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Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : This article explains the key situations where filing an Income Tax Return is compulsory, even if income is below the basic exempt...
Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
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 Court held that the assessment and consequential demand could not stand where the petitioner had not participated in the proce...
Income Tax : The ITAT Hyderabad held that the entire sale consideration could not be assessed as short-term capital gains without examining the...
Income Tax : The ITAT Hyderabad accepted the assessee's explanation that supporting documents could not be produced because the accountant was ...
Income Tax : ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
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...
Raising the limit for eligible deduction under Section 80C, 80CCC and 80CCD- Presently the Section 80 CCE provides for a cap of Rs. 1.50 lacs for deduction available under Section 80C, 80CCC and 80 CCD(1) taken together. The present limit of Rs. 1.50 lacs was raised from Rs. 1 lacs in the budget of 2014. The erstwhile limit of Rs. 1 lacs was fixed in 2003 for these benefits. It has been almost 14 years during which the limit has been just increased by 50% which works out to just 2.98% annually.
As per section 12AA, the commissioner has to satisfy himself about the objectives of the Trust and genuineness of its activities and for such purpose he has the power to call for such documents or information from the assessee as he thinks necessary.
ELSS is one of the fancy products nowadays. More and more people are choosing ELSS and most of tax saver funds are getting overwhelming response. There are certain factors who have make it the best product among the all tax saving products
If the installation project last for less than 183 day in a fiscal year by a Singapore Company having no Permanent Establishment in India, then business profits of Such Company earned In India from Such project are taxable only in Singapore under article 7(1) of DTAA and Not taxable in India.
F. NO. 500/56/2014-FT &TR-IV/354 The undersigned is directed to state that large number of requests for Exchange of Information (EOI) in time barring assessments/matters are received in FT &TR Division just before the time barring date.
When it comes to Love, it is obvious that we carry out monetary transactions and even lending and borrowing of money is done, but we have to be careful, proper planning should be made; so that one should not suffer like Natsamrat. Natsamrat is famous Marathi movie of Nana Patekar. Wherein Father gifted all his assets to loved children’s and then suffers. In the Context of Love of Natsamrat and Love on the occasion of Valentine’s Day, explain Love and gift with Income Tax provisions.
ITAT Delhi held In the case of GE Capital Business Process Management Serves Pvt. Ltd. vs. ACIT that M/s. GECC (USA), to whom payment has been made, itself has received the right to use the software internally including its group entities for its business and it does not have any right to commercially exploit the software.
The court also agreed with the view of Delhi HC in CIT vs Dalmia Cement Ltd [ 2002 (254) ITR 377], wherein the court held that once it is established that there is nexus between expenditure and purpose of business (which need not be necessarily be the business of the assessee itself), the Revenue cannot proceed to disallow the claim.
Suggestion For Union Budget 2016-17 For Amendment In Section 119(2)(A) To Give CBDT Specific Powers For Granting General Immunity From Penalty U/S.271B (As An Effective Alternative Remedy For Extension Of Due Date For Obtaining And Furnishing Of Tax Audit Reports)
Impact on All- 1. It will bring transparency and speed in the assessment procedure. It will especially reduce the travelling time / meeting time / waiting time of both AOs and CAs increasing their efficiencies. 2. There will be permanent / reliable repository [ on cloud ] to store / retrieve the submissions. 3. The geographical location of any concerned person will become completely irrelevant.
