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Income Tax : Increasing use of RERA data by tax authorities makes alignment between project disclosures and income tax reporting essential to a...
Income Tax : Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
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 : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Court held that, for assessment year 2009-10, filing the audit report along with the return was directory and not mandatory. D...
Income Tax : The Chennai ITAT held that the Pr. CIT could not invoke Section 263 on matters already under consideration before the appellate au...
Income Tax : The Chennai ITAT held that excess stock found during a survey could not be taxed as unexplained investment when it had been accoun...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an allege...
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...
NSDL has issued new file validation utility (FVU) version 4.6 for filling and correction of TDS quarterly return from FY 2010-11 and onwards. It has some additional controls put in which check various calculations and tried to get maximum information with less error. However due to more control authority has not kept in mind few concepts of TDS on salary. It is very difficult to prepare TDS on salary form 24Q return.
All applications for adjournment shall be filed atleast three weeks in advance, except in exceptional cases for which reasons for filing them beyond that period shall be clearly stated in the application. The application will be filed in duplicate and the copy served in advance on the opposite party. In case the opposite party writes ‘not opposed’ on the application,
Circular No. 8/2015 The CBDT vide Instruction No. 4 of 2014 dated 7th April, 2014, inter-alia, prescribed Standard Operating Procedure for Verification and Correction of Demand available or uploaded by AOs in CPC Demand Portal. Further a facility has been made available to taxpayers on the E-filing website (www.incometaxindiaefiling.gov.in) to provide online responses to such demands.
A Simple Income Tax Calculator for Financial Year 2015-16 and software (with Macro) in excel work book to compute the tax and understand the all latest related rules for taxation, exemption and Deduction
As a sequel to the announcement in the Budget, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to amend the Benami Transactions (Prohibition) Act, 1988 by moving of the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.
Giving gifts to near and dear ones is very much prevalent in our Indian culture. Generally gifts are given to express love and affection. Sometimes we may also help the needy one by providing some monetary help. However, Gifts can also be good tax planning tools.
Instruction No 4/2015 The minimum number of cases to be audited by each Additional CIT, SAP or IAP in a year shall be as under: Additional CIT (Audit): 150 SAP : 300 IAP : 600 (Corporate Cases) or 700 (Non- corporate Cases)
Most of the grievances received from public with regard to Income Tax matters pertain to delay in issue of refunds and non-credit of taxes paid. The delay is mainly due to wrong quoting of details by the taxpayers in the Returns/Challans, mismatch of TDS reported in returns and the TDS credit available on the System
While identifying non-filers of return through NMS, the Income Tax Department analyses and assimilates all in-house information as well as transactional data received from third-party including Annual Information Return (AIR), Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) statements, Central Information Bureau (CIB) data etc
Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Money Laundering Act, 2002. There are more than 25 countries in the world which have made ‘tax crimes’ as a predicate offence.
