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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...
Like most other laws tax law is also an ever evolving subject. Tax laws, every now and then result into difference of opinion between the revenue authorities and tax payers on various issues. Indian Income-tax law has many such issues one of which is benefit of Additional Depreciation.
Section 44AD versus Section 44AB: What to choose ? As per recent amendments in Finance Act, 2020 where one of major amendment was made in Section 44AB by inserting a proviso to clause (a), which reads as follows:- Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a) carrying on […]
The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021.
CA N. D. Gupta who is also Member of Parliament, Rajya Sabha has requested Smt. Nirmala Sitharaman, Honourable Minister of Finance for Extension for due date of Filing Income Tax Returns and Audit Report under the Income Tax Act for Financial year ended 31.03.2020. N. D. Gupta B.Com (Hons.), FCA Member of Parliament, Rajya Sabha […]
Pursuant to clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’), Tax Audit is mandatory if business is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). Clause (a) of Section 44AB of the IT Act read as under- ‘(a) carrying on […]
DCIT Vs Orbit Exports Ltd. (ITAT Mumbai) We find that assessee had also received interest subsidy under TUF scheme of Rs.56,54,913/- and interest subsidy of Rs.29,18,192/- from Government of Gujarat and Maharashtra. We find that this subsidy originally was offered as revenue receipt by the assessee in its return of income, which was sought to […]
A provision does not become an exemption provision merely because the marginal notes to the section or the heading of the section call it so.Tax law contains chapters dealing with incomes which do not form part of total income. There are chapters dealing with deductions and allowances. Chapter III refers to various incomes which are exempt from tax. It excludes certain types of income from the ambit of ‘total income’ as defined under the Income-Tax Act, 1961.
What is e-tax payment? Ans. This is a facility provided to the taxpayers to make income tax payments through internet using net-banking facility. · Can I use this facility to pay income tax? Ans. You can, if; a) You have a bank account with net-banking facility, and b) Your bank is amongst the banks that provide the e-tax payment facility.
Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret this as a one-time exemption up to Rs 50 lakh only. Such an interpretation will prevent anyone taking advantage of a property sale, for example, in January 2008, facilitating an immediate Rs 50 lakh investment in January 2008 in specified assets, and another Rs 50 lakh investment before the expiry of six months after sale in specified assets.
DCIT Vs Infrasoft Technologies Ltd (ITAT Delhi) Undisputedly, during the year under assessment, the assessee has acquired certain business interest from M/s. KPIT Cummins Infosystems Ltd. for a consideration of Rs.19,02,00,000/- out of which an amount of Rs.6,52,80,577/- and Rs.10,89,60,000/- has been shown as goodwill and customer contract respectively. It is also not in dispute […]
