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Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : This article explains the key situations where filing an Income Tax Return is compulsory, even if income is below the basic exempt...
Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
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 : ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 ...
Income Tax : ITAT Pune held that reassessment proceedings were invalid because the approval under Section 151 was granted by the Principal Comm...
Income Tax : ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. T...
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...
Central Government hereby notifies for purposes of said clause, ‘Swasthya Sathi Samiti’, Kolkata, a body established by Government of West Bengal, in respect of following specified income arising to that body, namely:-
Central Government hereby notifies Arulmigu Kapaleeswarar Thirukoil, Mylapore, Chennai, to be place of historic importance and a place of public worship of renown throughout the state of Tamil Nadu for the purposes of the said section.
CAS, Surat has once made a representation to Finance Minister for Extension of time Limit for filing IT Return (44AB Audit Cases) due to Work related issues in GST which arise due to Due to the hasty implementation of GST.
As per section 79 of the Act, in case of a change in shareholding of a company, other than a company in which the public is substantially interested, no loss incurred in any previous year is allowed to be carried forward and set-off, unless shares carrying not less than 51% of the voting power are beneficially held by persons who also held such shares in the year in which the loss was incurred.
The Central Board of Direct Taxes vide Office Order F.No.279/Misc/M-51/2017- 111 dated 12th July, 2017 has constituted a Committee to prepare a Concept Note to revamp the existing appeal mechanism with a view to urgently address the issue of reducing litigation considering the pendency of litigation in all appellate forums.
Penalty U/s. 271(c) Addition for difference on account of method of valuation of Closing Stock without any intention to to conceal income or furnishing of inaccurate particulars of income not justified
In the case of more than one properties are purchased by the assessee, the option is available with the assessee to claim benefit under Section 54 in respect of the residential house purchased for the assessee’s own residence.
Pushpa Rajawat Vs CIT (Rajasthan High Court) Since, the original proceedings were pending before the Commissioner (Appeals), without entering into the question of jurisdiction of the Sawaimadhopur assessing officer, the fact remains that the adjudicating authority could not have issued second show cause notice under section 148. In that view of the matter, without entering […]
In this case the appellant is receiving the material on Freight Prepaid basis (C&F). The foreign shipping companies were charging only the incidental charges like Port charges, Container payment, Stationery charges, License fees, Stamp charges, Bank charges, De-stuffing charges etc.
Hyderabad Cricket Association is not engaged in activities in nature of trade and commerce or business and therefore, eligible to enjoy the benefit of section 11 of the Income Tax Act, 1961, the Income Tax Appellate Tribunal, Hyderabad bench said last week while disposing appeals filed by both HCA and the department.
