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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 technical lapses in e-verification cannot override a taxpayer's lawful entitlement to a refund. Once the d...
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 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...
The Advance Pricing Agreement program has been a key dispute prevention mechanism in the Indian direct taxes set-up. There are three kinds of Advance Pricing Agreements – unilateral, bilateral and multilateral. Credibility of a tax administration depends to a large extent upon the efficacy of its dispute resolution mechanism. Advance Pricing Agreements have played a […]
Confused between the new vs old tax regime? This article will help you understand the differences and decide which one is best for you.
A tax haven is a country where taxes are levied at extremely low rates. One country’s tax laws and rules can have an effect on other countries and their economies. Most multinationals operating in developing countries use tax havens. These tax havens often prove to be a way for multinational companies to avoid taxes. More […]
Ministry of Finance Income Tax Returns( ITR) scrutiny reduced to 0.25% in AY 2018-19 IT Dept is changing -from just enforcement to facilitating better taxpayer services. No. of cases selected for scrutiny reduced drastically over the years – 0.71% in AY 2015-16, 0.40% in AY 2016-17, 0.55% in AY 2017-18 & 0.25% in AY 2018-19. […]
3,130 tax personnel, including 600 IT officers are busy implementing the Faceless e-Assessment scheme of Income Tax. Out of 58,319 cases selected for faceless assessment, already 8,700 cases have been disposed off.
Mandatory Claim of Enhanced Depreciation of 15% in case of Motor Vehicles (Acquired & put to use from 23rd August 2019 to 31st March 2020) In July 2019, Honorable Finance Minister Ms. Nirmala Sitharaman presented union budget for the financial year 2019-20 in the parliament. Subsequently the finance minister had announced several short and long-term […]
In continuation of the SOP (Standard Operating Procedure) dated 01.06.2020 the hearing of cases at ‘ITAT Chandigarh Benches from 04.08.2020 onwards will be done through WEBEX/Google Meet for conducting Virtual Court Proceedings.
There are a number of entities, the income / surplus of which is governed by the principle of mutuality and therefore, such income / surplus is not liable to income-tax. In other words, any surplus in the case of mutual concerns is exempt from income-tax and therefore, it would not form part of the gross total income of such mutual concerns.
A business in its normal course of business can incur losses on account of various reasons. One of the reason being heavy deductions and exemptions given by the government under the Income Tax Act,1961 in order to encourage the expansion of existing business or set up new business.
Most of the people who were happy and proud with their achievement of buying their own house in the recent past are now sleepless, thanks to the provision, called Section 194-IA of the Income Tax Act 1961.
