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Income Tax : From 1 April 2026, TDS and TCS compliance shifts to new form numbers and section references under the Income-tax Act, 2025. Busine...
Income Tax : Learn what TAN is, who must obtain it, how to apply, and where it must be quoted under the Income-tax Act. The guide also explains...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
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 : 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 : ITAT Delhi held that an assessment framed after an approved merger in the name of the amalgamating company was without jurisdictio...
Income Tax : ITAT Mumbai allowed deduction of ESOP expenses under Section 37(1) by following Karnataka High Court's ruling in Biocon Ltd. Tribu...
Income Tax : The ITAT Pune upheld the deletion of an addition made by extrapolating a small unreconciled difference in Form 26AS to the entire ...
Income Tax : ITAT Ahmedabad held that WhatsApp chats indicating suppressed production for one month could not be extrapolated to the entire fin...
Income Tax : ITAT Kolkata held that the Assessing Officer was required to refer the property valuation to the DVO when the assessee disputed th...
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 Principal CIT vs. Atlanta Capital Pvt. Ltd. that the requirement of both the issuance and the service of such upon the Assessee for the purposes of Section 147 and 148 of the Act are mandatory ‘jurisdictional requirements’.
In case of Gujarat Energy Transmission Corpn. Ltd vs. ACIT, assessee-company the company has provided certain sum towards employees cost for arrears payable upto 31st March, 2008 . It debited said sum in respect of 6 th Pay Commission arrears
The Government has notified the amended Rules for determining ALP vide S.O. No. 2860 (E) dated 19/10/2015. The amended regime will be applicable for computation of ALP of international transactions and specified domestic transactions undertaken on or after 1/04/2014 i.e. on and after PY 2014-15.
Everyone is going to retire at some point of time. Different people approach retirement differently. Many prefer to retire early to fulfill their ambitions of a start-up or maybe just to live out a peaceful life. Yet for others who enjoy the financial security, work till they are of the retirement age. Retirement is early […]
ITAT Chennai held In the case of The ACIT vs. M/s. Trimex Industries (P) Ltd that payment of interest which has direct link or immediate nexus with the trading liability being connected with the purchase payment
D.C.I.T. Vs. Sunita Khemka (ITAT Kolkata)- AO has treated the transactions as bogus only on the basis of the suspicion that the difference in purchase and sale price of these shares are unusually high. It is a settled law that assessment cannot be made on the basis of suspicion or surmise.
Dhimant Hiralal Thakar vs CIT (Bombay High Court)- Eyes are thus essential not only for the purpose of business or profession but for purposes other than these which are so many. It is therefore clear that the said expenditure as claimed by the applicant is not in the nature of the expenditure wholly
Self Assessment Tax alongwith interest is required to be deposited before furnishing the return of income and the proof of such payment should be attached with the return of income. Note 1: Where the amount paid by the assessee under section 140A is less than the amount required to be paid under section 140A, then […]
ITAT Ahmedabad held In the case of UTI Bank Ltd. vs. ACIT that we find that the assessee’s interest free deposits exceed its tax free investment in current year as well as in succeeding assessment year 2003-04. The tribunal and hon’ble jurisdictional high court deleted an identical section 14A disallowance based on the very presumption.
ITAT Chandigarh held In the case of DCIT vs. M/s Smart Value Product & Services Ltd. that no defects in the purchases and sales have been pointed out by the AO. The assessee produced complete books of account, sales and purchase vouchers.
