Income Tax Articles
Decoding Section 143(2): Why Issuance of Notice is Crucial for Valid Assessments
Issuance of notice u/s 143(2) is mandatory and non-compliance of the same will result in nullifying the assessment orders
Section 43B(H) Impact on Outstanding MSME Creditors from FY 23-24 Onwards
Deduction and Disallowance in Income Tax on Outstanding creditors registered under MSME from FY 23-24 onwards- Section 43B(h) of Income Tax Act
Deductibility of Interest on Loan Taken for Family Settlement against Capital Gains from Gifted Property
This article delves into the intricacies of the case, analyzes the relevant legal provisions, and offers a critical perspective on the deductibility of such interest claims.
Mutual Fund Transactions Treated as Investments, Not Business Activities
The appeal in question pertains to the Assessment Year (AY) 2006-07, involving a second round of litigation after the Income Tax Appellate Tribunal (the Tribunal) passed an order dated 16.10.2018.
Ram Mandir Donations: Deduction Allowed under Section 80G?
This article aims to guide you through this maze, shedding light on the tax implications of your Ram Mandir donations.
Bombay High Court dissects taxability on 'accrual' concept, when a dispute is under judicial purview
Mesne profits, which are yet to be determined, do not come within the purview of an accrued income for the purposes of Section 4 and 5 of the Income Tax Act till the judgment regarding civil dispute was rendered in this regard.
Analysing AO making additions on Peak Purchase Credit
This judgment, with far-reaching implications for taxpayers and tax authorities, warrants a closer look through the lens of its implecations and detailed analysis.
Non-filing of ITR can lead to prosecution
Taxpayers are now witnessing a new era where economic offenses are no more taken with an attitude of "Letting things be". Tax Professionals should also change accordingly and ensure that tax compliances are in order.
Claiming Exemption Under Section 54F: When Religious Use turns Residential Intent
This article delves into a specific case where the assessee's claim for exemption under Section 54F was denied due to the predominant use of the building for religious purposes, namely a mosque, orphanage school, and staff quarters.
Should employees suffer incase the employer defaults in payment of TDS?
On 15.07.2014, Karnataka High Court in ITA 165/2012 directed the revenue authorities to recover TDS amounting to Rs.302 crores from the Kingfisher airlines. On 18.11.2016, the Kingfisher Airlines Limited was ordered to be wound up by the Karnataka High Court.
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