Category: Income Tax
Order of Settlement Commission is conclusive and final in respect of the relevant assessment year and AO have no jurisdiction to reopen the assessment under section 147. In a recent judgment, Hon’ble Supreme Court has quashed the Special Leave Petition (SLP) against the judgment of the Hon’ble Gujarat …
Revised Excel Form 3CD Tax Audit Report for AY 2025-26. Download Revised Tax Audit Report with Annexures Revised Form 3CD in Excel Format for AY 2025-26 CBDT vide Notification No. 23/2025 dated 28.03.2025 has amended the Tax Audit report Form 3CD to be issued by the chartered accountants …
CBDT waives interest for late deposit of TDS/TCS due to technical glitches where payment was debited from bank account on or before due date. CBDT has passed order under section 119 of the Income-tax Act, 1961 for waiver on levy of interest for late deposit of TDS/TCS under …
CBDT amends Form 3CD of Tax Audit Report w.e.f. Assessment Year 2025-26. CBDT has revised Form 3CD of Tax Audit Report for AY 2025-26 by notifying the Income-tax (Eighth Amendment) Rules, 2025 vide Notification No. 23/2025 dated 28.03.2025 effective from 1st day of April, 2025. The summary of …
Past savings can be a valid source of cash deposits unless proven otherwise by the Department – ITAT In a recent judgment, Lucknow ITAT has deleted addition made under section 69 towards cash deposited in bank account holding that past savings can be a valid source of cash …
Statement of directors or employees of company not subject to cross-examination by the company as these persons are not a third party. In a recent judgment, Hon’ble Kerala High Court has held that statement of the directors or employees of company need not be subjected to cross-examination by …
AO can’t pass order u/s 154 making additions merely on the admission made by the assessee in application submitted before Settlement Commission. In a recent judgment, ITAT Jaipur has held that Assessing Officer (AO) can not pass order u/s 154 for making additions to the income relying on …
CBDT amends quarterly TDS Statement for TDS on payments to partners by firm. Section 194T of the Income Tax Act, 1961 has been inserted by the Finance (No. 2) Act, 2024, w.e.f. 1-4-2025. As per the newly inserted section 194T, payment by a firm to its partners any …
Income Tax Offices throughout India to remain open on 29th, 30th and 31st March, 2025. The Financial Year 2024-25 closes on 31st March, 2025 (Monday), which is a closed Holiday. Further, 29th March, 2025 is a Saturday and 30th March, 2025 is a Sunday. In view of the …
Depreciation allowed where invoices for the fixed assets were in the name of husband of the assessee but payment made by the assessee/debited to her account In a recent judgment, ITAT Allahabad has allowed the depreciation where invoices for the fixed assets were in the name of husband …
