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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...
File validation utility (FVU) version 2.142 from FY 2007-08 to FY 2009-10 and 4.6 from FY 2010-11 and onwards released (20/04/2015) Key Features –File Validation Utility (FVU) version 2.142 Quoting of PAN of responsible person for deducting/ collecting tax. This version of FVU will be applicable with effect from April 21, 2015 Download e-TDS/TCS FVU.exe […]
We strongly feel that there is a need to ensure that the Common Reporting Standards on Automatic exchange of Information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay.
A Public Provident Fund account on behalf of a minor can be opened by either father or mother. Both the parents cannot open a separate account for the same minor. An individual may open one PPF account on behalf of each minor of whom he is the guardian.
An individual can open only one account in his name either in the post office or in the bank and he has to declare this in application form for opening the account. Persons having a PPF account in the bank cannot open another account in the post office and vice-versa. Only one account can be […]
The foreign portfolio investors (referred as foreign institutional investors in the Act) face a difficulty in characterization of their income arising from transaction in securities as to whether it is capital gain or business income. Further, the fund manager managing the funds of such investor remains outside India under the apprehension that its presence in India may have adverse tax consequences.
Financial year 2014-15 is over. Now Income Tax Return will have to be filed for that year. The Department has notified some of the modified forms for filing Income Tax Return. Which forms have been notified, what are the changes made in it and what is its impact on Taxpayers?
CA Sandeep Kanoi We have compiled here the Rule 12 based on the RECENT amendments vide Notification No. 41/2015, Dated-15th day of April, 2015 for ready reference of our readers. [Return of income and return of fringe benefits. 12. (1) The return of income required to be furnished under sub-section (1) or sub-section (3) or […]
Government today announced that new Income Tax Return (ITR) Forms for A.Y. 2015-16 released vide Notification No. 41/2015 Dated 15.04.2015 that require disclosure of details regarding bank accounts and foreign trips undertaken by an individual will be reconsidered, a move that comes after criticism from tax experts and others.
How to claim benefit of relief under double taxation avoidance agreement by Non-Resident OR How to avoid tax of same income in two Country i.e. Country of Resident of Person and Country of Source of Income– In the era of greater connectivity across globe there is significant movement of manpower from one country to another and this lead to the arisen of tax issues of income earned in more than one country in single financial year.
Under the existing provisions of section 194C of the Act, payment to contractors is subject to Tax Deduction at Source (TDS) at the rate of 1% in case the payee is an individual or Hindu Undivided Family and at the rate of 2% in case of other payees, if such payment exceeds Rs. 30,000 per contract or aggregate of such payments of contracts in a financial year exceeds Rs. 75,000.
