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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...
Generally, with the rise in literacy and income levels, the standard of living should go up. This is not so with the present society. Most people boast of having senses like the Knowledge sense, Money sense, Digital sense, Health sense, Dress sense, Civic sense, etc.
In exercise of the powers conferred by section 32 and section 32AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following districts of the State of Andhra Pradesh as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the said Act, namely
In order to further facilitate the filing of declarations even after the office hours, the Pr. CCs.I.T are instructed to ensure that the counters for receiving the declarations under I.D.S., 2016 remain open till 8.00 P.M. on 28th and 29th September, 2016 in all jurisdictions.
It is seen that till 27-09-2016, notices have not been issued in 991 cases. These 991 cases include 80 cases which are lying with inactive codes. AO are requested to make arrangements for issue of notice u/s 143(2) well before the time barring date i.e. 30.09.2016.
Concern was raised by field authorities that there can be few cases where the assessees may not have PAN but would like to file declaration under the Scheme towards the date of closure of the Scheme. In such cases, the assessee may not get PAN by the date of closure of the Scheme i.e. 30.09.2016
Sale consideration received by the assessee is entitled to benefit under Section 54 of the Income Tax Act, even though the transaction for purchase of new property was not completed and possession was also not handed over to the assessee within 2 years.
Utilization of capital gains in construction /Purchase of residential house would suffice to claim the benefit of section 54 of the Act irrespective of the fact that transaction not being complete in all respects.
Where assessee was precluded from construction of new house due to prohibition of construction in his area then assessee could seek relaxation in terms of section 119(2)(c) at time of claiming deduction under section 54F and such claim could be made only within time period, as prescribed under Act for making such claim.
In order to facilitate the declarants who would like to file the declaration in paper form, the CBDT has issued instructions to all Principal Chief Commissioners of Income Tax across India to ensure that arrangements are made for receiving such declarations till midnight of 30-09-2016.
Pr. Director General of Income Tax (Administration & TPS), Mayur Hhawan, Connaught Circus, New Delhi – 110001 intends to empanel the Senior Standing Counsels / Standing Counsels well versed with proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, to represent the Income Tax Department before Board for Industrial and Financial Reconstruction (BIER), Appellate […]
