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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...
Heading towards the next section, in the series of TDS articles, the present article covers the rarely touched section 194E of the Income Tax Act, 1961. Section 194E deals with the provisions of TDS deduction on payment to a non-resident sportsmen / sports association. Let us have a look into the provisions governing the same. […]
Recently, the provisions of Section 44AE of the Income Tax Act have been amended w.e.f. 01.04.2019 (i.e., from Assessment Year 2019-20) by the Finance Act, 2018. According to the amendment, in respect of heavy goods vehicle, the minimum income per vehicle shall be deemed to be rupees one thousand per ton of gross vehicle weight or unladen weight, as the case may be, for every month or part thereof.
The due date for filing your income tax return (ITR) is fast approaching. You must know which Income Tax Return Form is to be filed. There are seven different type of Income Tax Return Form for corporate and non-corporate tax payer. S.No Description Form 1 For Individuals being a Resident (other than Not Ordinarily Resident) […]
Assessee-society would not cease to exist as educational institute because it was providing hostel facility or transportation facility or mess facility, as it was an incidental to the education purpose of the assessee-society thus, no exemption u/s 11 could be denied to assessee- society.
Since assessment under section 153C was made only on the basis of incriminating documents such as balance sheet and profit and loss account which were not related to assessment years under appeals, therefore, assessment was invalid as no incriminating material was found during the course of search to proceed against the assessee.
Assessee was entitled to exemption under section 54 on long term capital gain on sale of properties as the holding period of the asset should be considered from the date of acquisition of asset in the light of agreement to sale, but not from the date of possession of the property.
Section 194DA relates to the deduction of TDS in respect of life insurance policy, and the provisions of the same are covered under the present article. Basic provisions of section 19DA Section 194DA of the Income Tax Act, 1961 covers the person making payment to a resident person any sum under the life insurance policy. […]
Article explains How to download and extract an ITR excel utility, How to download and import the prefilled XML to prefill all the personal and tax details to the ITR excel utility, How to import tax details from the previous version of the excel utility and what to do if your are getting ‘invalid XML’ […]
Applicability of Section 56(2)(viia) & 56(2)(x) of the Income Tax Act, 1961 on Fresh /Bonus/Right Issue & Buy Back of Shares: An Undying Conundrum!! The provisions of section 56(2)(viia) of the Income Tax Act were inserted w.e.f. the Finance Act 2010, and read as under: Section 56(2) : “In particular, and without prejudice to the […]
Introduction: The author in this article has analyzed the provisions of the various Acts with regard to the definition of a relative. A comparative analysis has been done among the definitions provided under: Companies Act, 2013 Income Tax Act, 1961 Accounting Standards Goods & Service Tax Tax Act, 2017 Analysis: Comparative chart of the definition […]
