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Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...
Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...
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 : 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 Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose fro...
Income Tax : ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine t...
Income Tax : ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed fro...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...
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...
On account of the shutdown in India due to Coronavirus, the Government has extended various compliance due dates. The announcement for the extension was made by the Hon’ble Finance Minister Smt. Nirmala Sitharaman on 24th March 2020 as under: Income Tax Due Date Extension FY18-19 last date for filing income tax return has been extended […]
It is abundantly clear from Sub-Section (2) that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten consecutive years, out of a slab of fifteen (or twenty) years, as prescribed under that Sub-Section. It is hereby clarified that once such initial assessment year has been opted for by the assessee, he shall be entitled to claim deduction u/s 80IA for ten consecutive years beginning from the year in respect of which he has exercised such option subject to the fulfillment of conditions prescribed in the section.
Rajasthan State Electricity Board Vs. DCIT (Supreme Court) Section 143(1-A) can only be invoked where it is found on facts that the lesser amount stated in the return filed by the assessee is a result of an attempt to evade tax lawfully payable by the assessee. The burden of proving that the assessee has so […]
Once the cancellation of registration had been set aside and registration granted under section 12A had been restored by the Tribunal, CIT(Appeals)’s decision for disallowance of exemption under section 11 became redundant, hence, had to be set aside.
Since there was a statutory requirement that AO had to provide reasonable opportunity of hearing to the assessee before directing the assessee to get the accounts audited under section 142(2A), therefore, in the absence of pre-decisional hearing, the decision to have special audit was, therefore, invalid and consequentially all the proceedings conducted thereafter stood vitiated.
1) The last date Up to which the Return for the Assessment Year 2019-20 can be filled is Up To 30th of June, 2020 Now, instead of 31/03/2020. 2) The Cumulative effect of reading of section 139(4) and 139(5) is that Return which is filled us 139(1) and 139(4) can be filed Up To the end of the assesment year . However for assessment year 19-20 it is now 30/06/2020.
Deposit of Tax -Where tax has been deducted under Sections 193,194,194A,194B,194BB, 194C, 194D, 194E,194EE, 194F, 194G, 194H, 194I, 194J, 194K, 194LA, 195, 196A, 196B, 196C and 196D, it is duty of the person deducting tax at source to deposit the amount of tax so deducted within the prescribed time in any branch of Reserve Bank of India or State Bank of India or any authorised bank accompanied by prescribed Income-tax challans as per the time limit and mode specified in Rule 30.
Section 197 gives a right to the assessee to obtain a certificate from the Assessing Officer that tax may be deducted at a lower rate than prescribed in Sections 192,193,194,194A,194C,194D,194G,194H,194I, 194J, 194K, 194LA, and 195, by making an application. He can even apply for no deduction of income- tax at source. Income-tax rules have prescribed Form No. 13, under Rule 28 for such application.
CPC Refund Failure Status – Use this query to find out if your Income Tax refund could not be issued due to missing/incorrect mandatory fields or if the refund was returned due to reasons such as address not found, etc. Please note that, if the query does not fetch any details, it implies that either the e-return has not been processed so far, or no refund was due, or refund has been delivered successfully.
Many time Assessee want to know his Income tax jurisdiction i.e. Income tax ward under which he is assessed. If you are filing your income tax Return manually it is must to be aware of your income tax Jurisdiction as you can file you income tax return only with the Income tax officer under whose jurisdiction you fall. Now Assessee wonders, is there a way he can know his Income tax jurisdiction easily? Income tax department has launched a online service namely ‘KNOW YOUR JURISDICTION’ by which you can know your jurisdiction by entering your PAN.
