue-order/520629/ The Bombay High Court recently upheld the principles of natural justice, quashing an income tax reassessment order that was passed by the department
*******ITR Filing 2025: This year’s Form 16 will be more detailed don’t miss any exemption this time – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-filing-2025-this-years-form-16-will-be-more-detailed-dont-miss-any-exemption-this-time-477337-2025-05-22 As the ITR filing deadline of July 31 nears, salaried taxpayers must keep an eye out for Form 16—now more detailed than ever.
*******ITR deadline approaches: Five mistakes to avoid while filing income tax returns – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-deadline-approaches-five-mistakes-to-avoid-while-filing-income-tax-returns-477351-2025-05-22 ITR filing deadline breach: Income below Rs 5 lakh incurs a Rs 1,000 penalty, while incomes over Rs 5 lakh may result in
*******From capital gains, business income to rent in India — NRIs must know these tax rules before filing – BusinessToday
Clipped from: https://www.businesstoday.in/nri/story/from-capital-gains-business-income-to-rent-in-india-nris-must-know-these-tax-rules-before-filing-477507-2025-05-23 Non-Resident Indians (NRIs) earning income from Indian sources must file their Income Tax Returns (ITR) in specific cases, with the deadline for FY
*******From salaried to self employed: Know which ITR form fits you to avoid costly errors before deadline – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-new-itr-forms-ay-2025-26-filing-deadlines-477516-2025-05-23 The Income Tax Department has introduced ITR forms for AY 2025-26, with filing commencing soon. Key deadlines include July 31 for individuals and
*******ITR Filing: Which ITR form is applicable for tax return filing by NRIs in 2025? – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/itr-filing-which-itr-form-is-applicable-for-tax-return-filing-by-nris-in-2025-3855374/ The applicability of ITR forms depends on factors such as the assessee’s sources of income, total earnings and also the category of the
*******Set off your options trading loss against LTCG from shares; your queries answered – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/set-off-your-options-trading-loss-against-ltcg-from-shares-your-queries-answered-3855435/ Explore how to set off options trading loss against LTCG, claim tax deductions on two home loans including let-out property, and understand Section
*******ITR Filing: How to File Income Tax Returns (ITR) Step by Step for Beginners
Clipped from: https://www.taxscan.in/itr-filing-how-to-file-income-tax-returns-itr-step-by-step-for-beginners/520361/ In addition to being required by law, filing your income tax return (ITR) has several important financial advantages. You must lawfully file an
*******Learn why RBI’s 180-day rule complicates gifting money to NRI children abroad
Clipped from: https://www.taxscan.in/gifting-money-to-nri-children-why-the-rbis-180-day-rule-is-a-hidden-hurdle/517151/ In today’s globalized world, it is quite common for Indian parents to financially support their children who have settled abroad—whether for educational expenses,
***Addition not sustained as source of funds for purchasing crypto currency explained
Clipped from: https://taxguru.in/income-tax/addition-sustained-source-funds-purchasing-crypto-currency-explained.html Primit Shambhuprasad Purani Vs ITO (Gujarat High Court) Gujarat High Court held that reopening of assessment under section 148 of the Income Tax
***Income Tax Notices Unanswered as Authorised Representative Hospitalised for Surgery: Madras HC grants Opportunity to File Reply
Clipped from: https://www.taxscan.in/income-tax-notices-unanswered-as-authorised-representative-hospitalised-for-surgery-madras-hc-grants-opportunity-to-file-reply/519032/ The Madras High Court has granted relief to a taxpayer whose authorised representative was hospitalised and unable to respond to income tax notices. The writ
ITR Processing Delay: 78-Year-Old Senior Citizen Waits Over 2 Years, Here’s the Income Tax Dept’s Response
lipped from: https://www.taxscan.in/itr-processing-delay-78-year-old-senior-citizen-waits-over-2-years-heres-the-income-tax-depts-response/518967/ A recent post on social media platform X (previously Twitter) has attracted public attention regarding the excessive delay in accepting for processing the
***Madras HC Upholds Income Tax Notice against Advocate, rules ITR Mandatory for High-Value Withdrawals
Clipped from: https://www.taxscan.in/itr-filing-mandatory-for-high-value-withdrawals-even-for-poa-holders-madras-hc-upholds-income-tax-notice-against-advocate/518940/ In an important ruling, the Madras High Court has ruled that income tax returns ( ITR ) must be filed when you’re withdrawing
*******section 54 exemption: Selling two homes? New tax ruling says you can still save on capital gains | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/selling-two-homes-new-tax-ruling-says-you-can-still-save-on-capital-gains-125051900886_1.html A recent ITAT ruling offers tax relief for those selling two homes and reinvesting in one, easing capital gain worries, especially for joint
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