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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...
Delhi High Court held In the case of Agson Global Pvt. Ltd. & Ors vs. Income Tax Settlement Commission & Ors that the powers and functions of an income tax authority which are to be exclusively exercised by the settlement commission must be in the context of and have a nexus with the settlement proceedings.
Delhi High Court held In the case of Principal CIT vs. Facor Power Ltd. that no substantial question of law arises for our consideration. This is so because, the Tribunal has correctly placed reliance on the decision of this Court in Indian Oil Panipat Power Consortium Limited [2009 315 ITR 255 (DEL).
Delhi High Court held In the case of M/s. Aggarwal And Modi Enterprises (Cinema Project) Co. Pvt. Ltd Vs. CIT that whether a liability is ascertained or contingent is dependent on the facts of each case. Merely because a liability may be contractual or non-statutory would not make it incapable of being ascertained.
Delhi High Court held In the case of Principal CIT vs. M. Tech India Pvt. Ltd that in cases where the payments are made for purchase of software as a product, the consideration paid cannot be considered to be for use or the right to use the software.
Supreme Court held In the case of CIT vs. Bank of Nova Scotia that there is no substantial question of law, the facts and law having properly and correctly been assessed and approached by the CIT (A) as well as by the ITAT that for levy of penalty u/s 271C
CA Umesh Sharma Arjuna (Fictional Character): Krishna, Government of India has come up with the scheme of “Startup India” on the eve of Republic Day. On the Republic day as we see the parade and various “Presentations” on Rajpath, likewise what will be different in the presentation of “Startup India” scheme in a Tax parade? […]
The Finance Act 1995 has introduced a new chapter XIV-B in the IT Act with a view to providing a special procedure for assessment of search cases with effect from 1.7.1995. As per the Memorandum explaining the provisions of the Finance Bill 1995, in the old Scheme; valuable time was lost in trying to relate […]
The Finance (No.2) Act 1998 has made far-reaching changes in the provisions of Income-Tax Act 1961 relating to the taxation of educational and medical institutions. The reasons for the same, as stated in the Finance (No.2) Bill 1998, are as follows:
COMPENSATION BY WAY OF DAMAGES FOR BREACH OF CONTRACT FOR SALE OF LAND –WHETHER LIABLE TO INCOME-TAX? The expression ‘contract for sale’ is defined in S.54 of the Transfer of Property Act (T.P. Act). As per S.54 of the T.P. Act, a contract for the sale of immovable property is a contract that sale of such property shall take place on terms settled between the parties. It is important to note that a contract for sale, does not, by itself, create any interest in or charge on such property.
In a free market economy, competition plays a vital role in commerce, trade and industry. While healthy competition is a sine qua non of growth and development of business in such an economy, unbridled, unfair and cut-throat competition can also ruin a businessman. It may happen that a person occupying a senior post a business organization is in possession of certain valuable trade secrets of that organization.
