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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...
Even after demonetization, buyer of real estate will be tempted to withdraw money from bank account and to pay nearly 50% purchase price in unaccounted way. Buyer will be tempted to do such a malpractice because, it can save stamp duty and registration fees in this way. On the other hand, seller will also not take any objection to this modus operandi because it will save income tax and VAT/GST by this practice.
Apprehension of retrospective amendment in the Income Tax Act was anticipated by almost all the tax professionals as 200% penalty was not possible in the present framework of law.
Government has considered the various aspects thoroughly relating to advancing the date of presentation of Union Budget. Major advantages in advancing the date of Budget presentations are:
Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber under NPS is allowed a deduction in computation of his total income, whether or not any deduction is allowed under Section 80CCD(1)
(a) whether the Government is aware that roadside eatery owners in various cities including Mumbai have made declaration of their unaccounted income and properties after IT raids; (b) if so, the details thereof; and (c) the steps taken by the Government to encourage such evaders to declare unaccounted income without subjecting them to any harassment by IT officials?
Income Tax Department has referred to the SEBI outcome of investigation conducted in large number of companies listed on the stock exchanges, trading in which was manipulated and misused, inter alia, for purposes of large scale tax evasion.
The disclosure of information respecting assesses under Section 138 does not, in general, prohibit furnishing of information about tax evaders.
Ddates specified for payment of tax, penalty and surcharge under Income- Declaration Scheme, 2016, are 30.11.2016, 31.03.2017 and 30.09.2017. In view of the same, the total amount collected under the Scheme shall be firmed up after the last date of installment i.e. 30.09.2017.
Krishna, Government has taken a huge step for taking out black money from rich people by banning notes of Rs 500 and Rs1000, after that they have brought a new scheme. What is that?
There were two sets of declarations of high value which were not taken on record in above figure because these declarations were found to be suspicious in nature being filed by persons of small means.
