Foreign Tax Credit Timing Mismatch When the Foreign Country Follows a January to December Tax Year
Foreign Tax Credit Timing Mismatch When the Foreign Country Follows a January to December Tax Year Many Indian companies operate in jurisdictions that follow a January to December tax calendar. This creates a real challenge when claiming Foreign Tax Credit under Rule 128 in India. Income earned from January to March relates to… […]
Income-tax Act 2025: Mandatory Audit for Low-Margin Businesses Under Presumptive Scheme
Income-tax Act 2025: Mandatory Audit for Low-Margin Businesses Under Presumptive Scheme 1. Old Provisions: Under the existing presumptive taxation regime (Section 44AD of the Income-tax Act, 1961), an assessee declaring income at 6%/8% of turnover is exempt from maintaining books of account and from audit. Audit is required only if the assessee: opts out of… […]
Whether the reclassification of business loss as speculation loss constitutes “under-reporting of income” for applicability of penalty under section 270A?
Whether the reclassification of business loss as speculation loss constitutes “under-reporting of income” for applicability of penalty under section 270A? Whether the reclassification of business loss as speculation loss (due to contract settlement without actual delivery) constitutes “under-reporting of income” under section 270A justifying imposition of penalty, despite there being no change in overall… […]
Chartered Accountants will be eligible to be ITAT members without condition of 25 years experience fixed under Tribunal Reforms Act: Supreme Court
Chartered Accountants will be eligible to be ITAT members without condition of 25 years experience fixed under Tribunal Reforms Act: Supreme Court Clarifying its decision in the Madras Bar Association, which struck down the Tribunal Reforms Act, 2021, the Supreme Court today held that Chartered Accountants do not have to hold a minimum of… […]
Partner can claim expenses against Remuneration from partnership firm – ITAT rules in favour of Former ICAI President Atul Gupta.
Partner can claim expenses against Remuneration from partnership firm – ITAT rules in favour of Former ICAI President Atul Gupta. Most people think you pay tax on 100% of your partner remuneration. But a recent ITAT ruling proves otherwise.Here’s how Former ICAI President Atul Gupta successfully reduced his taxable income by ₹6.76 lakh and won against… […]
Whether recording of satisfaction in the assessment order is a pre-condition for initiation of penalty u/s 271DA for violation of Section 269ST?
Whether recording of satisfaction in the assessment order is a pre-condition for initiation of penalty u/s 271DA for violation of Section 269ST? Recently, ITAT Delhi in the case of ACIT v. Seven Seas Hospitality Pvt. Ltd., ITA Nos. 2225 & 2226/Del/2025, dated 14.11.2025), was dealing with an issue of penalty u/s 271DA & requirement… […]
TDS credit cannot be denied merely on the ground that the said deduction is not reflected in Form 26AS: Mumbai ITAT
TDS credit cannot be denied merely on the ground that the said deduction is not reflected in Form 26AS: Mumbai ITAT Mumbai ITAT in the case of Naik Naik and Co. v. CIT (ITA No. 2915/Mum/2025) clarifies that the TDS credit cannot be denied merely on the ground that the said deduction is not… […]
Procedural lapses in assessment cannot be overlooked: Agra ITAT set aside assessment as void ab-initio
Procedural lapses in assessment cannot be overlooked: Agra ITAT set aside assessment as void ab-initio Hon’ble Agra ITAT has held that procedural lapses in assessment, especially in cases involving late return filing, cannot be overlooked. The tribunal found that, after the time period for voluntary return expired, any further assessment action must necessarily proceed… […]
How to Get Section 80P Deduction Allowed After Late ITR Filing (CBDT Power, Monetary Limits & Legal Solution)
How to Get Section 80P Deduction Allowed After Late ITR Filing (CBDT Power, Monetary Limits & Legal Solution) If you are searching “Who can condone delay for Section 80P deduction?”, “Can CIT condone delay for 80P?”, “Section 119(2)(b) condonation limits”, or “80P deduction denied due to late filing”, you have found the most complete, authoritative, guide here. This is… […]
ITAT Delhi Quashes Section 68 Addition Due to Lack of Cross-Examination
ITAT Delhi Quashes Section 68 Addition Due to Lack of Cross-Examination JSM OILFIELDS SERVICES PVT. LTD. v. DCIT (ITA 4093/DEL/2024) Facts: 1. AO made additions: total income was assessed at ₹ 3,23,99,877 by making, inter alia, an addition under Section 68 of the Income‑tax Act, of ₹ 2,10,20,000 on account of “unexplained cash credit”… […]
