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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...
Section 194Q has been inserted in the Income Tax Act vide Finance Act 2021 with effect from 01.07.2021. As per Section tax is required to be deducted at source from purchase consideration paid / credited on or after 01.07.2021 by purchases made, in case total turnover during financial year 2020-21 has been more than Rs […]
t may be noted that as per the provisos of sections 206AB & 206CCA of the Act, the specified persons shall not include a non-resident who does not have a permanent establishment in India. Tax deductors & collectors are expected to carry out necessary due diligence in respect of a specified person established by the above referred functionality to consider him as non-specified, if the fall under these provisos.
The income that has actually accrued to the Respondent is taxable. What income has really occurred to be decided, not by reference to physical receipt of income, but by the receipt of income in reality.
Salaried employees may get arrears payment due to pay revision. In that case, the tax burden for the salaried employee may increase because of the burden of past dues paid in the current year. The Government has made provisions to provide relief to salaried employees in case of salary arrears in a particular year. The […]
Author: Anadi Varma NEW REASSESSMENT PROCEDURE 1. Introduction: In the film JOLLY LLB, the judge, unforgettably played by actor Saurabh Shukla, in the concluding speech while delivering his judgment says: ‘But I am the judge. who knows what, what I feel, judgment cannot be given on that basis. I HAVE TO GIVE JUDGMENT ON THE […]
Understand the new TDS provision for non-filing of income tax return from 1.07.2021. Learn about the applicability and requirements under Section 206AB.
Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961(‘Act’) for the purposes of launch of Compliance Check Functionality for Section 206AB & 206CCA – regarding Issue of order u/s.138(1)(a)(i) of the Income Tax Act, 1961 for the purposes of launch of Compliance Check Functionality for Section 206AB & 206CCA – To facilitate the process […]
For checking Applicability of Section 194Q and Interplay between section 194Q or Section 206C(1H) and the TDS/TCS calculation, we have build an automatic utility for ease of Professionals or small tax payers.
The tax you must pay on holding Bitcoin (or Satoshis, abbreviated as sats, which are a fraction of a whole Bitcoin) depends on your holding period. Less than three years of holding Bitcoin is dubbed a short-term investment, whereas more than 3 years’ worth of holding is considered a long-term investment.
INTRODUCTION For a huge population, India has a well-structured hierarchical taxation system. The Indian taxation system has seen several changes over time. Clearly, taxes are our government’s main source of revenue, making the taxpayer the government’s customer. Income tax rates have been standardised, with simpler governing regulations that are easy enough for a layperson to […]
