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Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
Income Tax : The document clarifies that taxpayers may be liable to pay interest under Section 234D when refunds granted under Section 143(1) e...
Income Tax : The document outlines the circumstances in which taxpayers become liable to pay interest under Sections 234A, 234B, and 234C of th...
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 Tribunal held that notices issued after three years from the relevant assessment year require prior approval from the PCCIT. A...
Income Tax : The Tribunal ruled that an assessee who delayed filing an appeal while awaiting disposal of a Section 154 application had shown su...
Income Tax : The Tribunal held that Section 263 cannot be invoked where the assessee never claimed the alleged expenditure as a deduction. With...
Income Tax : ITAT Delhi confirmed disallowance of a Section 80GGC claim after relying on investigation findings that the political party operat...
Income Tax : Mumbai ITAT held that additions under Section 69 cannot survive where transactions are reflected in broker records and the source ...
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...
Discover What is NTR and its impact on taxpayers with the new tax regime and understand the low income tax rates and additional slabs under NTR.
It was an undisputed fact that investment made by the taxpayer in shares of its overseas subsidiary was made in Euro and redemption of such shares were also made in Euro. Thus, actual profit or loss on sale / redemption of such shares were to be computed in Euro only and thereafter, converted to INR for the purposes of Section 45 of the Income Tax Act.
Understand how the Finance Bill, 2023 proposes changes to income tax rates, including an increase in the basic exemption limit & a reduced surcharge for income above INR 5,00,00,000
3F Industries Limited Vs ACIT (ITAT Visakhapatnam) The ALP is to be determined on an international transaction ie., on the international loan and not for the domestic loan. Therefore, the comparable in respect of foreign currency loan in international market is LIBOR based and which is internationally recognized and adopted. In the assessee’s own case […]
Learn all about the new tax slabs from Union Budget 2023 and understand the computing of individual taxes for FY 2023-24. Budget 2023- Individual Tax Slabs
Pawan Kumar Agrawala Vs Income Tax Officer (Orissa High Court) The Chief Justice bench of Orissa High Court, of late has not been entertaining writ petition against notice u/s 148 in view of the decision of the Supreme Court in the case of Anshul Jain. This is notwithstanding the fact that on 1st February 2023, […]
Discover how the Finance Bill 2023 aims to support the growth of Indias economy in Amrit Kaal with income tax and GST proposals. Find out the highlights of these proposals now.
Section 155(14) provides that if any claim of TDS is left at the time of filing of income tax return and assessee subsequently comes to know of any tax deducted by a party but not informed till the date of filing of income tax return, and subsequently the said TDS is also reflected in Form 26AS, then assessee should file revised income tax return and claim TDS.
HC set aside reassessment order against assessee, for non-supply of information/ material by Revenue Department for reopening of assessment.
An amendment made to Section 43B of the Income Tax Act, 1961, has amended that payments made to Micro, Small and Medium Enterprises (MSMEs) that are not made within the due date i.e 45 days, will not be eligible for a deduction.
