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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...
ITO Vs Amit Murlidhar Kamthe (ITAT Pune) Firstly, no possession was given to the developer under the JDA as an owner. Secondly, a part of the land at the material time in 2008 vested in the Government of Maharashtra. Thirdly, the transaction admittedly fell through and a part of the land was eventually sold to […]
Section 80D – Deduction in respect of Medical Insurance Premium (Mediclaim) Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or dependent parents are allowed for deduction. Deduction under section 80D is allowed only to Individual and HUF, No other […]
Company ♦ Section 115QA, which provides for the levy of tax, on account of buy-back of shares, at an effective rate of 23.296% (20% + 12% SC + 4% H&EC) ♦ Buy-Back Tax has to be paid by the company on the distributed income which is nothing but the consideration paid by the company on […]
CBDT notifies pension fund, namely, ‘Indo-Infra Inc.’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 17th May 2021 but on or before the 31st day of March, 2024 […]
Avoid late fees for not linking your PAN with Aadhaar. Learn about the new section in the Income-tax Act and how to comply with the requirements.
Discover the taxation benefits of investing in Sovereign Gold Bonds. Learn about the tax exemption on interest income and more.
Note on Preparing books of accounts to be maintained under Section 44AA of Income Tax Act, 1961 Some important points to be considered white completing the Books of Accounts and preparing of the Balance sheet for business or profession by an accountant and an assessee. Sometimes it is seen that when an assessee is required […]
Computer Assisted Scrutiny Selection (CASS) 2020 Cycle for ITRs of A.Y. 2019-20 for the current year has been finalized. The Board has approved the parameters for selection of cases and cases are visible to the Assessing Officers.
Vijay Mohan Harde Vs ACIT (ITAT Pune) A copy of the notice issued u/s 274 of the Act has been placed in the appeal folder, from which it is discernible that the AO did not strike off either of the two limbs viz., concealed the particulars of income or furnished inaccurate particulars of such income, […]
Article on Reopening of Assessment Beyond Period of Four Years when Assessment Already Finalised Under Section 143(3) and All Material Facts Disclosed During Assessment Proceedings It is a trite law that when a statute provides a particular thing to be done in particular manner then the same has to be done in that manner only […]
