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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 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 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 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...
P. K. Bhawmick Vs Abhratosh Mazumdar (Calcutta High Court) HC was not inclined to interfere with the impugned order of the Settlement Commission in this Writ Petition and dismissed the same for the following reasons: i) Petitioner/Income Tax authorities have failed to make out any case in this Writ Petition that the learned Settlement Commission […]
Newslaundry Media Pvt. Ltd. & Anr. Vs Director General of Income Tax (Delhi High Court) Mr. Digvijay Singh, DDIT (Investigation), states that the seized material is in safe custody of the Income Tax Department and it shall be used for the purposes of investigation and in accordance with law. Mr. Sharma, assures and undertakes to this […]
Income Tax – Income Tax Slab, Income Tax Calculator, Income Tax Returns, Due Dates, E-filing process F.Y. 2020-2021 The present article enables the common man to understand the basics of Income Tax; Income Tax Return; Due dates for filing ITR for Financial Year 2020-2021; E-filing process and some of the relevant important FAQs. What is […]
Section 50C of income tax act 1961 introduced vide Finance Act. 2002 w.e.f. 01.04.2003, which prescribes similar provisions in the case of transfer of land or building or both held in the nature of ‘Capital Assets’. (from assessment year 2003-2004).
If the primary or dominant purpose of an institution is charitable than any other object which by itself might not be charitable but just merely ancillary or incidental to the primary or dominant purpose, would not prevent the trust or institution from being a valid charity.
Shell India Markets Private Limited Vs ITO (ITAT Mumbai) Assessee’s claim that it has acquired mere user right in copyrighted article and thus the payments in question are not to be considered as royalty, is not tenable. As there is transfer of copyright right between the assessee and the SIBV, the payments made by the […]
The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards. Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE. Specified professionals were specifically kept out of this scheme of Presumptive Taxation.
In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year. This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts). The accounts are not […]
1. An individual having Capital Gain on sale of Equity is required to file ITR 2. The article discusses the procedure to report Equity Capital Gain in Income Tax Return New Portal. 2. STEP BY STEP PROCEDURE (a) Login to www.incometax.gov.in (b) The path is: – e-file>Income Tax Return > File Income Tax Return. Select: […]
Waters (India) Private Limited Vs DCIT (ITAT Bangalore) It is settled position of law that computer and its accessories and peripherals are entitled to higher rate of depreciation of 60%. The CIT(A) held that the assessee is entitled to depreciation of 60% on printer and 15% on UPS by holding that UPS is not part […]
