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Income Tax : The article explains how accurate Form 10BD reporting protects donor deduction claims, prevents penalties, and ensures consistency...
Income Tax : The article explains what remains unchanged under the new tax law while highlighting critical compliance checks taxpayers should u...
Income Tax : AO rejects books of accounts and applies flat net profit rate. Can taxpayer claim depreciation separately or is it embedded in tha...
Income Tax : The article highlights common return filing errors, including wrong ITR forms and income mismatches, that can result in defective ...
Income Tax : The ITAT Bangalore held that no disallowance under section 14A read with Rule 8D can be made where the assessee did not earn exemp...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Court held that transferring assessment proceedings under Section 127 was justified to facilitate coordinated investigation in...
Income Tax : The Court held that transfer of assessment proceedings to Delhi was justified where connected cases had already been centralized f...
Income Tax : The Hyderabad Bench emphasized that penalty under Section 271(1)(c) cannot be imposed solely because an addition survives appellat...
Income Tax : The Hyderabad ITAT observed that if a property is treated as stock-in-trade, the applicability of Section 43CA cannot be ignored. ...
Income Tax : The Tribunal quashed the reassessment after finding that the Assessing Officer failed to issue notice under Section 143(2). The de...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The revised CBDT guidelines effective from 17 October 2024 streamline the compounding process under the Income-tax Act by prescribing uniform eligibility conditions, updated compounding charges, and provisions for refiling applications rejected due to curable defects. While taxpayers can seek relief from prosecution by fulfilling specified requirements and paying applicable charges, compounding is not an automatic right and may still be denied in exceptional cases.
Section 40A of the Income-tax Act restricts the deduction of specified business expenses where statutory conditions are not fulfilled, including excessive payments to related parties and cash payments exceeding prescribed thresholds. The provisions also disallow certain gratuity provisions, contributions to non-statutory employee funds, and notional losses on specified securities.
Taxpayers can apply for a nil or lower TDS certificate in Form 13 when their estimated tax liability supports deduction at a reduced rate or no deduction at all. The facility is available to residents and non-residents for specified categories of income, subject to online application through the TRACES portal with a valid PAN. The key takeaway is that eligible assessees can avoid excess tax deduction by obtaining prior approval from the Assessing Officer for lower or nil TDS.
This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movable, and immovable gifts. It highlights the significance of the ₹50,000 threshold and the key exemptions available for gifts from relatives, marriage, inheritance, and specified institutions.
The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, restrict cash-based loans and receipts, and promote digital payments.
Learn about the most common Income Tax Return filing errors that can attract scrutiny from the tax department. From AIS mismatches to incorrect deductions, discover how to avoid expensive mistakes.
Income from Other Sources encompasses various taxable receipts such as dividends, gifts, family pension, lottery winnings, interest income, and compensation payments that do not fall under the other four heads of income.
This guide explains how the abolition of DDT shifted the tax burden on dividends from companies to shareholders from 1 April 2020 onwards. It highlights the tax rates, TDS provisions, deductions, and special rules applicable to resident and non-resident recipients of dividend income.
The Income-tax Act mandates specified entities to report prescribed high-value transactions through SFT to help authorities monitor financial activities. Failure to furnish, rectify inaccuracies, or comply with due diligence requirements can result in substantial daily penalties and other compliance consequences.
The Mumbai ITAT held that an addition under section 69 cannot survive when the Revenue fails to establish that the alleged investment was made during the assessment year in question. Documentary evidence showing the transaction belonged to an earlier year remained uncontroverted.
