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Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...
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 : 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 Calcutta High Court set aside the Section 148A(3) order and Section 148 notice after finding that the Assessing Officer failed...
Income Tax : The Calcutta High Court set aside the Section 148A(3) order and Section 148 notice after finding that the Assessing Officer failed...
Income Tax : The Tribunal held that Rule 11UA gives the assessee the exclusive option to choose the valuation method for unquoted shares. While...
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 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...
Offence under section 276CC stood committed upon the non-filing of return under section 142(1) within the prescribed time limit. Hence, no case was made out for discharge of assessee.
TDS APPLICABILITY ON PROVISIONS MADE YEAR END WHERE PAYEE NOT KNOWN AND AMOUNT INDETERMINATE The Issue is relating to TDS on provisions for Exps. at the year end. The TDS Provisions are very clear that if any amount of Expense is charged to Trading and Profit & Loss account which attracts TDS deduction, TDS has […]
Article explains Passwords for TDS / TCS Deductor/Collectors and Taxpayers related to Registration, Conso File, Justification Report, Form 16/16A/27D/TBR, Intimation received through Email, Form 26AS and Form 16B. Passwords for Deductor Functionality Password Example Registration Password must contain a minimum of 8 alpha numeric characters with at least one capital letter. It is applicable for […]
Pr. CIT Vs Prakash Mangilal Jain (Bombay High Court) Following FIFO or LIFO method cannot be the basis for levying penalty as per the provisions of section 271(1)(c) of the Act. In order to justify the levy of penalty, two factors must co-exist, (i) there must be some material or circumstances leading to the reasonable […]
Shri Ashok Kumar Chauhan Vs ITO (ITAT Delhi) We find that first of all, the Assessing Officer in the impugned assessment order has simply made the addition on the ground that assessee during the course of survey has offered sum of Rs.20 lacs towards investment in furnishing and in equipments in showroom over and above the […]
In the instant case, has received cash loan from her parents and brother to meet the stamp duty cost for purchase of a house property for her own living, therefore, I am of the considered opinion that it is not a fit case for levy of penalty u/s 271D of the Act and the provisions of section 273B will come to the rescue of the assessee as a reasonable cause.
M/s. West Asia Exports & Imports Vs. ACIT (Madras High Court) We know that Sec 41(1) of Income Tax Act 1961, where there is cessation of any trading liability then the benefit accruing on account of cessation of such liability will be deemed to profits and gains of business or profession whether or not such […]
Since no notice under section 143(2) had been issued for completion of the re-assessment proceedings, therefore, the re-assessment order itself was bad in law and the same could not be revised under section 263.
Important Information : Step to Clear Browser cache memory While trying to login to TRACES, user gets error message: Request resource could not be found Or Site is down due to planned maintenance While doing KYC , site is not proceeding further to next step and no Error message is displayed . User logs-Out successfully […]
Article contains Tutorial for PAO on Registration and Login on TRAQCES portal, How to retrieve Password if you forget the same on TRACES Portal, How to view Dashboard & Profile, PAO – Statement Status for a TAN and View AIN – TAN Mapping. A. E -Tutorial PAO Registration and Login PAO Registration –Step 1 PAO […]
