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Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
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 held that a transfer pricing order issued without authentication or a digital signature is invalid in law. Consequently, ...
Income Tax : The ITAT held that an opening cash balance cannot be treated as unexplained merely because the previous year's income tax return r...
Income Tax : The ITAT held that the Assessing Officer disallowed interest expenditure without adequately verifying the records or confronting t...
Income Tax : The ITAT held that the Assessing Officer failed to produce any material establishing a connection between the assessee and the all...
Income Tax : The ITAT held that estimating profit at 8% on deposits in undisclosed bank accounts was excessive considering the nature and margi...
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...
CBDT extends date only in Punjab, Haryana, UT of Chandigarh and Gujarat Update on 29.09.2015 – Case is been dismissed by High Court following the judgment of same court in the case of Rajasthan Tax Consultants Association & Anr Vs. UOI. Update on 28.09.2015- As writ in the case of Rajasthan Tax Consultants Association & Anr […]
Rajasthan Tax Consultants Association & Anr Vs. Union Of India & Anr (Rajasthan High Court, Jodhpur) , CIVIL WRIT NO. 11037 of 2015 , Dated -22.09.2015 Writ is been dismissed by Jodhpur Bench of Hon’ble Rajasthan High Court following judgment of Delhi High Court.
Avinash Gupta V/s Union of India and Ors (Delhi High Court) , W.P.(C) 9032/2015 As per information received from Appellant CA Avinash Gupta, While hearing the above case on the matter of extension of due date of Tax Audit Report and Income Tax Return Filing, Hon;ble High Court has interalia issued directions to CBDT To notify ITR Forms on or before 1st day of the assessment year and to record reason for delayed release of ITR if it fails to release ITR on time.
Notification No. 74/2015 – Income Tax section 10 of the Income -tax Act, 19161 (43 of 1960, the Central Government hereby declares that any income arising to Mi’s Thales Systemes Aeroportes SAS, having its office at S.A. au capital de 81 007 176 Euros RCS
The Hon’ble Kerala HC in in the case of CIT vs. M/s P V S Memorial Hospital Ltd. held that deduction of TDS under a wrong section amounts to non-compliance with the provisions of Chapter XVII-B which results in applicability of section 40(a)(ia) where the payments get disallowed and action u/s 201(1).
In case of Kottinatu Transporters vs. CIT, The Hon’ble Kerala HC by disposing off write petition held that the tax deduction under a heading by payer, it cannot be determinative of character of income of payee.
The Hon’ble Kerala HC in the case of Thomas George Muthoot vs. CIT held that the second proviso to sec 40(a)(ia) is not curative by nature , the same is an additional remedy to provide non-disallowance in certain tax deduction default cases.
Persons Holding Undisclosed Foreign Assets are Advised to file Their Declarations well in Time as Provided Under the Compliance Window of the New Black Money Act; One-Time Compliance Opportunity will End on 30th September, 2015; Information Contained in the Declaration will be Kept Confidential; Process of Filing Declaration is Simple and can be Filed Online […]
A senior ITO with seniority of not less than 03 years should be posted as TRO with a minimum tenure of two years, extendable to three years. Similar tenure should be given to officials in TRO’s office. Officers/Officials with unsavory past and dubious reputation should not be posted for recovery work.
ITAT New Delhi held in Simran Singh Gambhir Vs DDIT International Taxation that if the assessee had disclosed the income by mistake under wrong head of income and that mistake was bonafide then the same could not be treated as an undisclosed income and penalty u/s 271(1)( C) could not be levied.
