Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
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 ITAT Mumbai held that the provisions of Sec 50C is applicable only to transfer of land of which the assessee is absolute and legal owner and cannot be applicable to the transfer of leasehold rights in land.Thus, the transfer value cannot be benchmarked to stamp duty value.
Section 206C has been amended w.e.f. 01/06/2016, whereby in case of Goods/Services, if invoice is more than 2 lakhs, then TCS will be applicable is any amount of sale consideration is received in cash. Brief Analysis of the Provisions is presented below. Sub-section 1D was inserted in Section 206C in 2012, when TCS was imposed on Sale of Jewellery and Bullion. Now it has been amended to include Sale of any other Goods/Services.
CA Jugal K Parmar Applicability ⇐ Every “seller” “Seller” as per Explanation (C) to section 206C means – Central Government/’ Any local authority/’ corporation or authority established by or under a Central, State or Provincial Act OR Any Company OR Firm OR Co – operative Society OR An Individual or HUF who is liable to […]
Every tax audit assignment involves numerous steps since commencement to its completion. Further, during tax audit season, various tax audit assignments remains in process in our offices at a similar point of time. Similarly, various staff persons remains involved in doing different steps of tax audit work.
Person who has received declaration in Form No. 60 on or after 1st January, 2016 in relation to transactions specified in Rule 114B shall : 1. Furnish a statement in Form 61 containing particulars of such declaration to the Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data.
2. Nodal Officers have been appointed at the level of PAN service providers M/s NSDL eGov and M/s UTIITSL to facilitate field formations who have to establish PAN counters in ASK Centres.
State Bank of India is the first bank to launch this facility which will facilitate its customers, who may not have a net-banking account, to e-verify their return. Other banks are expected to launch this facility.
Bulk PAN transfer screen has further been enhanced and facility of selection criteria based on ITR-7 filed by PAN holder has been provided for easy transfer of PANs of Trusts to Exemption charges.
A joint Conference of Principal Chief Commissioners/ Chief Commissioners, Principal Directors General/ Directors General, Pr. Commissioners (1985 batch and prior batches) and Pr. Directors (1985 batch and prior batches) (and equivalent) of CBDT and officers of CBEC to be inaugurated by Hon’ble Prime Minister of India on 16.6.2016 forenoon, is to be held on 16.6.2016 and 17.6.2016 (with the possibility of being extended to the forenoon of 18.6.2016).
Surplus funds not immediately required for day to day banking were kept in Bank deposits. The income earned there from thus would be income from banking business eligible for deduction u/s 80P(2)(a)(i).
