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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...
Due to COVID-19 pandemic and challenges faced by taxpayers, the Government has extended due dates for Filing of Income Tax Return For A.Y. 2020-21, Filing of Income Tax Return Assessment Year 2019-20, Fling of Tax Audit Report for AY 2020-21, Filing of Transfer Pricing Audit for AY 2020-21 and for Filing of Other Audit Reports […]
Prosecution proceedings were separate and distinct from the assessment or reassessment proceedings. There was no requirement under the Act that the assessment proceedings should be completed before launching prosecution. HC refused to quash prosecution for the compounding of offense under Section 276C(1) of Income Tax Act.
Approach To Tax Audit Under Section 44AB Of The Income Tax Act, 1961 (Checklist) This document is a joint effort of the Direct Taxes Committee and the Taxation Audit Quality Review Board of ICAI. This checklist is designed to assist the members in enhancing the quality of tax audit under section 44AB of the Income […]
Govt. notifies December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020; Also, extends timeline from December 31st, 2020 to March 31st, 2021 for making payment without additional amount. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 85/2020-Income Tax Dated: 27th October, 2020 S.O. 3847(E).—In exercise of […]
The Income tax Department has carried out a search and seizure action on 26.10.2020 on a large network of individuals running the racket of entry operation and generation of huge cash through fake billing. The search operations have been conducted on 42 premises across Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa.
Every individual who has annual income above the minimum exemption limit or has received any income on which tax was deducted at source (TDS), needs to file their Income Tax Return (ITR) every year. However, Income Tax Act pampers senior citizens and very senior citizens with several tax benefits. A person between 60 years and […]
New provisions of TCS on remittance abroad under LRS and on purchase of overseas tour programme package and on sale of goods w.e.f. 1.10.2020 As per newly inserted provisions by the Finance Act, 2020 TCS is to be collected u/s 206C(1G) on sale of foreign exchange by foreign exchange dealer an also by a seller […]
Draft Format of Form 3CEB for AY 2020-21 amended vide Notification No. 82/2020 dated 1st October, 2020 in Excel /Word Format As Form No. 3CEB (Transfer Pricing Audit Report) has been amended recently vide Notification No. 82/2020 dated 1st October, 2020. However, the utility is yet to be updated. So, sharing the updated draft of […]
In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. The last date for making declaration under the Scheme has also been notified as 31st December 2020.
Tax on incomes, earnings and gains is levied by the Income Tax Act, 1961 (‘Act’) in India and the same is enforced and administered by the Income Tax Department. Income tax is either collected directly from the taxpayer in the form of advance tax and self-assessment, or they are collected indirectly through the persons paying income or charging expenses to the taxpayer, in the form of tax deducted at source (‘TDS’) or tax collected at source (‘TCS’) respectively.
