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Income Tax : Companies renting residential properties often struggle with choosing between 2% and 10% TDS. The key takeaway is that the correct...
Income Tax : Bangalore ITAT held that the Revenue cannot deny the fifth-year deduction under Section 35D after consistently allowing the claim ...
Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
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 : Mumbai ITAT held that payments from accumulated income to institutions registered under Section 12AA attracted Section 11(3)(d). T...
Income Tax : Mumbai ITAT held that the Revenue could not attribute the entire execution revenue from cross-border deals to the Indian PE withou...
Income Tax : Mumbai ITAT held that maintenance charges and other collections received exclusively from members of a co-operative society are ex...
Income Tax : ITAT Mumbai ruled that additions under Section 69 cannot be sustained merely on suspicion when the entire property investment is s...
Income Tax : The Tribunal ruled that information from the Sales Tax Department and generic statements of alleged hawala dealers are insufficien...
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 Income Tax Department has enabled the Income-tax Returns Form ITR 1 and ITR 4 at the income tax e-filing portal in Online mode with prefilled data. The availability of prefilled data in Income-tax Returns Form ITR 1 and ITR 4 at the income tax e-filing portal for AY 2023-24 is a significant development by […]
You can invest up to ₹1.5 lakh per year in specified instruments to avail deductions under Section 80C. For example, if you invest ₹1.5 lakh in a tax-saving fixed deposit with a lock-in period of 5 years and an interest rate of 6%, you can save tax on the entire investment amount.
Ensure compliance when filing Form 10BD for NGO donations under Section 80G. Learn about certificates, filing considerations, revisions, and submission methods for smooth operations.
Explore the impact of oath in Income Tax proceedings under the Income-tax Act, 1961. Understand the nuances, format, authority to administer, and consequences of oath in statements. Learn about the evidentiary value, validity, and retractions of statements given under oath. Stay informed on the legal aspects to ensure compliance and navigate tax proceedings effectively.
User Guide for Submitting Response to Notices and Letters Received under e-Verification Scheme, 2021 provide a comprehensive understanding on how to submit responses to notices and letters received under e-Verification Scheme, 2021.
When a financial transaction reported by a Source/Reporting Entity is not considered/included by the taxpayers in their Return of Income (ITR), a computerized process of identification of such mismatch is undertaken.
The Indian government has recently introduced new tax laws that provide angel tax exemption in an effort to foster the growth of startups in the country. These measures have brought about a positive shift in the regulatory environment, offering relief and encouragement to both entrepreneurs and angel investors.
Ensure accuracy in GST reconciliation with these key points and a step-by-step process. Timely reconciliation, data accuracy, documentation, and error rectification are crucial for compliance. Follow the case studies for practical insights and consult tax professionals for business-specific compliance requirements.
Understand the taxability of Futures and Options (F&O) business income under the Income Tax Act, 1961. Learn about treating F&O income as business income, taxation of profits and losses, applicability of tax audit, reporting in Income Tax Return (ITR), and deductions. Explore the concept of turnover in F&O trading with an example, and know the criteria for tax audit based on turnover. Get insights on calculating turnover for futures and options trading and consult a chartered accountant for accurate turnover calculation.
Explore legal ways for business owners in India to save income tax. Learn about deductions, investment incentives, R&D benefits, capital gains strategies, and more. Consult experts for personalized tax planning.
