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Income Tax : This comprehensive FAQ explains the TDS provisions applicable for AY 2026-27, including rates, thresholds, compliance obligations,...
Income Tax : Learn how Section 161 of the Income-tax Act, 2025 establishes the arm's length principle for international and specified domestic ...
Income Tax : Learn why taxpayers must deposit unutilized capital gains into a Capital Gains Account Scheme (CGAS) before the ITR due date to pr...
Income Tax : This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026...
Income Tax : This guide explains how taxable income and tax liability are computed under the Income-tax Act, from Gross Total Income to the fin...
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 ITAT held that limitation under Section 153B had to be computed from the searched person's last panchanama, making the assessm...
Income Tax : The Karnataka High Court held that the requirement to deposit 20% of the disputed tax demand is not mandatory in every case. It qu...
Income Tax : The Tribunal held that the addition under Section 68 could not be sustained because the assessee produced complete documentary evi...
Income Tax : The ITAT Pune upheld the deduction under Section 10AA after finding that the Assessing Officer had not established that the SEZ un...
Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
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...
Excel / Java Utility for ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 for AY 2019-20 / FY 2018-19 are available for e-Filing. Update on 08/07/2019 All Income Tax Return Preparation Software for AY 2019-20 are now available for e-Filing. Update on 04.06.2019 ITR 7 For persons including […]
In view of Section 90(2) of the Act and clause 4(b) of Article 12 of the Treaty, the provisions of this Act would stand applicable only where fees for included services taxable only if there is a make available technical knowledge. In the case in hand finding of fact that has been returned by the ITAT, there is no make available of the technical knowledge, therefore, the provisions of the Income Tax Act would not stand attracted in the transactions in question.
Where TPO was not convinced with the benchmarking of international transaction of assessee, he should have independently benchmarked the arm’s length price of royalty payment by adopting any one of the prescribed methods which he had failed to do and determined arm’s length price at nil on purely ad–hoc basis without assigning any valid and acceptable reason, therefore, the addition made on account of adjustment made to the arm’s length price of royalty payment was to be deleted.
Adani Enterprise Ltd. Vs DCIT (ITAT Ahmedabad) We notice that no time limit has been prescribed for passing order under s.206C of the Act. The CIT(A) has assumed that in the absence of statutory time limit provided, the provisions of Section 201(3) of the Act providing time limit for deduction of tax at source can […]
As nature of “interest subsidy and power” depends on the purpose for which it was given, hence, in assessee’s case it was ‘capital’ in nature not liable to tax because the entire reason behind receiving the subsidy was setting up of plant in the backward region of West Bengal, namely, Bankura.
Analysis of Finance Bill (02) 2019 The major proposed amendment by Finance bill (02) 2019. Few amendments which are not so important are not covered. 1. Amendment in Section 2(19AA) (Definition) One of the condition to qualify the definition of demerger is “The resulting company will record the property and liability of the undertaking/s at […]
Legal representative of deceased assessee not having waived the requirement of notice under section 148 and not having submitted to jurisdiction of AO pursuant to the impugned notice issued in the name of deceased, provisions of section 292B would not get attracted and hence, notice under section 148 had to be treated as invalid.
Relevant Part of Union Budget 2019 Speech on Levy TDS of 2% on cash withdrawal under Section 194N The Finance Minister made a statement in the House of Parliament that to continue to provide momentum to the buoyancy in direct taxes through deepening and widening of the tax base, promoting less cash economy, proposed. 126. […]
Where land was stock in trade in the books of account, but, there was a complete bar on assessee as per the Notification of the Ministry of Defence to raise any construction or to do any business activity therein, the land in question could not not be treated as stock in trade but as a capital asset in nature determining holding period from the date of acquisition.
1. DIRECT TAX No change in income tax slab rates for this year. Deduction exceeded from ₹2,00,000/- to ₹3,50,000/- for the home loan upto ₹45,00,000/-. Surcharge in case of individual: – Assessee Surcharge rate when income is >=₹2Cr but <₹5Cr. Surcharge rate when income is >=₹5Cr. Individual 3% 7% Tax rates in case of companies […]
