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Income Tax : The Income Tax Department is using AI, data analytics, AIS, and PAN-based verification to identify incorrect HRA exemption claims....
Income Tax : The revised ITR-4 requires mandatory disclosure of the year-end business bank balance and introduces a new investments field. The ...
Income Tax : Know the income tax appeal process, hierarchy, filing procedures, timelines, powers of appellate authorities, and departmental app...
Income Tax : From April 1, 2026, PAN holders travelling abroad must submit Form 156 under the Income-tax Act, 2025. Learn the filing process an...
Income Tax : The article explains that tax responsibilities do not end with a taxpayer’s death. Legal representatives must file pending retur...
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 : ITAT Delhi held that cash deposits recorded in audited books and linked to disclosed business transactions could not be taxed unde...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures could not be treated as equity merely to deny interest deductions. The T...
Income Tax : ITAT Ahmedabad held that a taxpayer cannot avoid responsibility for earlier failures to respond merely because the final notice wa...
Income Tax : The ITAT found inconsistencies in the selection and rejection of comparable companies for determining the arm’s length price of ...
Income Tax : ITAT Delhi held that depreciation on goodwill cannot be allowed when the goodwill arises from an unsigned and unregistered Busines...
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...
The Finance bill 2021, propose to inserts two new section i.e. Sec. 206AB and Sec. 206CCA to enable for deduction and collection of TDS and TCS at higher rates for those who have not filed their income tax returns. Brief about these sections is as below- Applicability of the Section 206AB: This section is applicable […]
Budget 2021- Constitution of Dispute Resolution Committee for small and medium taxpayers The Central Government has consciously adopted a policy to make the processes under the Act, which require interface with the taxpayer, fully faceless. In this backdrop, new schemes for faceless assessment, for faceless appeal at the level of Commissioner (Appeals) and for faceless […]
Carissa Investment (P) Ltd. Vs ACIT (ITAT Delhi) In this case assessee-company has been able to prove that both the creditors have availability of sufficient funds to give loan to the assessee-company in assessment year under appeal. Merely because income was low declared by both the creditors, is no ground to make the impugned addition […]
The third Union Budget (in the Second Term of Prime Minister Shri Narendra Modi led Government) presented by the Finance Minister Smt. Nirmala Sitharaman on 1st February 2021; was unique for various reasons-it was delivered digitally, first budget in post COVID imposed lockdown; one of the budgets wherein government has chosen to go past the […]
Since section 44AD did not obligate assessee to maintain books, the provisions of section 68 could not be invoked where assessee had filed return of income under the provisions of section 44AD without maintaining books of account.
Section 206AB and Section 206CCA – Special provision for deduction of tax at source (TDS) and collection of tax at source (TCS) for non-filers of income Tax Return at Higher Rates The new section 206AB and 206CCA are proposed to be inserted in the Income Tax Act, 1961 (“Act”) by the Finance Bill, 2021. The […]
There is a lot of confusion on the issue of taxability of interest on PF (Provident fund) on employee’s contribution in excess of Rs 2,50,000 P.A w.e.f FY 2021-22. Before going in to that let’s have a relook into the provisions brought by the Finance Bill 2021. “Taxability of Interest on various funds where income […]
The statement from the India Finance Minister about the Budget 2021 to be an exceptional one which India has not seen in past 100 years; had made all the business community and society at large expect it to be an optimistic one that would revive the Indian economy and boost the India growth story. And […]
Budget 2021- Taxation of proceeds of high premium unit linked insurance policy (ULIP) Clause (10D) of section 10 of the Act provides for the exemption for the sum received under a life insurance policy, including the sum allocated by way of bonus on such policy in respect of which the premium payable for any of […]
Article explains Proposed GST Amendments under Finance Bill 2021. These amendments include GST on The activities or transactions, by a person, other than an individual, to its members or constituents or vice versa, for cash, deferred payment or other valuable consideration, New section 16(2)(aa), Omission of Requirement of GST Audit, Amendment of Section 44 of […]
