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Income Tax : This comprehensive FAQ explains the TDS provisions applicable for AY 2026-27, including rates, thresholds, compliance obligations,...
Income Tax : Learn how Section 161 of the Income-tax Act, 2025 establishes the arm's length principle for international and specified domestic ...
Income Tax : Learn why taxpayers must deposit unutilized capital gains into a Capital Gains Account Scheme (CGAS) before the ITR due date to pr...
Income Tax : This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026...
Income Tax : This guide explains how taxable income and tax liability are computed under the Income-tax Act, from Gross Total Income to the fin...
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 ITAT Delhi held that the Revenue could not substitute the assessee's consistent method of revenue recognition with the Percent...
Income Tax : The Gujarat High Court quashed the reinitiated penalty proceedings after the Assessing Officer failed to pass a fresh order within...
Income Tax : The Gujarat High Court held that once the Resolution Plan was approved under Section 31 of the IBC, all tax liabilities not formin...
Income Tax : ITAT Ahmedabad held that the Transactional Net Margin Method (TNMM) remained the most appropriate method as there was no change in...
Income Tax : The Gujarat High Court set aside the reassessment after finding that the Assessing Officer failed to provide specific reasons for ...
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...
This Petition under Article 226 of the Constitution of India challenges a communication dated 18th March, 1998 of the Commissioner of Income Tax, Mumbai City III and the Circular dated 25th July, 1997 of the Central Board of Direct Tax (CBDT).
The central question that arises for consideration before this Bench is whether the words “the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner” in Section 260A (2) (a) of the Income Tax Act, 1961 (‘Act’) mean only the ‘jurisdictional’ Principal or Chief Commissioner of Income-tax (CIT) or could it include any CIT including the […]
GP ratio needs to be estimated which definitely involved some estimation/guess work but the said estimation/guess work should be fair, honest and rational keeping in view factual matrix of the case and cannot be arbitrarily applied at the discretion of authorities.
In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a resource crunch for its various welfare programmes. Black money is generally transacted in cash and large amount of unaccounted wealth is store and used in form of cash.
CBDT had in its Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the person responsible for making payment of salary (employer) was obliged to collect the necessary evidence or proof in Form 12BB to allow any claim for any deduction and/or tax saving investments.
ITR 7 Form for A.Y. 2017-18 can be used by persons including companies who are required to furnish return U/s. 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
It is requested that 4-5 suitable offices may kindly be identified at the earliest so that DOMS can finalize the list for the approval of the Board within the stipulated time frame and process the proposal for administrative approval and financial sanction.
In terms of section 2 (61) of CGST bill Input Service Distributor (ISD) is an office of supplier which receives tax invoice towards receipts of input services and distributes the credit of central tax, state tax or union territory tax paid on the said services under a prescribed documents to its own ‘recipient office of credit’ who is the supplier under the same PAN as that of ISD.
There had been waves of changes since beginning of calendar year 2016 in Rules followed by Finance Act, 2016 and now further reinforced by the Finance Act, 2017. In fact, every business person is trying to adjust to the new law in Direct Taxes at the earliest, without loss of time, so as to be in GST-ready mode wef 01/07/2017, as per the present roadmap .
These cross appeals are directed against the order dated 29th December 2015 passed by the CIT(A) in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2012-13. Both of these appeals are being disposed of, as a matter of convenience, by this consolidated order.
