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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 ITAT held that an assessee can contest a Section 143(1) adjustment in an appeal against the assessment order if the adjustment...
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 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...
Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E – Furnishing of Statement of Financial Transactions in Form 61A. Form 61A – Format and Instructions
A finance lease is essentially a financing arrangement whereby the lessee assumed the ownership of the asset in as much as it is the borrower who chooses the property to be purchased, takes delivery, enjoys the use of occupation of the property, bears the wear and tear and takes the risk of loss or damage.The decision of the Tribunal could well prove to be a turning point insofar as the claim of depreciation in a finance lease in concerned. Though the decision of Tribunal is not the last word on the question of law; nevertheless the ruling could take away the heat from long drawn debate over availability of depreciation in a finance lease.
NPS is a government-sponsored pension scheme. It was launched in January 2004 for government employees. However, in 2009, it was opened to all sections. The scheme allows subscribers to contribute regularly in a pension account during their working life. On retirement, subscribers can withdraw a part of the corpus in a lump sum and use the remaining […]
The ongoing Covid – 19 pandemic has affected the human lives severely. Besides the impact on human lives it has drastically impacted the businesses. As per the data of the National Statistical Office (NSO) India has recorded worst GDP growth rate of -23.90% for quarter 1 of FY 2020-2021. This indicates that the businesses are […]
A Hindu Undivided Family (HUF) is known as a Joint Hindu Family under the Hindu Law. It comprises all persons lineally descended from a common ancestor and living under a common roof and joint in estate, food and worship. Yet, an HUF can exist without holding any property. There are two schools of law governing HUF in India: Mitakshara and Dayabhaga. West Bengal is the only state in India which follows the Dayabhaga school of law.
Tax Collected at Source Under Income Tax – New Provisions Applicable from 01 October 2020 Introduction Finance Act, 2020 introduced 3 new provision under Tax Collected at Source (“TCS”): TCS on foreign remittance through LRS; TCS on selling overseas tour packages; and TCS on sales of any goods TCS unlike TDS is required to be […]
The Income Tax Department has been progressing in technology since the year 2006, when the E-filing of Income Tax Return forms was introduced and since than there is no looking back. Right from Income Tax return forms to the recent and newly proposed Faceless Appeals process, the Taxman has come a long way to be tech savvy and productive.
Things have changed from local Kirana Shops to Online Grocery shopping, local readymade garments shops to online purchase of cloth. Everything is now online. The Indian e-commerce sector is the fastest growing in the world and is expected to grow to $200 billion by 2026.
The issue under consideration is whether Tribunal is correct in the disallowing the claim of interest from the deposits without considering the terms and conditions of the agreement between the parties?
ABB AB C/o ABB India Limited Vs DCIT (ITAT Bangalore) Assessing Officer first has to examine whether the amounts received are off shore supply contracts by the assessee were received outside the country. The learned Authorized Representative submitted that the assessee company has offered the income on on shore supply contracts. Since, the off shore […]
