Penalty u/s 271D not automatic. AO is required to find out that even if there was any failure, the same was without a reasonable cause. In a recent judgment, the Bangalore ITAT has deleted penalty u/s 271D for violation of provisions of section 269SS observing that Levy of …

Opinion rendered by audit party alone can not be considered as belief of escapement of income which must be made directly and solely by the Income Tax Officer. In a recent judgment, the Hon’ble Supreme Court dismissed SLP of the Revenue against the judgment of the Bombay High …

Source of cash deposit being savings and family support plausible to certain extent –ITAT deleted addition on account of cash deposit in bank. In a recent judgment, ITAT Visakhapatnam partly deleted addition for cash deposit in bank considering that the assessee’s submission regarding accumulation of savings and receipt …

TDS sections for which payment threshold reduced by Budget 2025-26. See Table The Finance Bill 2025 has increased payments threshold limits for deduction of tax at source under various sections TDS provisions have various thresholds of amount of payment or amount of income, beyond which tax is required …

Removal of higher TDS/TCS u/s 206AB / 206CCA CCA for non-filers of return of income w.e.f. 01.04.2025 Section 206AB of the Income Tax Act, 1961 requires deduction of tax at higher rate when the deductee specified therein is a non-filer of income-tax return. Section 206CCA of the Act, …

ICAI (Merger & Demerger of CA firms) Guidelines 2024 has been notified by the ICAI w.e.f. 31.01.2025 The guidelines provides for the modalities of mergers of CA firms to encourage and develop core competencies and to render professional services on a much larger geographical scale. As per guidelines, …