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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...
Taxability of Joint Development Agreement (‘JDA’) under Income Tax Law Joint Development Agreement (‘JDA’) is the most common and popular form of arrangement for constructing properties in our Country. It is a preferable form both to the Developer and to the Landowner. But there are some issues regarding the taxability of JDA under Income Tax […]
Need to further extend various time limits under Income Tax in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19).
Article explains Maintenance of accounts by certain persons carrying on profession, Maintenance of accounts by certain persons carrying on business, Limits for Individual & HUF for maintenance of accounts in case of business or profession, Maintenance of accounts by other person, Penalty for contravention of provisions related to Maintenance of accounts and Important Notes related […]
Learn about the adequacy of the allotment letter for claiming exemption under section 54F of the Income Tax Act, 1961. Understand the conditions and requirements for tax relief on capital gains.
The outbreak of Novel Corona Virus (COVID-19) pandemic across many countries of the world, including India, has caused immense loss to lives of people and given rise to unprecedented humanitarian and economic crisis in the country. Due to vagaries of pandemic, a national lockdown was imposed which had to be further extended. Due to very […]
Nand Lal Popli Vs DCIT (ITAT Chandigarh) Assessing Officer, for making the impugned addition has started with the presumption that an amount to the extent of 92% of the gross receipts is the expenditure incurred by the assessee, which is a totally wrong premise. If the income component is estimated, how the expenditure component on […]
TCS is a tax that is collected by the seller from the buyer and paid to the government on behalf of the buyer. The Finance Act, 2020 has introduced the new section 206C (1H) of the Income Tax Act, 1961 related to TCS on sale of goods. Applicable from: 1st October 2020 Applicability: 1. If […]
Shri Thomas Eapen Vs ITO (ITAT Cochin) The assessee offered income u/s. 44AD, the assessee being a small trader in medicine. There is no dispute that the assessee falls under the provision of sec. 44AD since the turnover of the assessee is less than Rs. 1 crore from eligible business. The Assessing Officer also accepted […]
The Finance Act, 2020 has introduced the new section 206C(1H) of the Income Tax Act, 1961 for Tax Collected at Source on sale of goods. The said provisions are applicable from 01.10.2020. Applicability: whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees (>10 Crores) during the financial year […]
Code on Social Security, 2020 was introduced in Lok Sabha on 19th September 2020 vide Bill No. 121 of 2020 to withdraw the pending Code on Social Security, 2019 and to propose a fresh Bill, namely, the Code on Social Security, 2020. Code on Social Security, 2020 is expected to to amend and consolidate the […]
