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Income Tax Department

How Much Cash is Too Much? Understanding Permissible Limits on Holding, Carrying and Transacting Cash in India

We live in an age where technology is growing by leaps and bounds. The push for digitisation is at its highest. Digitisation has also transformed...

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Income Tax Emails Flag Deduction Mismatches Between Form 16 and ITR: Should Salaried Taxpayers...

Real Estate Broker’s Excel Sheet Triggers ₹48 Lakh ‘On-Money’ Income Tax Addition: ITAT Gives Relief...

Even Ordinary Act of Parliament Cannot Override Final Court Orders: Madras HC sets aside Compounding...

Stop posting your Achievements: Income Tax Dept may access Your Social Media and Emails to Curb Tax...

Received an Income Tax Notice for Mismatch or High-Value Transactions? Here’s What to Do

In recent days, many taxpayers have received emails and messages from the Income Tax Department pointing out differences between their Income Tax Returns (ITR) and the information available in the...

Income Tax Recovery During Pendency of ITAT Appeal Stayed: Gauhati HC Orders tribunal to Take up Interim Pleas Expeditiously [Read Order]

In a recent ruling, the Gauhati High Court has granted interim relief to a Samitee, staying income tax recovery proceedings during the pendency of appeals before the Income Tax Appellate Tribunal...

Income Tax Dept. cannot Deny STCL Set-off against LTCG after accepting Same Claim in Factually-Identical Connected Cases: Bombay HC [Read Judgment]

The Bombay HighCourt has held that the Income Tax Department cannot deny the set-off of short-term capital loss (STCL) against long-term capital gains (LTCG) to an assessee after having accepted the...

GST Authorities cannot Seize Cash as ‘Goods’ under CGST Act: Calcutta HC Orders De-Sealing of ₹24 Lakh [Read Order]

In a recent ruling, the Calcutta High Court held that GST authorities have no power to seize or seal cash as “goods” under the CGST Act, and directed the department to de-seal Rs. 24 lakh that was ...

Compliance on Autopilot: How AI Revolution Is Transforming Chartered Accountancy Practices

The landscape of professional practice for Chartered Accountants (CAs) had gone through a profound transformation, driven by an ever-increasing volume of complex regulations, stringent reporting ...

ITR Processing and Refund Delayed: Taxpayers Turn to ‘X’, Demands Immediate Action

Taxpayers across the nation are taking to the social media platform 'X' (formerly Twitter) to voice their frustration over significant delays in the processing of their Income Tax Returns (ITR) and...

Wrong Sanction for Reopening u/s 151 Invalidates Income Tax Proceedings: Supreme Court Upholds Bombay HC Ruling [Read Order]

In a recent development, the Supreme Court upheld the Bombay High Court’s ruling that the Income Tax Department had obtained approval from the wrong authority for reopening an assessment, rendering...