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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...
All the interest bearing funds had been utilized towards interest bearing advances and this was evident from the balance sheet whereby interest bearing loan was Rs. 3,03,50,275 against which, interest bearing advances were Rs. 3,41,00,000 i.e. more than the amount borrowed. No disallowance could be made under section 36(1)(iii) as the amount borrowed on interest had been used specifically and exclusively for advancing amounts of interest for the purposes of earning income.
Restrictions There are many sections in the income tax which discourages or restrict the usage of cash, some sections create the disallowance the of expense and other penalise the person doing the cash transaction, some of which are given as follows: – > Section 13A (Special provision relating to incomes of political parties): Exemption to […]
Since AS-11 was mandatory and required to be followed in computing the income, therefore, assessee was entitled to claim depreciation on forex loss pertained to non-depreciable asset acquired in India as loss from income.
By now You must have already gone through hundred of articles explaining cumbersome new provision of Sec.194Q which is coming w.e.f. 01.07.2021 by the Finance Act,2021. This is my humble attempt to simplify the same to make it understandable to layman aka taxpayer. If you happen to go through Honorable FM’s budget speech of 2021, […]
The Finance Act, 2021 has introduced a new Section- Sec. 206AB. This is a Special Provision for deduction of tax at source for non-filers of income tax return. This Section shall come into effect from 01st July, 2021. The purpose behind introducing this Section is to ensure maximum income tax coverage and compliance. The Government […]
Introduction As per the provisions of sec 40a (ii) any payment on account of any rate or tax levied on the profits or gains of any business or profession are not allowable as a business expense. Hence, the amount of Income tax Paid by the assessee is disallowed u/s 40(a)(ii). However, along with Income Tax, […]
DIVIDEND When a company earns more money than it spend, the extra money can either be spent on making the company better or it can be given to the people who own stock in the company as a dividend. Dividends can be issued in various forms, such as cash payment, stocks or any other form. […]
Bracing for implementation of Section 206AB of Income-tax Act Finance Act, 2021 made certain sweeping changes in the provisions relating to tax deduction at source in order to enhance the current tax base and bring more taxpayers into the fold of tax compliances and reporting in the country. One such change with far-reaching implication was […]
This is a pure management jargon used in to fit with the corporatization of department being attempted so desperately over past few years. In sync with the times ,fashionably progressive…and all that. Digital lingo has a ditto status. But when that starts dictating the rigours of law, there arises a self made disaster.
Section 206AB and Section 206CCA of the Income Tax Act were recently incorporated in the Income Tax Act, 1961 through the Finance Act, 2021. Both the sections are going to be applicable from 1st July, 2021. As per the provisions of both the sections, higher rate of TDS/TCS rate shall be levied by the Tax […]
