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Income Tax : The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and ...
Income Tax : This article examines conflicting judicial views on whether capital gains exemption is available when a new residential house is p...
Income Tax : This guide explains how Section 43B(h) defers tax deductions where payments to Micro and Small Enterprises remain unpaid beyond th...
Income Tax : The case highlights denial of TDS credit after an incorrect TAN was reported in the income tax return, even though the correct TDS...
Income Tax : The Income Tax Department is using AI, data analytics, AIS, and PAN-based verification to identify incorrect HRA exemption claims....
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : ITAT Bangalore held that once a search under Section 132 was conducted, the assessment for the relevant year had to proceed under ...
Income Tax : The ITAT Bangalore held that a mismatch between the income tax return and Form 3CD cannot by itself justify disallowance of a genu...
Income Tax : ITAT Visakhapatnam remanded the assessment after holding that documentary evidence relating to cash deposits, members' records and...
Income Tax : ITAT Hyderabad held that an addition under Section 69 cannot be sustained solely on the basis of an uncorroborated loose sheet. Th...
Income Tax : The ITAT Visakhapatnam held that delayed filing of Form No. 67 does not justify denial of Foreign Tax Credit where taxes have been...
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...
1. Can the assessee treat shares held in subsidiary company, which is ordered to be wound up, as trading loss? 2. Whether the amount transferred to the reserve fund account as per the provisions of section 67 of the Gujarat Co-operative Societies Act, 1962, was diversion of income at source by overriding title or could such transfer be treated as business expenditure deductible either under section 28 or section 37?
Understanding Section 245 and outstanding tax demands. FAQs answered to help you respond to the income tax notice and refund adjustments.
Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel.
In this article we have discussed step by step procedure to upload online quarterly TDS/TCS statements on the e-Filing portal with effect from 1st May, 2016. In this article we discussed 1. Pre-Requisites for Uploading TDS Statement 2. How to Upload TDS/TCS Statement and 3. How to view Filed TDS / TCS Statement.
Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India’s Top 10s income earners, they have need to give more attention to their financial planning and taxation. Here we are providing some necessary documentation and legal requirements for doctors in India as necessary to follow to avoid unnecessary payment of tax, interest & penalty.
Memorandum Summary of Yearly Finance Bill of Various Amendments made to provide Tax Incentives under Income tax Act, 1961 to promote Start-ups in India: Finance Bill 2016: Tax incentives for start-ups With a view to providing an impetus to start-ups and facilitate their growth in the initial phase of their business, it is proposed to […]
New Rules for TDS on Cash Withdrawal w.e.f 1st July 2020 Following entities are liable to deduct the TDS on Cash Withdrawal under Section 194N of Income Tax Act, 1961: 1. Banks (including private or public sector banks) 2. Co-operative banks 3. Post office Applicable to Amount of Cash Withdrawal in Current F/Y Rate of […]
Ensure a flawless income tax return process with these essential steps. Track the status of your return until it’s successfully processed and claimed refund is received.
Note on Section 115BAC & Income Tax Notification No. 38/2020 dated 26.06.2020 Sec 115BAC – Tax on income of individual and Hindu undivided family is introduced in Finance Act, 2020 which is applicable to financial year commencing from 1.4.2020. This section gives an option to an individual assesse to get it assessed under this section […]
Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- a) Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. b) Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. c) […]
