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Income Tax : Explore the concept of agricultural income under Income Tax Act 1961, including definitions, exemptions, and conditions for income...
Income Tax : IT Dept scrutinizes political donations ₹5L+ for tax fraud. Learn about Section 80GGC/80GGB, penalties, and steps to ensure comp...
Income Tax : Why does tax evasion still thrive despite all the efforts to stop it? And more importantly, what can be done to fix it? This blog ...
Income Tax : Through tax laws on Virtual Digital Assets (VDAs) like cryptocurrencies and Non-Fungible Tokens (NFTs), India has initiated the pr...
Income Tax : Explore evolution of tax laws from ancient times to the modern era, highlighting key changes, global trends, and challenges shapin...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : ITAT Pune remands the appeal of Mula Parisar Serva Seva Sangh regarding TDS refund claim for 2018-19, citing past precedents....
Income Tax : ITAT Chennai sets aside CIT(E)’s rejection of 80G registration for SKNNSM Society, citing inadequate time for response. Case sen...
Income Tax : ITAT directed AO to verify Factory Premises rental income and compute taxability under section 57, allowing proportionate expense...
Income Tax : Delhi High Court directs NFAC to expedite pending appeals, expressing concern over prolonged delays in taxpayer cases, including a...
Income Tax : Delhi ITAT rules Section 56(2)(viib) of the IT Act does not apply to transactions between holding and subsidiary companies, quashi...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
We are in disagreement with the revenue’s argument that GMDAT should not be selected as a ‘tested party’ as the comparable as the comparable companies selected by the assessee doesn’t fall within the ambit of TPO’s jurisdiction and, thus, he can neither call for any additional information nor scrutinize their books of accounts.
For closure of Short Payment Defaults arising due to Unmatched Challans quoted in TDS Statements, CPC(TDS) has further enhanced the Online Correction facility at TRACES, providing with the feature of Move Deductees from Unmatched Challans to any other Unconsumed OLTAS Challan.
CPC (TDS) follow up: Online Correction facility not availed after sending “Intermediate Communication for Short Payments” in course of processing of Original Quarterly TDS Statements As per the records of CPC (TDS), an Intermediate communication was sent to TDS deductors intimating Short Payment errors in the Original TDS Statements filed by deductors during January 1 […]
Notification No. 23/2015 – Income Tax In exercise of the powers conferred by sub-sections (9) and(9A) of section 92CC read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:
Important notice: Income Tax Department sending notices for non-filing of Income Tax Return for Assessment Year 2013-14. Find out the steps to comply.
AST Instruction No. 134 Prior to implementation of cadre restructuring in Nov., 2014, a number of AST validations were executed at the time of migration of a PAN which restricted PAN migration, if any of the validation was pending. In these cases, the AO had to complete the action restricting such migration, to enable PAN migration.
Notification No. 22/2015 – Income Tax It is hereby notified for general information that the organization Indian Institute of Technology (BHU), Varanasi (PAN – AAAJI0396R) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year
Navayuga Quazigund Expressway (P)Limited V/s. DCIT (ITAT Hyderabad), It was contended on behalf of the assessee that interest under S.201(1A) was computed by the assessing officer by considering part of the calendar month as full month
Place of Effective Management (POEM) As per Section 6 of the Income Tax Act ( As Amended) : The Rules to be followed: As Per Section 6 of the Income Tax Act’1961 (As Amended), It specifies that the Company will be said to be resident in India, if it satisfies the following condition: It is […]
High Court held that Business is a continuous activity which is done year to year. Here, in this case the Assessee let out his godown and shown income as Income from Business instead of Income from property to which the High court do not agree
