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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...
itIt is desirable that Paper ITRs filed for AY 2015-16 (lTR 1, 2, 2A & 4S) or earlier AYs or E·filed ITRs transferred by CPC and pending for processing in AST,as on date, is completed at the earliest without waiting for the statutory due date.
This common judgment will dispose of a batch of writ petitions. They were heard together as they involve identical questions of fact and law as to the correct interpretation of Section 194-I of the Income Tax Act [hereafter the Act].
The proposed introduction of section 115BBG providing for a 10 percent tax on income from transfer of carbon credits is a welcome move. This would go a long way in helping to resolve the uncertainty and litigation over the taxability of income from the transfer of carbon credits going forward.
Provision of section 40(a)(ia) of the Act are applicable not only to the amounts which is shown as payable on the date of balance sheet but it is applicable to such expenditure which becomes payable at any time during the relevant previous year and was actually paid within the previous year.
The assessee was a recipient of research and training grant and other income to the tune of Rs. 1.36 crores. The AO determined that the latter were commercial receipts and guided by proviso to Section 2(15) and held that the assessee could not avail the benefit under section 11(23) of the Act. The ITAT relied […]
The Finance Act, 2016 had inserted new Section 115BBDA to tax dividend income in excess of Rs. 10 lacs in case of an Individual, HUF and Firm at the rate of 10%.
Since TIPS were received from customers and not from employer these would be chargeable in the hands of employee as income from other sources and section 192 would not get attracted on facts of case.
The Finance Bill, 2017 proposes to amend section 79 to provide that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested and being an eligible start-up as referred to in section 80-IAC of the Act
Amounts shown as liabilities / Outstanding in the Balance Sheet cannot be deemed to be “cessation of liability” under Section 41(1) of Income Tax Act, 1961 merely because the liabilities are outstanding for several years. Assessing Officer has to bring on record any material evidence to establish that there was cessation of liability in respect of the outstanding creditors balances represented in the assessee’s Balance Sheet.
The words mentioned in the SECTION 158bc notice are `within fifteen days’ whereas the provision mandates the time of not less than fifteen days. As notice which was issued by the authority asking the assessee to file the return within fifteen days is not in accordance with the provisions of the Income-tax Act and therefore it is invalid.
