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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...
The scheme was initiated under the Employee’s Provident Fund and Miscellaneous Act, 1952, for the benefit of employee after his retirement. The scheme was a collection of fund by the employer and employee. FEATURE OF THE SCHEME: ♦ Under this scheme, the employer and employee both contributes the 12% of the employee’s salary and dearness […]
The tax structure of India is very complex in nature. It depends upon the nature of persons, age, residential status, nature of income etc. The taxability of an assessee in India depends upon his residential status in India for any particular financial year. An individual may be a citizen of India but may end up […]
Receipts from sale of scrap being part and parcel of the activities and being approximate thereto would also be within the ambit of gains derived from industrial undertaking for the purposes of computing deduction u/s 80IB
Our Prime Minister, Narendra Modi launched the scheme named ‘Sukanya Samriddhi Yojana’ as a part of Beti Bachao Beti Padhao campaign. The government of India launched a social campaign on 22nd January, 2015.The Beti Bachao Beti Padhao campaign gives awareness about ‘Save Girls, Educate the Girl Child’. WHAT IS THE SUKANYA SAMRIDDHI YOJANA SCHEME? The […]
Sak Industries Pvt. Ltd. Vs DCIT (ITAT Chennai) We find that the assessee has purchased 1,25,000/- equity shares of ING Vysya Bank during the month of January and February, 2009 and subsequently during the month of September, 2009 all the shares are sold. The assessee also shows the above transaction in its books of accounts […]
Firstly if we talk about banks, we all are about the banks and the scheme they provide if you have visited or opened an account in bank. Bank and money are the words we use normally for our day to day life, if we put our money in the bank we considers it to be […]
Discover the different types of loans for individuals and businesses, and explore the tax benefits associated with them.
ACIT Vs Ramona Pinto (ITAT Mumbai) As regards the merits of the case, we find that the assessee has received an arbitration award for Rs.28 crores, upon relinquishment of her rights in the partnership of M/s. P. N. Writer & Co. Here it may be gainful to recount the brief history of the case which […]
Returns of income furnished electronically under Section 142(1), 148, 153A and 153C of the Act during the period from 07.06.2021 to 30.09.2021 and verified through Electronic Verification Code instead of Digital Signature, shall be deemed to have been furnished and verified as per Rule 12.
During the month of September, on average, more than 15 lakh unique taxpayers have logged into the portal, daily, and over 1.5 crore returns have been filed till date.
