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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...
2) The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts, namely:- (i) the amount of expenditure directly relating to income which does not form part of total income; and (ii) an amount equal to one per cent of the annual average of the monthly averages of the opening and closing balances of the value of investment, income from which does not or shall not form part of total income:
CBDT has notified Cost Inflation Index for Financial Year 2016-17 / Assessment Year 2017-18 at 1125 . Cost Inflation Index for Financial Year 2015-16 was 1081 so there is an increase of 44 in Cost Inflation Index .
S.O. 1945(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Uttar Pradesh State AIDS Control Society, a body constituted by the Government of Uttar Pradesh, in respect of the following specified income arising to that Society, namely:—
S.O. 1944(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Pollution Control Board, Assam, a body constituted by Government of Assam, in respect of the following specified income arising to that Board, namely:—
The Income Tax Act, 1961can be designated as perhaps one of the most debated, mannered, contested, and deliberated legislative code on tax measures,whose many provisions saw the ray of light and shade ever since thrown open to the judicial scrutiny. Since the taxing straw is dealt with the warmth of ex-cathedra vigour by the authorities concerned blended with the soul of judicial character accompanied by ensuring a chilling effect on the interpretation of provisions at large from assessee’s point of view
In the latest move, the GOI has come up with a scheme called Income Declaration Scheme 2016. The scheme is a move by the GOI to collect the revenue and at the same time provide an opportunity to the people who have failed to disclose their income or assets to declare their income and get the relief.
‘Desh ka Paisa Desh mai’, ‘Else Pay Tax Government Kee Pocket Mai’. Pocket is the ‘KOSH’ of our motherland ‘BHARATAM’, Purpose is let our country reach at the highest summit as ‘SUBHARATAM’.
Meaning of Retrospective Amendments: Two sort of amendments are being done by legislature,(i) Prospective and (ii) Retrospective. Prospective amendments are kind of amendments which become effective from future dates as mentioned therein and Retrospective amendments means amendment which become effective from a back date i.e. the date prior to the date of making such change.
This article primarily focuses on the difficulties faced by the assesseeabout various procrastinating issues such as rectification order; refund intentionally being adjusted after scrutiny assessment, order giving effect to the order of the appellate authorities etc. at the lower level hierarchy of the Income Tax Department (ITD)and the potential measures that could be undertaken by the Government/CBDT/ITD to eliminate it,
Considering requirements of Direct Tax Dispute Resolution Scheme, 2016, administrative efficiency, convenience of tax payers and equitable distribution of work, the Principal Chief Commissioners of Income Tax addressed above will notify that the jurisdictional Principal Commissioner of Income Tax or the Commissioner of Income Tax, as the case may be, who exercises jurisdiction U/s. 120 of the Act, as notified by the CBDT from time to time over such declarant, shall be designated authority as referred to in Scheme.
