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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...
Applicability of Section 50C and Section 56(2)(x) / Section 56(2)(vii) of Income Tax Act, 1961 on Rural agricultural land Computation of Capital Gain is many times not free from ambiguity. Further, due care is required in cases of transactions of immovable property for a consideration, which is less than the stamp duty value of such […]
Section 44AB, contains provisions of the ‘TAX AUDIT’ under the Income Tax Act 1961. ‘TAX AUDIT’ is an examination of books of accounts of the assessee. The examination is conducted to ensure that the assessee has properly maintained the books of accounts and other records and the tax liability has been computed properly. Tax Auditor, while […]
Article contains Draft Format of Engagement letter on Tax Audit and Draft Format of Management Representation letter related to Tax Audit –
Best Income tax calculator FY 2020-2021 (Covering old & new regime) and FY 2019-2020 In India income tax calculated in accordance with the income tax act, 1961. We have further elaborated the calculation of the income is into the 7 steps are as follows: 1. To Know which income would be taxable in india 2. […]
Logic for the introduction of Equalisation Levy In India an assessee is taxed if that assessee has permanent establishment in India. If the assessee does not have a permanent establishment in India then he would not be taxable in India. Many companies provide digital services to resident of India without being having a permanent establishment […]
The union budget 2020 has introduced new income tax slabs for individual and HUF taxpayers and it came into effect from April 1, 2020. This gives the option to either continue with the existing tax regime or opt for the new tax regime sans 70 tax exemptions and deductions. Salaried employees, having no business income, […]
In this article, I have covered the need and relaxations provided by the Central Government on Residential Status in Circular no. 11 dated May 8, 2020. As per the provisions of section 6 of the Income-tax Act, 1961 ‘period of stay’ of an individual is used to determine the residential status of individual taxpayers. Ordinarily, […]
CA Prakash Suneja Amid Coronavirus pandemic a big challenge is for real estate sector. Real estate sector alone can change the economy of the country. After the lifting of lockdown it is a big challenge for the real estate sector for development and growth. If we see the opportunity side in the real estate sector […]
Gift is usually used to convert black money into white money. To stop practice of converting black money into white money a section 56(2)(Vii) introduced by Finance Act , 2009 and amended by Finance act , 2010. This section deals with law of taxation of gift. The term “Gift” implies – any sum of money […]
The issue under consideration is whether set off of the ‘unabsorbed depreciation’ can be allowed irrespective of continuity of the business in next year?
