Finance Minister Nirmala Sitharaman is expected to present the interim Union Budget 2024 on February 1, given the imminent Lok Sabha elections. This interim budget will precede the complete FY25 Budget, which will be presented

The Income Tax Portal has been revamped and updated recently. Along with aesthetic and usability changes, the portal also carries new functionalities within the AIS Module and TIN 2.0. The new revamped National Website, www.incometaxindia.gov.in

The Income Tax Appellate Tribunal (ITAT), Delhi bench, has annulled the disallowance of a long-term capital loss arising from the sale of shares of a private company to its initial promoters. In this case, the

The Delhi High Court directs re-adjudication for a non-existent entity and non-payment of the due amount as per invoices within 180 days is articulated. Omkara Footwear, the petitioner had preferred three applications seeking a refund

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that the deletion of the disallowance of Education Expenditure under Section 37 of the Income Tax Act,1961 is justified because the assessee provided detailed information

The Supreme Court has issued notice to the respondent, Maharashtra State Electricity Distribution Co. Ltd, in  an appeal preferred by the Pr. CIT with regard to the issue of disallowance owing to the state government

The Gujarat Bench of the Authority for Advance Rulings (AAR) recently ruled that, GST, at the hands of the applicant, is leviable on the amount representing the contractual worker portion of canteen charges, which is

The Income Tax Department has released the FAQ for Form 27C. According to the provisions of the Income Tax Act, 1961, the Form 27C serves as a declaration document that indicates the buyer of goods

The Mumbai bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) held that the penal interest and bouncing charge received as consideration from the borrower are leviable to service tax under section 66E(e

The Income Tax Appellate Tribunal (ITAT) Delhi Bench while dismissing the appeal filed by the revenue held that issuing notices under Section 153C of Income Tax Act, 1961 should be from six Assessment Year immediately

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that disallowances under Section 40A (3) of the Income Tax Act, 1961 are not applicable when payment was by account payee cheque or account

On Monday, July 3rd, 2023, the Delhi High Court dismissed a Public Interest Litigation (PIL) that contested the Reserve Bank of India's (RBI) decision to withdraw Rs. 2000 banknotes from circulation. The RBI had withdrawn

The National Informatics Centre has updated that the Two factor Authentication is mandatory for all taxpayers who have Annual Aggregate Turnover (AATO) above 100 crores from 15th July 2023. The National Informatics Centre is implementing

The Income Tax Appellate Tribunal (ITAT) of Delhi bench has held that the cost of new property has to be assessed as per collaboration agreement for exemption under section 54 of the Income Tax Act,

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently ordered for re adjudication as vat liability and EPF amount deposited on time under Section 263 of the Income Tax Act 1961. The