The Division Bench of Gujarat High Court in a recent ruling held that once the prescribed authority grants approval for deduction under income tax rules, the revenue cannot verify its conditions. The assessee had filed

The provisions of the General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from the assessment year 2018-19 onwards, i.e.financial Year

The Central Board of Direct Taxes (CBDT) has notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees. Employees who receive rent-free housing from their employers

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that as per rule 8D(2)(iii), the disallowance under 14A needs to calculate based on the average value of the share by exempt income

The Delhi bench  of  Income Tax Appellate Tribunal (ITAT) recently held that no Income Tax Penalty can be levied under Section 271FA of Income Tax Act, 1961 without having any reportable transactions. The assessee Motor

The Central Board of Direct Taxes (CBDT) has amended rule 10CB which provide for computation of interest income pursuant to secondary adjustments. In order to make the actual allocation of funds consistent with that of

The Central Board of Direct Taxes has notified the Income Tax Rule 133 to calculate net winnings from online gaming. The Central Board of Direct Taxes (CBDT) had also issued a circular yesterday with guidelines

The Central Board of Direct Taxes ( CBDT ) has extended the deadline for various Income Tax Compliances due to COVID-19 Pandemic. In view of the adverse circumstances arising due to the severe Covid-19 pandemic

The Central Board of Direct Taxes (CBDT) on Friday amended the Income-tax Rules, 1962, which came to be known as the Income-tax ( 17th Amendment) Rules, 2020. The Board seeks to amends Tax Collected at

With a view to improve transparency in tax rulings, the Central Board of Direct Taxes (CBDT) has released draft notification containing proposals to amend income tax Rule 44E, Form 34C, 34D and 34DA as per

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, has recently, in an appeal filed before it, held that State cannot clutch the undue benefit of mistake committed by the taxpayer. The aforesaid observation

The Central Board of Direct Taxes (CBDT) notified the amendment in the manner of furnishing of reports by international groups. The Board notified the Income-tax (9th Amendment) Rules, 2021 which seeks to further amend Income-tax

The Central Board of Direct Taxes ( CBDT ) notified the Income Tax (17th Amendment) Rules, 2021 which further amends the Income Tax Rules, 1962. As per the notification the deductor at the time of

The Central Board of Direct Taxes (CBDT) vide notification no. G.S.R. 697(E) issued on 27th September 2023 has notified the new amendments the Income Tax Rules, 1962 in pursuant to the Special Audit under Section

The Central Board of Direct Taxes ( CBDT ) has made amendments to the Income Tax Rules, 1962 mandating that the certificate for the Deduction/ Collection at Source of tax at lower rate shall be