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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...
ITAT Delhi held In the case of ITO (E) vs. M/s Calorex Foundation that application of income is not computation of income and the provisions of application of income would come into play after only the income chargeable to tax is determined
Section 139(3) If a person has sustained a loss under the head Profits and gains of business or profession or under the head Capital Gains and claims that such loss should be carried forward under section 72 or section 73 or section 74 or section 74A, then he may furnish a return of loss within the time prescribed under section 139(1) and all provisions of the Income-tax Act shall apply as if it were a return furnished under section 139(1).
सरकार ने विभिन्न स्तरों पर टैक्स लगा रखे हैं, सरकार द्वारा प्रत्येक टैक्स विभाग में टैक्स की चोरी रोकने के लिए अन्वेषण अनुभाग बना हुआ है, जिनका मात्र काम यही है कि टैक्स की चोरी रोकी जाए। इसके लिए एक पूरा अमला जिले स्तर से शासन तक लगा रहता है, इस टैक्स की चोरी रोकने के लिए सरकार द्वारा प्रतिवर्ष अरबों रूपया खर्च किया जाता है। फिर भी टैक्स की चोरी हो रही है, ‘आखिर क्यों?’
Introduction Section 145(2) empowers central government to notify in accounting standards to be followed by any class of assessees or in respect of any class of income. In exercise of the mentioned powers central government had earlier notified only 2 accounting standards i.e. i.e. ‘Disclosure of Accounting Policies’ & ‘Disclosure of Prior Period Items and Extraordinary […]
Assessee was not aware of this fact that the sale proceeds arised out of sale of an agricultural land is exempt from tax u/s 10 of the Act hence the assessee inadvertently could not adduce the said fact before the Assessing Officer as well as while filing the return of income.
Brief facts of the case are that the Assessing Officer observed that the assessee is following conservative method of accounting for valuation of closing stock. The films purchased are shown at cost if the same are sold in the year, the profit or loss on the same is recorded.
The Brief facts of the case are that assessee company is engaged in the business of manufacturing and dealing in flexible packaging material. During the assessment proceedings u/s 143(3) read with section 143(2) of the Income Tax Act,1961
Rashmikant Baxi (HUF) Vs. ITO (ITAT Mumbai) Reference to DVO can be made in two situations; first, the value is adopted based on report of registered valuer and second, in any other case. In assessee’s case, fair market value adopted as on 01.04.1981 is based on valuation report of registered Valuer.
Petronet LNG Ltd. vs. DCIT (ITAT Delhi) When the document is sent by speed post and when the same is not returned to the sender by the postal department, the presumption is that it has been served on the assessee.
The facts on this issue are that the original assessment was completed by the ACIT, Circle-1, Dehradun u/s 143(3) of the Act. Thereafter a notice u/s 148 of the Act was issued on 31.03.2010. The reasons recorded by the Id. AO (copy has been placed
