The ITAT remanded a case where a charitable society’s 80G(5) registration was rejected because incidental sales were misclassified as business income. The Tribunal emphasized evaluating the society’s ...

Martin Lewis has issued a State Pension tax warning ahead of the Autumn Budget as the benefit is set to increase next April.

Explains how Section 194Q requires buyers with large turnover to deduct TDS on purchases above ₹50 lakh. Key takeaway: The buyer becomes responsible for compliance, ensuring major transactions are ...

The Tribunal held that amounts paid directly to a confirming party did not accrue to the seller and could not be treated as capital gains. The Section 263 revision was invalidated because the ...

The Tribunal directed AO to compute Section 14A disallowance only for investments generating exempt income, following Rule 8D. The decision reinforces the need for precise calculation of disallowances ...

The assessee’s plea that delayed PF/ESI deduction was a debatable issue was rejected because Checkmate had settled the law retrospectively. The key takeaway is that once the Supreme Court clarifies ...

Raipur ITAT remanded the section 68 addition of ₹14.3 lakh, observing that NFAC/CIT(A) failed to examine confirmations, ITRs, ...

The Tribunal held that the CIT(A) erred by dismissing the penalty appeal solely due to VSVS settlement of interest, without adjudicating the depreciation-related penalty. Key takeaway: all grounds ...

The Tribunal examined the validity of assessments initiated under Section 153C where the Assessing Officer recorded a single ...

The assessee showed that the ₹1.11 crore payment was an advance toward a bank-auctioned property, fully supported by bank transfers and later formalised via a registered deed. The Tribunal held that ...

In April 2021, we received news that the Sri Lankan Government had banned palm oil imports and ordered the uprooting of oil ...

Millions of Americans who rely on tips and/or overtime to bolster their income could be impacted by the new advice.