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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 Tribunal ruled that reopening proceedings cannot survive where the mandatory sanction under Section 151 is not obtained from t...
Income Tax : Delhi ITAT held that donations qualifying under Section 80G do not lose eligibility merely because they form part of Corporate Soc...
Income Tax : The Tribunal ruled that addition of the entire amount of bogus purchases as unexplained expenditure was unwarranted in the facts o...
Income Tax : Delhi ITAT ruled that delayed deposit of employees' PF/ESI contributions attracts disallowance under Section 36(1)(va). The decisi...
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 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...
E-ASSESSMENT SCHEME, 2019 NOTIFICATION NO. 61, DATED 12.9.2019 NOTIFICATION NO. 62/2019, DATED 12.9.2019 (Directions for giving effect to Income Tax E-assessment Scheme, 2019 by sub-section (3B) of section 143 of the Income-tax Act, 1961) In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 Govt. INTRODUCED a scheme […]
आयकर कानून में हिंदू अभिवाजित परिवार पर एक स्वतंत्र इकाई के रूप में कर निर्धारण होता है आयकर अधिनियम में हिंदू अभिवाजित परिवार को परिभाषित नहीं किया गया है परन्तु इसका अर्थ हिन्दुओ के अभिवाजित परिवार से है हिन्दू लॉ के अनुसार हिंदू अभिवाजित परिवार से आशय उन सभी व्यक्तियों से है जो एक ही पूर्वज के वंशज हो इसमें इनकी […]
Article explains Differences between current scheme & Faceless Assessment scheme, Constitution of ReACS, Consequences of No Response by Taxpayer and Functions of each of Assessment Unit, Verification Unit, Review Unit & Technical Unit which are approved by respective Range Heads. CURRENT Vs FACELESS ASSESSMENT Present Assessment System Faceless Assessment System 1. Case Selection through a) […]
The newly introduced Faceless –E-Assessment Scheme will bring about various benefits for taxpayers, one of which is Ease of Doing Business, stated Shri Patanjali Jha, Principal Chief Commissioner of Income Tax, Mumbai.
Procter & Gamble Home Products Private Limited Vs DCIT (ITAT Mumbai) Main allegation of the revenue is that of non-furnishing of audited AE and non AE segmental as well as documents regarding choice of foreign entity as tested party. We also noted that any other reason for levy of penalty is for non-furnishing of audited […]
Introduction: ♦ As per Section 2 of the Income Tax Act, 1961 definition of Income includes losses also. ♦ Losses in the Income Tax Act, 1961 are dealt in accordance with Chapter VI of the Act which consist of Section 70 to Section 80. ♦ Assessee paid tax on Total Income. It might be possible […]
1. Introduction: The new section 206C(1H) of the Income Tax Act,1961 has been introduced by The Finance Act, 2020 for Tax Collected at Source (TCS) on sale of goods. The provisions of this section has been notified & applicable w.e.f. 01.10.2020. 2. Meaning of TCS: TCS Means collecting tax at source for certain transactions which are […]
The first step in preparation of Statement of Financial Transactions (SFT) is to identify transactions/persons/accounts which are reportable under Rule 1 14E. In the second step, the reporting person/entity is required to submit details of transactions/persons/accounts which are determined as reportable.
No person shall receive an amount of two lakh rupees or more— (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account.
Articles explains about What is Statement Of Financial Transactions (SFT) and ITDREIN, Who is reporting authority to file SFT, Which transactions needs to be reported. How to create ITDREIN, Nature and Value of Transactions to be Reported Under Rule 114E, Reporting format and how to report SFT.
