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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...
Can A.O. could invoke section 41(1) on the pretext that liability has been long outstanding and the assessee is willingly not writing off the debts from its books? Section 41(1) is not applicable when the long outstanding liabilities have not been written off from books of accounts and continue to be reflected in the Balance […]
Bad debts are allowable expenses and it is not necessary for the assessee to establish that the debt has become irrecoverable Gone are the days when the the Assessing Officer would disallow the sum debited in the P&L account as non-recoverable sums written off as bad debts. The Assessing Officer cannot disallow the sum in […]
Books of Accounts of cannot be rejected without finding any specific defects in them The Revenue is bound to accept the authenticity of the accounts prepared with reference to the manner provided in section 128 r.w. section 129 of The Companies Act, 2013 and Income Computation and Disclosure Standards issued under section 145 of The […]
Section 87A… I guess everyone is talking about this section since the announcement in Interim budget (which we will discuss here only). So the question arises- What is this section offering ?? Why should we have the knowledge about this particular section?? Who all will enjoy the benefits of this section?? What are the conditions […]
Smt. Archana Agrawal Vs DCIT (ITAT Indore) During the course of search gold jewellery was found and seized from the residence and bank locker owned by the assessee. Gold jewellery weighing 2027 gram was found (1127 gram from residence and 900 gram from locker No.12/29). The assessee was unable to explain the source of the […]
CIT Vs. M/s. Indian Potash Ltd. (Madras High Court) The Tribunal has recorded a factual finding that the Assessee has disclosed the figure of provision for bad debts and doubtful debts and interest income also in the Profit and Loss Account submitted along with the return of income. Therefore, the Tribunal held that there is […]
Akshay Jain Vs DCIT (ITAT Delhi) Appeal of the assessee is barred by limitation by 12 days for which the assessee has filed an application for condonation of delay stating that after receiving of the order of the ld. CIT (A) on 22.03.2018, assessee has duly handed over the same to his Chartered Accountant, Shri […]
Understand the changes in ITR 1 for FY 18-19. Learn about the new columns, including standard deduction and detailed bifurcation of income from other sources.
Beam Global Spirits & Wine (India) Pvt. Ltd. Vs. DCIT (ITAT Delhi) Brief of assessee’s facts: 1. Beam India (the assessee), a wholly owned subsidiary of Beam USA, was engaged in the production and sale of alcoholic beverages in India. 2. During AY 2008-09, the assessee entered following ITs with its AE along with outcome […]
CBDT vide Notification No. 36/2019/F.No. 370142/4/2019-TPL dated 12th April, 2019 has amended Form 16 and Form 24Q. The said notification will come into effect from 12th May, 2019. Recently the CBDT notified the new Income Tax Return Forms for AY 2019-20. The new ITR Forms requires that the salary income reported in ITR must be […]
