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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...
The circular inter alia provides clarifications on issues such as confidentiality of information disclosed in the declaration, allowability of TDS credit against declared income, enquiry in respect source of income and payment of tax and initiation of enquiry against third parties on the basis of information furnished in the declaration.
Due date for filing Quarterly TDS/TCS statement for Q1 (April to June) of FY 2016-17 is July 31, 2016 for all the categories of Deductors/Collectors. Do submit quarterly TDS/TCS statement on or before due date to avoid late filing fee under section 234E of Income Tax Act. In order to locate the nearest TIN Facilitation […]
Vide Finance Act 2016, tax at source is required to be collected by a seller at the rate of 1%, if consideration for goods/services in cash exceeds INR 2,00,000/-. The said provisions have raised a lot of flak considering the ambiguity involved in the drafting and forced CBDT to issue time to time clarification on various issues involved. This article tries to capture and compile all the possible questions revolving the aforesaid provisions and best possible answers to such issues.
An individual is usually accustomed to the tax rates and tax structure of his/her home country. Tax rates are different in different countries. If an employee is deputed from his home country to another country certainly his net income will be impacted because of difference in tax rates. e. g. If an Indian employee (effective tax rate is about 25%) is deputed to Saudi Arabia (zero tax) he will be very happy because his net take home will increase by 25%. But the same employee will be unhappy if he is deputed to some of the European countries where tax rates are very high. The concept of tax equalization came up so that the employee is “neither better off nor worse off” because of deputation to another country.
ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised.
The due date for filing Income Tax return is very close, in this situation everyone must be aware whether they are required to file ITR or not.
Such submission of representations directly to other authorities by-passing the prescribed channel of communication, has to be viewed seriously and appropriate disciplinary action should be taken against those who violate instructions. This can rightly be treated as an unbecoming conduct attracting the provisions of Rule 3(1)(iii) of the Central Civil Services (Conduct) rules, 1964.
Based on the recommendations of the Pr. CCsIT, the CBDT has approved setting up of 65 Aayakar Seva Kendras as per the enclosed list at Annexure-A in which the stations and the jurisdictional Pr. CCsIT, CCsIT and Pr. CsIT are mentioned. The advisory regarding setting up of ASK in Y. 2016-17 has already been included in the Annual Central Action Plan 2016-17 of the Income tax Department.
Posting of Officers as Additional/Joint CIT(OSD) in the Principal CCIT Region – reg. Order No. 125 of 2016 – Dated: 27th June,2016 On return from Deputation, the following officers are, hereby, posted as Additional Commissioner of Income Tax (OSI)(/ Joint Commissioner of Income Tax (OSIDI in the Principal CCIT Region indicated hereunder, in terms of […]
If only part payment of the tax, surcharge and penalty payable on undisclosed income declared under the Scheme is made before 30.11.2016, then whether the entire declaration fails as per section 187(3) of the Finance Act, 2016 or pro-rata declaration on which tax, surcharge and penalty has been paid remains valid?
