Section 251 grants CIT(A) co-terminus powers with the AO to confirm, reduce, or enhance assessment. However, Supreme Court rulings restrict the CIT(A)'s power to enhance by introducing a new source of ...

Additions of unsecured loans were sustained where creditworthiness was not proved, and relief upheld only for creditors who responded to notices under section 133(6) or furnished adequate ...

On the other hand, a one-time lump sum alimony is generally treated as a capital receipt and therefore not taxable in the ...

As established in Maxopp Investment Ltd. v. CIT (2018) 402 ITR 640 (SC), the AO must provide reasons before invoking Rule 8D ...

Futures for Canada's main stock index slumped to a two-month low on Monday as oil prices dropped, while all eyes were on a ...

The following strategies can help you overcome the challenges of irregular income and achieve financial security.

Effective from 1st July 2017, it is mandatory to quote Aadhaar for the filing of IT Returns and also linking Aadhaar with PAN. However, many taxpayers were unable to link their Aa ...

The significance that PAN card holds in our financial day-to-day lives cannot be underestimated. In today's financial system, ...

The Kerala High Court has recently upheld the applicability of Tax Deducted at Source (TDS) on interest payments made by primary co-operative societies to their members.Justice Ziyad Rahman A A, ...

If you missed the deadline to file your Income Tax Return (ITR) or made mistakes in your earlier submission, there’s good ...

The US itself was the biggest loser of tax revenue to American multinationals’ profit shifting, the Tax Justice Network reported; in other news, firms made key tax hires ...

Aishwarya Rai Bachchan won a Rs 4 crore tax case against the Income Tax Department. The ITAT Mumbai ruled in her favor, ...