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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...
Shree Digamber Jain Shiksha Samiti Vs CIT (E) (ITAT Agra) ITAT considered the rival contention of the parties and perused the material available on record, including the judgments cited at bar during the course of hearing by both the parties. As is evident from the paper book filed before us that the assessee has provided […]
Best India Tobacco Suppliers Pvt. Ltd. Vs CIT (Andhra Pradesh High Court) The important aspect for consideration in this writ petition is when the assessee files declaration under Karvivad Samadhan Scheme, 1998 (for short, ‘the KVS scheme’) i.e., whether the tax refund should be adjusted towards the arrears of the tax proper first and balance […]
Understanding Section 194Q: TDS on purchase of goods. Learn about the applicability, rates, and time of deduction.
Comparative Analytical Summary of Section 206C(1H) & 194Q of Income Tax Act 1961: i Section & purpose 206C(1H) for Tax Collection at Source 194Q for Tax Deduction at Source ii Introduced by Finance Act & applicable to Finance Act 2020 & applicable to Seller Finance Act, 2021 & applicable to Buyer iii With effect from 1st […]
Specific actionable intelligence was received by the Income Tax Department that a set of people were to carry out an outside-the-books cash transaction of a substantial amount at Raipur, Chhattisgarh. Upon further investigations, the input was found to be credible and the hawala dealer was identified.
DISCUSSION ON SECTION 194Q AT A GLANCE ♦ Introduction The Finance Act, 2021, has widened the scope of the TDS Chapter in the Income Tax Act, 1961 by introducing a new section namely 194Q dealing with ⇓ TDS on Purchase of Goods w.e.f. 1st July 2021. This new TDS provision is just a replica of section […]
A Critical Analysis Of Tds On Freight Payments Under Section 194 (6) Of The Income Tax Act, 1961 MEANING AND IMPORTANCE OF TDS IN GENERAL Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, contract […]
RBI has recently issued a Circular by which it released Quick Insight of Income-tax implications for Financial Year 2021-22 detailing the various tax implications for the current financial year, in accordance with the amendments made in the Finance Act, 2021. Full Text of the same is as follows:- Finance Act, 2021 The Honourable Finance Minister […]
Understand the implications of TDS Section 206AB and Section 206CCA of the Income Tax Act, 1961. Learn about the higher TDS rates and how they apply to specified persons.
Upload Income Tax Forms – FAQs Q.1 How can I access the category of Income Tax Form applicable to me for filing? Ans. Under the Income Tax Form Options in the e-File menu, you will be presented with a category list of all available Income Tax Forms with short descriptions. Choose the form(s) that are […]
