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Income Tax : Increasing use of RERA data by tax authorities makes alignment between project disclosures and income tax reporting essential to a...
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 : 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 dispute concerned whether dividend received on capital reduction by a foreign subsidiary could trigger restrictions under Sect...
Income Tax : The ITAT Pune held that a genuine claim for exemption under Section 10(20) cannot be rejected merely because the assessee mistaken...
Income Tax : The ITAT Mumbai held that when the reason recorded for reopening an assessment does not ultimately result in any addition, the Ass...
Income Tax : The Mumbai ITAT held that an addition under Section 68 cannot be made solely on the basis of a retracted statement alleging accomm...
Income Tax : The Mumbai ITAT held that Section 263 cannot be invoked merely because the Assessing Officer accepted income without making an add...
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...
Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the Income-tax Act, 1961
DCIT Vs Janki Hitendrakumar Patel (ITAT Ahmedabad) CIT(A) has rightly concluded that the agricultural land parcels being situated in the rural area is outside the purview of expression ‘capital asset’ defined in Section 2(14) of the Act. Consequently, the rural agricultural land in question not being a capital asset is not susceptible to tax under […]
A tax is a mandatory charge levied by the government on an individual’s or a business’s hard-earned income during any financial year. While paying taxes is certain and inescapable there are various ways to diminish this burden and one such measure is tax planning. Tax planning is a process of analyzing one’s financial situation during […]
What Is Annual Information Statement (AIS) And Taxpayer Information Statement (TIS) The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year (FY). It contains the information relating to income earned from various sources such as salary, dividend, interest from savings account, recurring deposits, sale and […]
In the case of a company objects or powers which is not stated in the memorandum is prohibited by the doctrine of ultra vires. As a result, an act which is ultra vires is void and it shall not bind the company. Neither the company nor the party to the contract can sue on it.
Office Order No. 318 of 2021- The following transfer/postings of the officers in the grade of Chief Commissioners of Income Tax/Director Generals of Income Tax, are hereby ordered with immediate effect and until further orders
Income Tax Department conducts searches on a leading Gutkha distributor in Gujarat The Income Tax Department carried out search and seizure operations on a leading Gutkha distributor of Gujarat on 16.11.2021. The search action covered more than 15 premises at different locations in Ahmedabad. During the course of the search action, various incriminating documents and […]
The Income Tax Department’s new Office-cum-Residential complex, ‘The Chinars’, at Srinagar, Jammu & Kashmir, was inaugurated today i. e. 22.11.2021 by hon’ble Finance Minister Smt. Nirmala Sitharaman in the presence of Lieutenant Governor of Jammu & Kashmir Sh. Manoj Sinha.
Navrathan Jewellers Pvt. Ltd. Vs ADIT (ITAT Bangalore) Explanatory memorandum to the Finance Act, 2021 proposing amendment in section 36(1)(va) as well as section 43B is applicable only from 01.04.2021. These provisions impose a liability on an assessee and therefore cannot be construed as applicable with retrospective effect unless the legislature specifically says so. In […]
TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court) Facts- The appellant and the Corporate Debtor entered into a Build Phase Agreement followed by a Facilities Agreement. The Facilities Agreement obligated the Corporate Debtor to provide premises with certain specifications and facilities to the appellant for conducting examinations for educational institutions. Later, a termination […]
