Income Tax Articles

Received Advance Payments in December 2025: Is It Taxable in Receipt or Service Year?

Posted by Aarika 17 December 2025 499 Views

Got advance payment for services? Know whether it is taxable in year of receipt or when work is done.

Applicability of Section 269SS of the Income Tax Act, 1961 to Director's Current Account Transactions

Posted by Marimganti Tarun B.com,FCMA 17 December 2025 689 Views

An expert analysis of Section 269SS explaining why cash infusions by directors into closely held companies, driven by business exigency or survival needs, are not “loans or deposits” and do not attract penalty under Section 271D, supported by key judicial precedents.

People Treating ITR as Refund ATM: Notices May Hit Filers Hard in 2025

Posted by Mitali 15 December 2025 23668 Views

Filing ITR only to claim inflated or wrong refunds can trigger Income Tax notices in 2025. Know how misuse of TDS refunds, AIS mismatches and excessive deductions lead to scrutiny, penalties and demands and how timely ITR revision can help avoid trouble.

Penalty for Late Filing of Income Tax Return

Posted by Chaitra Seetharam 13 December 2025 2454 Views

Missed ITR due date? Know about late filing fees, interest and consequences such as no loss set-off for FY 2024-25.

Section 36(1)(va) vs Section 43B: Deduction of Employees' PF/ESI After Checkmate Services

Posted by Vivek Jalan 13 December 2025 893 Views

Supreme Court in Checkmate Services held delayed employees' PF/ESI contribution is not deductible even if paid before ITR filing. ITAT allows 143(1)(a) adjustment, while Delhi HC has issued notice on the constitutional validity of Sections 2(24)(x) and 36(1)(va).

Received Income tax Notice? Here's when to worry and when not to

Posted by Kowsalya 13 December 2025 228 Views

Learn which IT notices require simple clarification like mismatches in Form 26AS, routine document checks, or small 143(1) adjustments and which ones need urgent action, such as scrutiny under 143(2), large tax demands, non-filing alerts, or reassessment under Section 148.

NRI Gift from Brother-in-law Held Exempt under Section 56 - ITAT Kolkata Allows Assessee's Appeal

Posted by CA Jaydeep Babubhai Vadher 13 December 2025 284 Views

The Kolkata ITAT has ruled that a gift of Rs 80 lakh received from a brother-in-law qualifies as exempt under section 56(2)(vii) of the Income tax Act. The Tribunal held that gifts from specified relatives cannot be taxed merely due to doubts over the donor's source of funds, reaffirming that such enquiries must be made in the donor's hands, not the recipient's.

Maximize Your Property Profits: A Guide to Section 54EC Bonds

Get the latest Tax Audit & ITR deadlines for FY 2024-25. Know revised dates, penalties, interest, loss carry-forward rules, and consequences of late filing under Section 44AB.