New Income Tax Bill 2025: For common man, better understanding of law and smoother tax compliances expected
The language used in the Bill at many places is extremely lucid and is reader friendly as it has tables and formulas as ...
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ITAT quashes Section 271(1)(c) penalty on estimated 24.50% NP rate addition
1. Rejection of Books & NP Estimation : The Assessing Officer (AO) rejected the books of accounts and applied a Net Profit (NP) rate of 24.50%, leading to an addition of ₹5,25,346 to taxable income.