Income Tax Act 1961 Archives - Page 2 of 15

Supreme Court: Offence Before Show-Cause Notice is ‘First Offence’ Under Income Tax Compounding Guidelines

By CA ALOK KUMAR February 11, 2025Income Tax Act 1961No Comments

In a landmark ruling, the Supreme Court of India has overturned the Gujarat High Court's 2017 judgment, which had upheld the rejection of a compounding application for Assessment Year (AY) 2013-14 due to the late…

Tax Planning Within Law Is Not Tax Evasion – Offsetting STCL Against LTCG Is Legal – ITAT Mumbai

By CA ALOK KUMAR December 13, 2024Capital Gain, Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, Income Tax Refund, ITAT Decision, ITAT Ruling, Long-term Capital gain, Sec.148 of Income Tax Act, Short-term Capital gain, Tax on capital Gain, Virtual Digital AssetNo Comments

ITAT Allows Taxpayer to Offset STCL Against LTCG, Rejecting Tax Evasion Claims The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has upheld the right of taxpayers to offset…

The Taxman Knows: Why and How to Disclose Your Foreign Assets in India

By CA ALOK KUMAR December 12, 2024BLACK MONEY ACT, Disclosing Foreign Assets, Foreign Account tax compliance, Foreign Assets, Foreign Direct Investment, Foreign Remittance, Foreign Travel, How to check TCS on Forex Transactions and Foreign Travel, Income Tax, Income Tax Act 1961, Income Tax Department, RBI Foreign Remittance Policy, Sec.148 of Income Tax Act, source of incomeNo Comments

The Indian Income Tax Department has intensified its focus on foreign assets held by resident taxpayers. With advanced data-sharing mechanisms and stringent laws like the Black Money (Undisclosed Foreign Income and…

Admit Bogus Transactions, Face Reassessment – Gauhati HC Ruling

By CA ALOK KUMAR December 11, 2024Bogus Transactions, Finance Acts, Income Tax Act 1961, Income Tax Department, Income Tax Order, Income Tax Refund, reassessment notice, Sec.148 of Income Tax Act, source of income, The Finance Act 2023No Comments

Notice Under Section 148A(b): Gauhati High Court Upholds Validity in Case of Bogus Transactions The Gauhati High Court recently addressed the validity of notices issued under Section 148A(b) of the…

Indirect Fund Transfers Not ‘Unexplained Money,’ Rules High Court

By CA ALOK KUMAR December 11, 2024Allahabad High Court, First Rand Bank, Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, micro-borrowers, Sec.148 of Income Tax Act, source of income, TDS ON SALARY INCOME, Unexplained MoneyNo Comments

Funds Temporarily Held in One Account Before Transfer to Another Doesn’t Qualify as Unexplained Money: Allahabad High Court The Allahabad High Court has clarified that funds temporarily placed in one…

Celebrating the Spirit of the Constitution: ‘Hamara Samvidhan, Hamara Samman’

By CA ALOK KUMAR December 9, 2024Income Tax Act 1961No Comments

To mark the 75th anniversary of India as a Republic and the adoption of its Constitution, the Department of Justice has launched a transformative, year-long, nationwide campaign titled ‘Hamara Samvidhan, Hamara…

Time to negotiate your Tax Bills with Income Tax department – Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024)

By CA ALOK KUMAR December 9, 2024Advance Tax, BLACK MONEY ACT, Direct Tax, HUF Taxation, Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, Income Tax Refund, New Tax Regime, New Tax System, NGO Tax, Presumptive Taxation, Tax Assessment, Tax in India, TaxPayers Voice, Vivad se Vishwas, Vivad se Vishwas 2.0, Vivad se Vishwas 2024No Comments

The Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024): Simplifying Tax Dispute Resolution The Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024) is a transformative government initiative designed to address…

Accounting Standard (AS) 1: Disclosure of Accounting Policies

By CA ALOK KUMAR November 15, 2024Income Tax Act 1961No Comments

Accounting standards are guidelines established to ensure consistency, transparency, and comparability in the preparation and presentation of financial statements. They prescribe principles and methods for recognizing, measuring, and disclosing financial…

Reverse Charge Mechanism in GST: A Comprehensive Guide

By CA ALOK KUMAR October 25, 2024Income Tax Act 1961No Comments

Introduction - What is Reverse Charge Mechanism (RCM) in GST? The Reverse Charge Mechanism (RCM) is a crucial provision in the Indian Goods and Services Tax (GST) law. It transfers…

What triggers a tax investigation, and what can TaxMan do if taxpayer doesn’t cooperate?

By CA ALOK KUMAR October 1, 2024Income Tax Act 1961No Comments

Triggers of a Tax Investigation A tax investigation is generally triggered when the tax authorities suspect tax evasion or non-compliance. Some of the common reasons that may raise suspicion and…