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Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
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 : 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 : The Tribunal ruled that filing a return in response to Section 148 does not cure the failure to file the original return within th...
Income Tax : ITAT Bangalore held that Section 154 cannot be invoked to make a fresh disallowance of an asset write-off claim that was never exa...
Income Tax : ITAT Bangalore held that the Income-tax Act does not prohibit a charitable trust from filing a second application for registration...
Income Tax : ITAT ruled that the reassessment order passed under Section 147 was unsustainable as it exceeded the limitation period prescribed ...
Income Tax : ITAT Bangalore deleted the penalty under Section 270A after holding that the assessee's incorrect claim arose from a bona fide mis...
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 issue under consideration is that whether the expenditure incurred for CSR will also be qualified for deduction under section 80G?
Existence of reasons for escapement of income are sine qua non to embark upon the assessment or reassessment u/s 147 of the Act. Change or no change of opinion, as argued by the ld. DR, are the factors to be considered after fulfilling the jurisdictional condition of there being an escapement of income, in the absence of which no assessment or reassessment can be made u/s 147.
The issue under consideration is whether the services, the modeling, rendered by Ms. Katrina Kaif in this case constitutes professional service and the fee paid to her for modeling with the purpose of marketing of the camera products of the assessee liable for TDS u/s 194J?
The issue under consideration is that whether the disallowance made by the Assessing Officer on account of assessee’s claim for deduction under section 80IB(10) of the Income Tax Act, 1961 in respect of interest received amounting to Rs.11,10,810/- and other income amounting to Rs. 6,36,746/- is correct or not?
Who would not want to claim the input tax credit (ITC)? ITC reduces the cost of producing/supplying goods/services and thereby reduces the cascading effects. ITC also makes the businesses competitive globally by ensuring that only goods/services are exported and not taxes as part of the cost.
What is Speculative Income? Income Tax Act has not defined the meaning of ‘speculative income’ but has defined ‘speculative transaction’. Thus, it can be said that the income derived from the speculative transaction is a speculative income. Meaning of speculative transaction As per provisions contained under section 43(5) of the Income Tax Act, any transaction […]
Depreciation allowance is provided under the Income Tax Act for building. The word building has however not been defined under the Income Tax Act and must be construed based on the ordinary grammatical sense, together with the available judicial interpretations. According to the Oxford English Dictionary, the word ‘building’ means ‘a structure with a roof […]
♦ With the outbreak of COVID-19 and the countrywide lockdown since 24th March, 2020 a lot of confusion with respect to the tax compliance has raised. Since, the lockdown is countrywide the major issues that being faced aRE with the compliance of payment and filing TDS Returns. ♦ Therefore, here are the questions to your […]
Recent clarification issued by CBDT – Lockdown time period will not be counted in the determination of residential status of NRIs for the FY 2019-20 Considering the impact of Covid 19 and amidst the situation of lockdown and suspension of international flights CBDT has recently issued Circular No 11 of 2020 dated 8 May 2020 […]
Lockdown Period Not to Be Counted For Determining Residency Status of NRIS, Foreign Nationals ; CBDT clarifies in respect of residency under section 6 of the Income-tax Act, 1961 Finance Minister Nirmala Sitharaman on Friday (8th May, 2020) allowed discounting of prolonged stay period in the country for determining the residency status, to provide relief to […]
