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Income Tax : Many taxpayers receive notices despite exemption due to AIS-ITR mismatches. The case highlights that non-reporting of even exempt ...
Income Tax : Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines,...
Income Tax : ITAT Kolkata remands case on disallowance of subcontractor expenses, stressing need for evidence, due diligence, and verification ...
Income Tax : The new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but...
Income Tax : Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensu...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : Since most salary payments were accepted, the remaining disallowance was held unjustified. Key takeaway: partial acceptance weaken...
Income Tax : Delhi High Court held that challenge to reassessment proceedings initiated under Income Tax Act failed as Court cannot act as an A...
Income Tax : The court examined whether consolidated GST show-cause notices across financial years are valid. It found no clear statutory bar b...
Income Tax : Karnataka High Court declines writ on pension, arrears and leave claims of retired tax official, holds service matters must first ...
Income Tax : Karnataka High Court sets aside rejection of business loss for violation of natural justice due to denial of personal hearing; rem...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payers and to deal firmly with Tax evaders
On this 159th Income Tax Day, I extend my best wishes to each and every member of the Aaykar Parivar and their families. I feel honoured leading such a glorious and professional service, made even more special by the untiring contribution of each and every employee of the Department.
The present article tries to explain the readers the provisions covered under section 194G of the Income Tax Act, 1961 relating to TDS on commission on purchase / distribution / sale and other activities of lottery tickets. Basic provisions governing section 194G Section 194G requires the person, who is paying any income by way of […]
We wish to bring to your kind notice that with the change of Internal working software of department from AST system to the ITBA system from A.Y. 2016-17 onwards, the members are facing following problems regarding functionality which need immediate attention for early disposal of grievances of the assessees
AS PASSED BY LOK SABHA ON 24.07.2019 Bill No. 182-C of 2019 THE BANNING OF UNREGULATED DEPOSIT SCHEMES BILL, 2019 —————— ARRANGEMENT OF CLAUSES —————— CHAPTER I PRELIMINARY CLAUSES 1. Short title, extent and commencement. 2. Defination CHAPTER II BANNING OF UNREGULATED DEPOSIT SCHEMES 3. Banning of Unregulated Deposit Schemes. 4. Fraudulent default in Regulated […]
As mark of celebration of 159th Income Tax Day on 24th July,2019, CBDT in a mega event to be held in Delhi to be graced by Hon’ble FM and other distinguished personalities of Finance Minstry, CBDT and Income Tax Department would be launching taxpayer’s e-assistance campaign.
Majority of the salaried taxpayers do file their ITR by themselves and thus are bound to commit some mistakes due to ignorance of law. In this article I will discuss some of the errors of omission committed by such taxpayers about some of the items of income, which are taxable, but are generally omitted to […]
Introduction What is Joint Development Agreement? An agreement between a landowner and a real estate developer to construct new projects is called a Joint Development Agreement. In a joint development the capital, the builder carries out construction and legal work whereas the landowner provides the land. Background Under the existing provisions of section 45, capital […]
Issue and service of notice u/s 148 within the time limit of section 149 and other important factors has to be kept in mind while doing so , otherwise , the Income tax Act , 1961 is so scientific that the entire exercise of the revenue is washed in the hands of the asseesee and […]
Section 194EE and Section 194F – TDS from payment in respect of deposit under NSS and TDS from payment on account of Repurchase of units by Mutual Funds or UTI Continuing the TDS article services, the present article tries to cover the two rarely touched topics TDS in respect of deposit under NSS (Section 194EE) and TDS […]
