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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...
Ever since the advent of section 14A in the statute, it has evoked squall of controversy. While the purpose of the section was to compute taxable income by whisking away the expenses attributable to exempt income, the tax department always tried to use it for fetching some more fortunes. In this article attempt has been made to look into real objective of statutory provisions through latest judicial pronouncements.
In the Union Budget 2015 speech, the Hon’ble Finance Minister, Mr Arun Jaitley, has announced the intention to reduce the corporate tax rate from 30% to 25% over the period of next four years, accompanied by the removal of tax incentives and deductions. Following this, in November 2015, CBDT released the first roadmap of the phasing out plan to simplify tax administration and bring transparency.
Notification No. 1/2016 In the notification of the Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 93/2015, dated the 16th December, 2015, published vide number G.S.R. 978(E), dated the 16th December, 2015, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(i), at page 17, in line 49, for does not exceed read exceeds.
Mumbai ITAT held In the case of ITO vs. Ms. Khalil M. Bharwani that the whole transaction of purchase and sale of shares giving rise to long term capital gain has been duly explained step by step and supported by adequate and reliable evidence.
Kolkata ITAT held In the case of Sri Manoj Murarka vs. ACIT that the AO had travelled beyond the jurisdiction vested on him by the order of the CIT u/s 263 by treating the amounts overdrawn by the son and daughter of the assessee thereby bringing the same to tax as deemed dividend.
Delhi High Court held In the case of Raj Dulari Bhasin vs. CIT that merely because the Assessee approached the builder for constructing the flats on the portion apart from the already constructed portion, would not make the transaction an ‘adventure in the nature of trade’.
ITAT Delhi held In the case of Kapoor Singh vs. ACIT that the assessee has not disputed the bank pass book of Shri Sube Singh which was found at his residence during search and seizure operation, neither has he controverted the AO’s finding to the statement of the Bank Manager given in writing that most of the payments have been made by Shri Kapoor Singh and his sons.
The assessee, a Branch of Canara Bank, made interest payment of Rs.201,000,000/- to New Okhla Industrial Development Authority (herewith ‘NOIDA’), a creation of the UP Industrial Area Development Act, 1976, without withholding any tax at source.
Delhi HC in the case of WHIRLPOOL OF INDIA LTD. held that in the absence of ‘mutual agreement’ or ‘arrangement’ or ‘action in concert’ for the allocation or apportionment of or contribution to the cost or expenses incurred by the Assessee in connection with benefit, service or facility provided to the AE , there cannot be an international transaction.
The Department has modified the Annual Performance Appraisal Report (APAR) of assessing officers (Income Tax Officers as well as Assistant Commissioners/Deputy Commissioners of Income Tax) to bring about greater accountability in assessment functions. In the revised format, the performance of the assessing officers will also be specifically measured for quality of assessment, the pace of disposal, and efforts made towards widening of tax base.
