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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...
A new section 194Q, has been introduced in Finance Act, 2021, to the Income Tax Act, which requires a buyer to deduct TDS of seller, while purchasing of goods. This section will be applicable from 1st Jul, 2021. As we have seen, last year, a similar provision of section 206C(1H) was introduced, where seller needs to collect TCS from buyer on sale of goods.
Income Tax Exemption of Rs. 36,000 per family member to a Salaried person for the Financial year 2020-2021 (also available to Private Sector Employees) Many Salaried employees get Leave Travel Concession (LTC) from their Employers which is exempt to the extent it is actually spent on travelling. LTC which could not be spent is taxable […]
If a statute requires a particular action to be taken by a particular officer having jurisdiction over the assessee, then the same officer can exercise the discretion. An officer superior to him can not exercise the discretion on his behalf. In case an assessment is sought to be reopened under section 148, then reasons are […]
Effective income tax savings tips to help in tax planning. Learn how to efficiently reduce tax outgo and make informed decisions between the old and new tax regimes.
Learn about CHALLAN Cum RETURNS under TDS provision: types, forms, and rates. Understand the process of deducting TDS on property transactions and payments to contractors and professionals.
The CBDT has notified Income Tax (14th Amendment) Rules 2021, which laid down the rules relating to non-applicability of the provision of section 139A to non-resident, being eligible foreign investors making a transaction only in capital assets referred in clause (viiab) of section 47 in a specified manner. Also, this notification delegates some responsibilities on […]
Understanding the Residential Status of an Individual under the Income Tax Act, 1961. Learn how income tax is charged and when to pay it.
As per the department of income tax, an income tax assesse who fails to file the return of income within the stipulated timeline can still submit the belated ITR. What is Belated return? Income tax return that is not furnished on or before the due date specified under Section 139 (1) is referred as belated […]
TDS rates for FY 2021-22 (AY 2022-21) considering amendments made by Finance Act, 2021 are as follows: Tax Deducted at Source (TDS) Rates applicable from 1st April, 2021 Tax Deducted at Source (TDS) Rates applicable from 1st April, 2021 S. No Section Residential Status of Deductee #9 206AB applicable #11 Nature of Payment Monetary Limit […]
As a medical professional, you need to be aware of taxation rules and regulations that are relevant to you. Following them is important for not only paying your taxes correctly but also availing of the relevant benefits.
