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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...
As per Section 56(2)(x) of the Income Tax Act, any person receives any property including shares of a company for a consideration less than the Fair Market Value, the Fair Market Value exceeding the consideration would be taxable in the hands of the person receiving such property. Clause 11 of proviso to Sec 56(2) (x) […]
Dear friends and colleges, we are going through an unprecedented lockdown, due to COVID-19 Pandemic. This pandemic has killed more than 5.00 Lakhs and people and its killing spree is still going on. The whole world is facing lockdown and due to this their economies suffered a lot. The movement of people, transport, goods and […]
Meaning of Branch Office: Branch office implies an establishment set up by parent company to perform the similar business operations at different locations. One of the common strategies of the Companies to expand their business at the national or international level, is to set up branches, at different places. Branches are a part of the […]
Santosh Kumar Vs ITO (ITAT Jaipur) Tribunal has considered the guidance note of ICAI in respect of the tax audit U/s 44AB of the Act wherein the turnover or gross receipt in respect of speculative transactions has been considered as some total of positive and negative outcome of the speculative transactions. This Tribunal in a […]
The issue under consideration is whether CIT(A) is correct in treating the interest from Fixed deposits made in connection with Contract business as income from ‘Other sources’ in place of income from ‘Business’?
As we all aware that Form 26QB has to be file to comply with TDS section 194-IA. Various instances are seen were some or other attribute of Form 26QB is wrongly mentioned and credit of TDS deducted is not reflected in Form 26AS. Earlier online correction facility is not available hence to correct any mistake […]
The new rules for preparation, filing/ issuing forms 15CA and 15CB are effective from 01st April’2016. With these new rules coming into effect significant changes have come into effect for furnishing forms 15CA & 15CB. Some of the key changes for furnishing form 15CA & 15CB that have come into effect from 01st April’2016 are:
Equity Valuation becomes easy when the script is listed, Company is active in business & shares are regularly trading. Since market price is ready available in stock exchange website. Further we can average out the daily closing market price of last one year to make it full proof, however it becomes challenge to value unlisted companies equity shares or Companies whose shares are not regularly trade.
Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditions laid down U/S 80-IB(10) for claiming the benefit thereunder,
The issue under consideration is whether the Payment Gateway facilities provided by banks are liable for TDS provisions?
