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Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : Even genuine reporting differences between Form 3CD and the ITR can attract automated scrutiny. This article explains key reconcil...
Income Tax : The article explains that 30 June is the Department's deadline to issue scrutiny notices for eligible returns, not a filing deadli...
Income Tax : AI can simplify tax work but cannot replace professional judgment in income tax filing. The article explains why human review rema...
Income Tax : This article explains why reassessment proceedings may be invalid if the Assessing Officer merely relies on Investigation Wing rep...
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 held that contradictory third-party statements and unverified allegations cannot form the sole basis for taxing alleg...
Income Tax : The ITAT held that an untested third-party statement, without supporting evidence or cross-examination, cannot form the sole basis...
Income Tax : The ITAT held that Section 263 cannot be invoked where the Assessing Officer has made necessary inquiries and adopted a plausible ...
Income Tax : The ITAT held that BSNL employees are entitled to full exemption under Section 10(10B) for compensation received under the 2019 VR...
Income Tax : The ITAT Mumbai held that revision under Section 263 was not justified where the Assessing Officer had examined and consciously al...
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 Start-ups were having high expectations from the first budget of Modi Govt. 2.0 and the Finance Minister, Smt. Nirmala Sitharaman hasn’t let down their expectations. She proposed to start a television programme within the DD bouquet of channels exclusively for start-ups. Further, tax proposals made by Finance Minister were aimed to encourage start-ups by […]
As per the existing provisions of Section 194C and Section 194J, an individual or HUF, who are not liable to tax audit under Section 44AB(a)/44AB(b), shall not be required to deduct tax under these provisions. Thus, no tax is required to be deducted by an individual or HUF from payment made to contractor or professional […]
SOME INTERESTING ASPECTS OF PENALTY U/S 271D r.w.s 269SS OF THE INCOME-TAX ACT, 1961 Penalty under section 271D the Income-tax Act, 1961 is imposed upon contraventions of provisions of section 269SS of the Act. In this article, an attempt has been made to touch upon certain aspects not usually discussed but at the same time […]
Article covers the following union Budget 2019 Changes related to Transfer Pricing, Taxation of Individuals and Changes in Income Tax Rates which includes changes in Section 92D: Clarification to keep, maintain and furnishing of information and documents by Constituent Entity, Section 92CE: Clarification regarding provisions of Secondary Adjustment, Section 92CD: Effect to Advance Pricing Agreement, […]
1. Marginal Relief is required for those whose income marginally exceeds Rs. 5 Lakhs, wherein the tax payable exceeds the income that exceeds Rs. 5 Lakhs. Upto income of Rs. 5,15,630/- the tax is to be restricted to the income that exceeds the limit of Rs. 5,00,000/-. 2. Proposed increase in levy of surcharge of […]
Finance Bill, 2019 – Analyses of Key Changes Proposed -As per the Income Tax Return Statistics available from the CBDT portal for the AY 2017-18, around 4.99 crore Income tax returns were filed out of the total population of 130 crores (approx.), which is roughly 3.84% only. -Further, if we analyse the income tax returns […]
Union Budget of 2019 -20was presented by Finance Minister Smt. Nirmala Sitharaman on July 05, 2019 before the Parliament. Here are summary of key amendments related to Corporate and Personal Taxation, Custom Duty, Service Tax, Excise and GST for your reference: Corporate and Personal Taxation: S. No. Proposed Amendments Summary 1 Domestic companies to be […]
I.Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 (Financial Year 2018-19). In respect of income of all categories of assessees liable to tax for the assessment year 2019-20, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the […]
Section 206A: Electronic filing of statement of transactions on which tax has not been deducted Section 206A of the Act relates to furnishing of statement in respect of payment of certain income by way of interest to residents where no tax has been deducted at source. At present, the section provides for filing of such […]
Online filing of application seeking a determination of tax to be deducted at source on payment to non-residents Under sub-section (2) of section 195 of the Act, if a person who is responsible for paying any sum to a non-resident which is chargeable to tax under the Act (other than salary) considers that the whole […]
