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Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
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 Mumbai ITAT held that reassessment proceedings under Section 147/148 were invalid where the case was based on search material ...
Income Tax : The Tribunal condoned the delayed appeal filing after finding sufficient cause and allowed the matter to proceed. It also clarifie...
Income Tax : The ITAT Delhi ruled that the CIT(A) cannot reclassify an addition under a different provision of the Income-tax Act without issui...
Income Tax : The ITAT ruled that deduction of TDS does not excuse failure to file an income tax return. The decision emphasizes that income dis...
Income Tax : The Tribunal held that technical glitches on the income tax portal, coupled with grievances raised by the taxpayer, justified cond...
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...
Jayahari Vs State of Kerala (Supreme Court of India) he facts thus show that a transaction was entered into between the complainant and the appellants, in terms of which the property belonging to the appellants was sought to be purchased by the complainant; and in order to enable him to effectuate such purchase, certain loan […]
Finance Act 2021 has amended provisions of the Income Tax Act 1961 (Act) in relation to taxation of Unit linked insurance premium (ULIP) paid and amount received on or after 1st February 2021. We are discussing herewith changes in section 10(10D) and 45(1B) of the Income Tax Act along with latest notification issued in relation […]
FORMAT FOR SHARING QUERIES ON HELPDESK E-MAIL ID Sr. No. Information Details Help Details of the Person facing problem 1 Grievance ID Mention Grievance ID, if already raised at e-fling portal 2 Name of the Person Mention name of the person who can explain the issue, if contacted by helpdesk team 3 Contact Number of […]
Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period.
It is very common to purchase property in the name of our close relatives like spouse, children, parents and siblings. However it is important for us to understand from the legislative perspective, are we allowed to purchase the property in name of our relatives? If we are allowed to purchase the property on behalf of […]
Section 80EEA of Income Tax Act: Additional deduction of interest payment in respect of housing loan (Co-related with Section 80EE & Section 24b of the Income Tax Act) A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20). The existing provisions of Section 80EE allow […]
Normally every year tax payers asking for extension for due date for filling return of income. Under the Income Tax Act section 139(1) read as under: Every person,- (a) being a company or a firm or (b) being a person other than a company or firm, if his total income or the total income of […]
At present, in Finacle CBS System, the PAN Card of the Depositors are updated as part of KYC compliance. The PAN Card entered in the system is validated only based on the standard PAN format i.e. 10 ALPHA Numeric Characters. But the correctness of the PAN card numbers provided by the Depositors or the PAN entered by the Post Office officials are not validated with NSDL currently.
Understanding the income tax implications on compensation from compulsory acquisition. Learn about Section 96 and its impact on income tax levies.
Article contains Process Flow Steps In E-Filing 2.0 on New Income Tax Portal For all Audit Forms including Form 15CB and Form 10CCB and it also contains List of 22 Audit Reports and mode of Submission. A. PROCESS FLOW – For all Audit Forms except Form 15CB and Form 10CCB Steps Action by Action Description Step […]
