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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 Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved theratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)
Overview of TDS on Non Resident Payments Provisions for Deduction of Tax at source in case of payments to non-residents is covered under section 195 of the Income tax act 1961 which are as below. SECTION 195 (1) APPLICABILITY Payments to any Non-Resident (not being a company). Foreign Company. PAYMENTS COVERED Any interest. Any other […]
Assessee-trust was entitled to claim excess expenditure over income being deficit to be carried forward for setting it off in subsequent years as income derived from trust property had to be computed on commercial principles and if commercial principles were applied then adjustment of expenses incurred by trust for charitable and religious purposes in earlier years against income earned in subsequent year would be regarded as application of income in the subsequent year having regard to benevolent provisions contained in section 11 and such adjustment would be excluded from income of the trust under section 11(1)(a).
Nature of income which had been rental earning from the house property would not change just because it had been received by assessee-company formed with the object of carrying out business as builder and developer, therefore, AO had, rightly assessed the rental receipts under the head Income from house property.
Assessee was entitled to claim long term capital gain exemption under section 54 on sale of property and the same could not be denied on the ground that income tax return was not filed declaring such income.
Reassessment after period of four years on the ground that assessee had claimed excess deduction under Section 80IB(10) was not valid where assessee had made true and full disclosure and had consciously made only a proportionate claim under Section 80IB(10), which was rightly allowed by AO at the time of original assessment proceedings under Section 143(3).
I want The Hon. Finance Minister to consider my suggestion on the above subject. Surcharge @10% of Income tax is levied when taxable income exceeds Rs. 50 lacs and upto 1 crore. Income tax for Rs.50 lacs works out to Rs. 1312500/-.
Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the assessee to penalty under section 271(1)(c)
Before coming on the main article, let’s understand why there is a need of invoking such provisions of section 194-IA under income tax act, 1961. There is a great need and importance of invoking such provisions in income tax so as to curb the circulation and flow of black money in India. Many Real Estate […]
Home is a basic need of any person in addition to bread and clothes. With rising prices of houses, it is almost impossible for an average person to buy a house without borrowing for it either through housing loans or through loans from friends and relatives. In this article, I wish to point out why the government should take out the present tax benefit from Section 80 C and introduce separate deduction for the principal repayment of housing loan.
