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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...
As many taxpayer are still facing difficulties in complying with provisions of section 206C(1H), insertion of new section 194Q has created lots of confusion among Professionals and Trade as to which section to be complied with.
Dear friends, as we all know from 01.04.2021, there has been drastic change made in registration process of NGO, which wants to get registered under Section 80G of Income Tax Act, 1961. In earlier process before 31.03.2021, NGO has to registered once under Section 80G of Income Tax Act and the registration is valid for […]
Section 206AB(1) [and Section 206CCA(1)] contains the word ‘Where’, so it is quite obvious that one has to decide as to someone (probable deductee or collectee) is specified person or not as on the relevant date of deduction or collection at source.
Additions made by AO was not only on the basis of sworn statement but also on the basis other evidences collected during the course of search including discrepancies in books of accounts regarding accounting of bogus purchases therefore, there was no merit in arguments of assessee that AO had made additions towards alleged purchases only on the basis of statement recorded from those parties without further evidences.
Understand the new tax provisions u/s 206AB and 206CCA of the Income Tax Act 1961. Learn how these sections affect non-filers and ensure compliance.
As per Section 2(15), of the Income Tax Act 1961 ‘charitable purpose’ nclude relief of the poor, education, yoga, medical relief, preservation of environment ( including watersheds, forests and wildlife) and preservation of monuments or places or objects’ of artistic or historic interest, and the advancement of any other object of general public utility. Thus […]
Arjuna (Fictional Character): Krishna, Finance Act 2021 introduced a new section 194Q for TDS on Purchase of goods which will be effective from 01.07.2021. Krishna (Fictional Character): Arjuna, in the previous year a new provision of TCS was introduced on the sale of goods from 01/10/2020 and now a provision of TDS on purchase of goods […]
1 जुलाई 2021 टीडीएस / टीसीएस की बढ़ी हुई दरें रिटर्न फाइल नहीं करने वालों के लिए टीडीएस/ टीसीएस की दर :- 206AB एवं 206CCA 1 जुलाई 2021 से जिन व्यक्तियों का टीडीएस काटा जाना है अथवा टीसीएस एकत्र किया जाना है उनकी एक नई श्रेणी बताई गई है जिनके लिए टीडीएस/ टीसीएस सामान्य दर […]
The Finance Act 2021 introduced new Sections 206AB and 206CCA levying TDS/TCS at double rate w.e.f. 1st of July 2021 Background, Relevance, Applicability & Rate: The central government proposed Section 206AB (TDS) & Section 206CCA (TCS) consist of a special provision for the deduction of TDS at a higher rate for the non-filers of income […]
TDS on purchase of Goods under section 194Q from 01.07.2021 introduced by Finance Act 2021 Provision relating to deduction of TDS :- Any person, being a buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the value or aggregate of such value exceeding fifty lakh […]
