Input Tax Credit (ITC) is one of the core features of the Goods and Services Tax (GST) system in India. It allows registered taxpayers to reduce their tax liability by claiming credit for the GST paid ...

RBI Governor Sh. Sanjay Malhotra announced RBI monetary policy on 6 th June 2025: The various decisions taken in the meeting of Monetary Policy Committee are as follows. (RBI Monetary Policy- ...

Hence, if a bank had earlier routed BDDR through reserves, no deduction would be allowed under income tax. Now, with RBI mandating P&L routing, co-operative banks can rightfully claim tax deduction, ...

The Income Tax Appellate Tribunal (ITAT) Amritsar has deleted an addition of Rs. 4.72 lakh made to the income of senior citizen Balbir Kaur for Assessment Year 2012-13. The addition stemmed from a ...

Traces has recognised that the issue is a recurring issue, the TRACES portal (TDS Reconciliation Analysis and Correction Enabling System) has introduced a refund mechanism in respect of such ...

The Banking Laws (Amendment) Act, 2025 promises more options for depositors with new nomination rules. But unless important legal and practical issues are resolved, these well-meaning reforms might ...

ITAT Delhi held that registered deed of new property not mandatory for claiming exemption under section 54F of the Income Tax Act. Investment in property and possession thereof sufficient for claiming ...

ITAT Chandigarh held that compensation under a family settlement is liable to be assessed under the head ‘Capital Gain’ and not ‘Income from Other Sources’. Thus, deduction u/s. 54 and 54EC allowed ...

Accurate classification of materials and inventory is central to transparent financial reporting, particularly under the ...

1. The petitioner would submit that with the assistance rendered by the good office of the learned Additional Government Pleader, Mr. Siddiqui, the petitioner could ultimately file the appeal under ...

However, the High Court acknowledged the petitioner’s contention that the Order-in-Original consolidated demands for multiple financial years, including those covered by the Amnesty Scheme. The court ...

Supreme Court of India on May 22, 2025, affirmed the constitutional validity of the Kerala luxury tax imposed on cable television services. The ruling came in the case of State of Kerala & Another Vs ...