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Income Tax : ITAT Jaipur held that proceedings under Section 153C are invalid where the Assessing Officer merely reproduces information from th...
Income Tax : The Income Tax Department explains how CPC processes returns under Section 143(1) by correcting apparent errors and incorrect clai...
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 : 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 Mumbai ITAT deleted the addition alleging bogus long-term capital gains from penny stock transactions after finding no evidenc...
Income Tax : ITAT Cochin ruled that faculty engaged by a coaching institute were independent professionals and not employees. It held that TDS ...
Income Tax : The Bombay High Court held that bad debt deduction cannot be denied where the debt was effectively written off through accounting ...
Income Tax : The ITAT held that the Assessing Officer must clearly indicate whether the alleged default is under-reporting or misreporting, as ...
Income Tax : ITAT Ahmedabad held that the tax authorities failed to consider evidence of an earlier agreement and prior payments before invokin...
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...
Rule 37BB defines the manner to furnish information in form 15CB and making declaration in form 15CA . Why Form 15CA: It a tool for collecting data about foreign remittances. It contains all information in respect of payments made to Non-Residents.
We are morally bound to pay taxes, legally too. It is for the betterment of our own nation. The taxes we pay help the country develop and prosper, which is definitely good for the society at large.
As we all know that the finance act 2017 which is applicable for the previous year 2017-18 has made an amendment in Section 44AB (Tax Audit) by inserting a new proviso which has made the applicability of this section completely different.
Office Order No. 254 of 2019 – Extension of ad-hoc appointment to the grade of Assistant Commissioner of Income Tax (ACIT) – reg F.No. A-32013/1/2016-Ad.VI(Part-11) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) **** North Block, New Delhi, The 12th December, 2019. Office Order No. 254 of 2019 In […]
Office Order No. 253 of 2019 – Promotion of Officers to the grade of Principal Commissioner of Income Tax (PCIT) – reg F.No. A-32011/3/2018-Ad-VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi -110 001 Dated: 12.12.2019 Office Order No. 253 of 2019 Consequent upon approval […]
The A.O. while estimating income of assessee, has applied net profit rate of 12%. However, Learned Counsel for the Assessee has filed chart of net profit rate for earlier year as well as subsequent years which shows that in subsequent assessment year assessee has declared 8.134% as net profit rate, however, in A.Y. under appeal, net profit rate is 3.014%.
4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemption on Investments above Fair Market Value, Introduction of Section 54EE in the Income Tax Act, 1961 and Amendment in Section 54GB of the Income-tax Act.
While computing book profit u/s 115JB, assessee company was entitled, to deduct the B/F business losses as the restriction, contained in Sec.72 of the I.T. Act on carrying forward the unabsorbed business losses for more than 8 years, did not apply in computing the Adjusted Book Profit u/s 115JB.
The recent cancellation of the Tata’s Six Charitable Trusts’ Registration by the Office of the PCIT Mumbai on October 31, 2019 is one such disruption, which has definitely caused tremors and vibrations in the tax circles, and has caught the attention and limelight in all the national dailies and print media.
The article proposes useful procedures and steps in ensuring that any critical data collected and digital evidence discovered, which is useful in fulfilling the objectives of Income Tax Department, should be admissible in any Court of law in India and its authenticity and integrity should be unquestionable.
