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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...
Cancellation of registration of a Trust or Institution under section 12AA/AB of Income-tax Act 1961 – latest Supreme Court decision and legal ramifications Registration of trust or institution Income of a Trust created wholly for charitable or religious purposes or an institution established wholly for such purposes is exempt from income tax if granted registration […]
Deductions are the relief provided by the government to taxpayers through which they can legally save their taxes through various platforms for e.g.- By investing their money, making allowable expenditures on which deductions are available such as Tuition fees for children, Donations made to the recognised institutions, Medical expenditures on self and dependents, Interest on […]
Understand Section 194Q of the Income Tax Act, 1961 for tax deduction guidelines on purchase of goods exceeding Rs.50 Lakhs.
In Commissioner of Income Tax (Exemptions), Kolkata v. Batanagar Education and Research Trust [Civil Appeal No. 4451 of 2021], the Commissioner of Income Tax (Exemptions), Kolkata (the Appellants) and the Tribunal had directed for cancellation of the registration of Batanagar Education and Research Trust (the Respondents) under Section 12AA of the Income Tax Act, 1961 […]
21st century world largely operates under a Global Economic System. International Business is the buzz all around & businesses are not confined to boundaries. It involves cross border transactions both in goods and services. Conducive International Business Environment is imperative for multinational companies to operate and perform. In order to promote cross border trade, the […]
Aravali Shikshan Avum Anusandhan Sansthan Vs National E-Assessment Centre & Others (Rajasthan High Court) Aravali Shikshan Avum Anusandhan Sansthan (“the Petitioner”), has filed the current writ petition against the order passed by the National Faceless Assessment Center under Section 144-B along with Section 143(3) of the Income Tax Act, 1961 (“the IT Act”) imposing Additional […]
Notification No. 88/2021-Income Tax | Dated 04.08.2021 – High Court of Meghalaya, hereby designates the court of the senior most Judicial Magistrate First Class of East Khasi Hills District, Shillong as the Special Court for the State of Meghalaya for the purposes of sub- section (1) of section 280A of the Income-tax Act, 1961 and […]
Notification No. 87/2021-Income Tax | Dated 04.08.2021 – Chief Justice of the High Court of Gujarat, hereby designates the following Court mentioned in column (2) of the Table below as the Special Court for the area specified in the column (3) of the said Table, for the purposes of section 84 of the Black Money […]
Vide Notification No. 86/2021-Income Tax | Dated: 4th August, 2021 CBDT notifies Tax Exemption to Real Estate Regulatory Authority, Himachal Pradesh, Shimla in respect of the specified income for Assessment Year 2020-2021 to 2024-2025. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 86/2021-Income Tax New Delhi, the 4th August, 2021 […]
Vide Notification No. 85/2021-Income Tax | Dated: 4th August, 2021 CBDT notifies Tax Exemption to ‘National Council of Science Museums’, Kolkata, an autonomous body established under the Ministry of Culture, Government of India, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD […]
