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Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
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 : 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 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 ITAT held that registration granted under Section 12AA before completion of assessment entitled the trust to claim exemption f...
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 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...
Pr. CIT Vs Narang Construction & Finance (P) Ltd. (Delhi High Court) The materials on record showed not mere superficial details like PAN, ROC, etc., but further facts relating to the bank accounts of the share applicants were also there. The share applicants were entering into proper commercial transactions and were not per se forged, bogus or […]
In exercise of the powers conferred by clause (e) of sub-section (9) of section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) as the regulation for the purposes of the said section.
Central Government hereby notifies the Housing and Urban Development Corporation Ltd. (HUDCO), New Delhi for the purpose of Section 194A(3)(iii)(f) of Income Tax Act, 1961.
Pr. CIT Vs Moonstar Securities Trading & Finance Co. (P) Ltd. (Delhi High Court) In this case for both years, the assessee had offered amounts as disallowance claiming them to be expenditure for tax exempt income. The assessing officer merely proceeded to reject such amount as expenditure and straightaway applied rule 8D without adducing any […]
AO was justified in making addition under section 68 of credit balance showing in assessees books of accounts against the Nil balance shown by the creditors in their books of accounts as on verification of the books of accounts of the creditor it was found that there was no balance outstanding against assessee and the same indicated that the credit balance shown in the books of the assessee was bogus.
In re Association of Inner Wheel Club of India (GST AAAR, West Bangal) Goods and Services Tax is levied on intra-State and inter-State supply of goods and services. According to Section 7 of GST Act, the expression ‘supply’ includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, […]
Dont miss out on the final opportunity to get eleven benefits of filing income tax return for AY 2018-19. Find out more here.
As the Financial Year 2018-19 is about to end. With the end of the accounting year/ financial year 31st March is the last date for various compliances, actions and decisions to be taken. One such decision is tax planning and decisions regarding Investment in various taxes saving schemes which results into deduction in Income tax […]
Since assessee was held entitled to claim deduction of its profits at the rate of 100% in terms of section 80-IC, therefore, additions made towards interest and bad debts so made were also entitled to deduction under section 80-IC resulting in no addition to the taxable income of assessee.
Merely because assessee company had filed all primary evidence, it could not be said that onus on assessee to establish credit worthiness of investor companies stood discharged u/s 68 of the Income Tax Act, 1961.
