CBDT exempts International Financial Services Centre (IFSC) from TCS under sub-section (1H) of u/s 206C Sub section (1H) of Section 206C of the Income Tax Act, 1961 (the Act) provides that every seller, who receives any amount as consideration for sale of any goods of the value or …

Addition of income or levy of taxes or denial of exemption would be a burden of the Revenue Authority – ITAT In a recent judgment, ITAT Jodhpur while holding that the land was not situated within municipal limits, observed that under the present statutory scheme, it is the …

Revenue cannot approbate and reprobate at the same time-ITAT deleted addition of commission on alleged bogus sale and purchase In a recent judgment, ITAT Delhi held that the Revenue cannot approbate and reprobate at the same time and deleted addition of commission on alleged bogus sale and purchase. …

Borrower’s consent not required for credit information sharing by banks. RBI issues the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025 The Reserve Bank of India (the RBI) has issued the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025 (CICRA). …

ICAI debars seven chartered accountants for charges of professional misconduct ICAI has held seven Chartered Accountants guilty of committing Professional Misconduct as defined in CA Regulations and has debarred them for prescribed period by ordering removal of their name from the register of members and also penalising them …

ITAT allows deduction for employment of new workmen u/s 80JJAA by way of submission despite not filing revised return of income.  In a recent judgment, ITAT Rajkot has upheld the order of the CIT(A) allowing deduction respect of employment of new workmen u/s. 80JJAA claimed by way of …