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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 Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. D...
Income Tax : The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate au...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an allege...
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...
Calcutta High Court issues interim order in Apeejay Tea Ltd. petition challenging constitutional validity of Income Tax Section 194N. Stay till September 30, 2021.
1) Who is responsible to deduct tax under section 194LB of Income Tax Act, 1961? Any person who makes payment of interest [which is payable by an infrastructure debt fund, as per section 10(47)] to a non-resident (not a company/ foreign company) is required to deduct tax at source. 2) When to Deduct TDS under […]
1) Who is responsible to deduct tax under section 194LBA of Income Tax Act, 1961? Any person who makes payment of income [as per section 115UA] which is payable by a business trust to its unit holder is required to deduct tax at source. Such unit holder can be a resident, non-resident (but not a […]
Analysis of Section 194LA of Income Tax Act, 1961 This section is effective from 1-10-2004 which provides as follows; a. Any person responsible for paying any sum to a resident is required to deduct tax at source; b. The payment must be in the nature of compensation or the enhanced compensation or the consideration or […]
1) Who is responsible to deduct tax under Section 194K of Income Tax Act, 1961? a) Any person responsible for making the payment to a resident in respect of b) units of a Mutual Fund specified under clause (23D) of section 10 or of the Unit Trust of India, c) units from the Administrator of […]
Preparing TDS Returns is a simple process and usually does not require any external assistance. However, it is prudent to follow practices that ensure that the filed TDS Returns are error-free. This means that correct credit will be received by the employees and vendors. Moreover, it will help avoid receiving unwanted Default Notices from the IT Department.
No action appears to have been taken in the preceding assessment year treating the purchase of the shares as bogus. Therefore, once such bogus purchase is sold then the entire amount, in my opinion, cannot be added u/s 68 of the IT Act, 1961.
Our focus of the article will be on section 144B of the Income-tax Act, 1961 (Act) which has been introduced with effect from 01.04.2021 and already stands widely litigated before the courts. While the technology was recasting the process of assessment and appellate proceedings over the years, COVID-19 induced lockdown quickened the process multi-fold.
Sakthi Metal Depot Vs CIT (Supreme Court of India) the building which was acquired by the assessee in 1974 and in respect of which depreciation was allowed to it as a business asset for 21 years, that is upto the assessment year 1995-96, still continued to be part of the business asset and depreciable asset, […]
Addl. CIT Vs Jatinder Mehra (ITAT Delhi) It is apparent that assessee does not own any share capital in case of Watergate advisors Limited as well as it also does not controls the above company as he does not have any shareholding or management rights in that With respect to the mention of the name […]
