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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...
Request for extension of due date of filing of Tax Audit Report & Income Tax Return for A.Y.2020-21 as there was delay in notification of ITR forms/release of schema and due to Covid-19 pandemic.
In case of assessee who has to obtained and upload Audit Report under section 44AB of the Income Tax Act, 1961 has to file income Tax Return for the same previous year. As there are some information or data which are same in Income Tax Return and in Tax Audit Report. So assessee has to […]
Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as income from other sources. However, this provision is applicable only for individuals and Hindu Undivided Families (HUFs). Thus, if gift is received by any Trust or A.O.P., then it is not liable to income tax as “income from other sources”. The provision of taxation of gifts became applicable in respect of gifts received on or after 1.9.2004 and before 1.4.2006 if the gift money exceeded Rs. 25,000. From 1.4.2006, this amount has been increased to Rs. 50,000 so that cash gifts and gifts by cheque or bank draft from non-relatives and from non-exempted categories can be fully exempt from income tax up to Rs. 50,000 in aggregate in one financial year.
The word ‘Gratuity’, has not been defined in the Income-Tax Act, 1961(the Act). In the absence of any definition of ‘Gratuity’ in the Act, its meaning as provided in the dictionaries has to be referred to. The word ‘Gratuity’ has been variously defined in the Advanced Law Lexicon by P.R. Aiyar. The aforesaid definition is to be found on page 2038 of Book – 2, 3rd Edition,2005,
Under the Income Tax Act, the Search and Seizure operations are a carefully and secretly devised plan of action on the basis of authentic and bonafide information and material (something more than a rumor and gossip), which may be gathered on its own or given by some informer.
BACKGROUND OF TAX COLLECTION PROVISIONS TCS was first introduced by Central Government through Finance Act 1988 (vide Chapter XVII-BB) just to curb those sectors/ persons who are unidentified and mainly from unorganized sectors. Section 206C (1) – EVERY PERSON being seller AT TIME OF DEBITING OF BUYER “OR” AT TIME OF RECEIPT OF SUCH AMOUNT […]
Tax Bar Association, Jodhpur has made a representation to Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance & Corporate Affairs & Request for Extension of due date for filing of Tax Audit reports, Transfer Pricing Audits and Income-tax returns – AY 2020-21 till 31St March 2021. Text of the representation is as follows:- Dated: 10/10/2020 […]
The issue under consideration is whether a TPA, was required to deduct tax at source on payments made to hospitals under Section 194J of the Act?
Malayalam Motors Pvt. Ltd Vs Assistant State Tax Officer (Kerala High Court) Facts of the case: The petitioner is a private limited company engaged in the business of automobile sales. The Company filed GSTR-1 returns for the months of February 2020 to May 2020, due to the Covid pandemic, could not generate funds to make […]
Lal Construction Company Vs DCIT (ITAT Hyderabad) During the assessment proceedings u/s.143(3) of the of the Income Tax Act [Act], the Assessing Officer (AO) noticed that there is a difference between the total receipts offered to tax by the assessee and the receipts reflected in Form-26AS. The AO after hearing the assessee, considered the turnover […]
