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Limit of Standard Deduction has been increased from Rs. 50000/- to Rs. 70000/- for AY 2025-26 for those opting New Tax Regime Union Budget 2024-25 has proposed to increase the limit of Standard Deduction from existing Rs. 50000/- to Rs. 70000/- for AY 2025-26 for those salaried taxpayers …
Union Budget 2024-25 – Highlights of Tax Proposals – Watch Live The Union Finance Minister MS Sitharaman shall be presenting Union Budget 2024-25 on 23rd July 2024 at 11AM. Watch live Highlights of Tax Proposals. This is the first Budget that is to be presented by the BJP …
Before Amendment Section 14A cannot be invoked if no exempt income was earned – ITAT In a recent judgment, ITAT Rajkot has held that for the pre-amendment period, section 14A cannot be invoked where no exempt income was earned. Admission of SLP, is a significant step in the …
Patent Agent Exam 2025 & Trade Marks Agent Exam 2025. Last date to apply extended to 30.08.2024 from 08.08.2024 Office of the Controller General of Patents, Designs & Trade Marks shall be bolding the Trade Marks Agent Examination 2025 and Patent Agent Examination 2025 as per the following …
Penalty u/s 270A(9)(a) can not be levied on adhoc additions – ITAT In a recent judgment, ITAT Hyderabad has held that penalty u/s 270A(9)(a) can not be levied on adhoc additions. ABCAUS Case Law Citation:ABCAUS 4159 (2024) (07) ITAT In the instant case, the assessee had challenged the …
Cancellation of GST registration with retrospective effect must be informed by reason – High Court In a recent judgment, Hon’ble Delhi High Court has held although the Proper Officer has the power to cancel the GST registration from such date as it may deem fit, however such powers …
CPC intimation u/s 143(1) valid though digitally signed after expiry of limitation period – ITAT In a recent judgment, ITAT Ahmedabad has held that CPC intimation u/s 143(1) was valid even though it was digitally signed by the AO after expiry of limitation period ABCAUS Case Law Citation:ABCAUS …
CIT empowered to exercise power u/s 263 over penalty orders passed u/s 271(D) and 271D by the Joint Commissioner of Income Tax. In a recent judgment, Hon’ble Punjab and Haryana High Court has held that CIT is empowered to exercise jurisdiction u/s 263 over penalty orders passed u/s …
Reopening notice u/s 148 and order u/s 148A(d) quashed as it was issued by Jurisdictional AO and not by a Faceless AO In a recent judgment, Hon’ble Bombay High Court has quashed notice u/s 148 and order u/s 148A(d) as they were issued by the Jurisdictional Assessing Officer …
Wrong amount of income accumulation mentioned in Form-10 due to clerical error – ITAT deleted addition made by AO In a recent judgment, ITAT Guwahati has deleted addition made due to wrong amount of income accumulation u/s 11(2) was mentioned in Form 10 due to clerical error and …
