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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...
CBDT has revised format of Bill for appearance by Special Public Prosecutors for representing Income Tax Department before Courts of Session and its subordinate courts.
Reconstruction or splitting up of a company which ceased to be a public sector company as a result of transfer of its shares by Central Govt into separate companies, shall be deemed to be a demerger if following conditions are fulfilled
Step-by Step Guide to file online reply / Response to Notice from Income Tax Department in respect of Bank/Financial Account(s) with substantial Cash Transactions
have been directed to state that the data of number of cases disposed every month by each CIT(A) is required to be forwarded to the Statistics (R&S) Wing of the office of DGIT(Logistics) by the 7th of the next month. However, the data of disposal of cases (as per list enclosed) has not been forwarded to the Statistics (R&S) Wing by the CIT(A) concerned till date.
Representations have been received from field authorities to allow electronic mode of communication as a valid mode of service for issuance of Form-2 under the Income Declaration Scheme, 2016.
Hence it is directed to request that it may be ensured that the data of all the appeals pending before CIT(A) as on 29.02.2016 is uploaded on ITBA module for CIT(A) latest by 21.10.2016. This may kindly be treated as Most Urgent.
In the present case, the ld.AO has granted depreciation at the rate of 15% without examining relevant provisions. It appears that his finding is based upon his experience and past impression. He was of the opinion that once Board has not granted higher rate of depreciation to cars, which are put in the business of hiring, or in public transportation, then how a partner, who used motor car for the purpose of business can be granted at a such rate.
The figures for direct tax collections up to September, 2016 show that net collections are at Rs.3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year. Till September, 2016, 38.65% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.
Bombay High Court held that Supply of Reasons Recorded for Making Reassessment is Necessary Otherwise the Income Escaping Assessment shall be Void. The Assessing Officer(AO) is bound to furnish reasons within a reasonable time. On receipt of reasons, the noticee is entitled to file objections to issuance of notice and the AO is bound to dispose of the same by passing a speaking order.
For a U S citizen or a resident alien, the US tax authorities are happy to get them paid the taxes even on their income earned abroad. The case goes back to 1930s when US companies started earning exports in France and UK particularly raising queries on adopting transfer pricing policies.
