Judgement

ITAT Delhi deleted a wrong tax demand after holding that a simple ITR entry mistake must be corrected by the AO during scrutiny, as the 143(1) order merges with the 143(3) assessment.

ITAT Delhi Deletes Rs. 7.08 Crore Demand due to Simple ITR Typing Error

Since the mistake was genuine and bona fide, the ITAT decided to set aside the order of the CIT(A) and directed the Assessing Officer to condone the default

AO Directed to Excuse Mistaken Exemption Selection in ITR

Articles

A comprehensive summary of the tax treatment of gratuity, pension, EPF, NPS, leave encashment, VRS, and retrenchment compensation.

Income Tax applicability on Retirement Benefits

Section 194R of the Income Tax Act, 1961 was introduced by the Finance Act, 2022 to ensure that benefits or perks given in the course of business or profession are properly reported and taxed.

TDS on Benefits or Perquisites under Section 194R

The Tribunal held that any expenditure incurred by the partner only for the purpose of earning such business income is allowable expenditure under sections 32 and 37.

ITAT Allows Claim of Business Expenditure on Salary Received from Partnership Firm to Former ICAI President

News

The Income Tax Department will release the new, simplified ITR forms by January 2026 to give everyone enough preparation time.

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ITAT Delhi Deletes Rs. 7.08 Crore Demand due to Simple ITR Typing Error

AO Directed to Excuse Mistaken Exemption Selection in ITR

Income Tax applicability on Retirement Benefits

TDS on Benefits or Perquisites under Section 194R

ITAT Allows Claim of Business Expenditure on Salary Received from Partnership Firm to Former ICAI President

New ITR Forms to Be Released Early for FY 2025-26: What Taxpayers Should Know