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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 : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : Summary: The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previousl...
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 Delhi ITAT held that additions made on transactions unrelated to the reasons recorded for reopening were beyond the Assessing ...
Income Tax : The ITAT Chandigarh held that once registration under Section 12AB had been directed to be granted, the primary basis for rejectin...
Income Tax : The Delhi ITAT found that the Assessing Officer lacked legal authority to reopen assessment years lying outside the ten-year block...
Income Tax : ITAT Chennai restored the matter to the Assessing Officer after finding that the assessment and appellate proceedings were conclud...
Income Tax : ITAT Kolkata upheld the deletion of disallowance relating to brought forward losses of an amalgamating company after finding that ...
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...
Section 194C of the I.T. Act provide that any person responsible for paying any sum to any resident for carrying out any work (including supply of labour) for carrying out any work, in pursuance of a contract between the contractor and a specified person, shall, at the time of credit of such sum to the account of the contractor
A Joint Commissioner of Income Tax Department and a Chartered Accountant were today arrested here by CBI on charges of receiving and offering a bribe of Rs eight lakh respectively for an official favour. A CBI release here tonight said Joint Commissioner Sallong Yaden was held while ‘receiving’ the bribe amount from Shreyans Bhandari of […]
Nowadays Centralized Processing Cell (TDS) is intimating discrepancies observed with respect to TAN of the deductors in the ‘TDS claimed by the taxpayers in their Income Tax Returns’ vis-á-vis ‘Tax Credits available as per 26AS Statements’, for the Financial Years 2011, 2012 and 2013.
It is not disputed that tax was deducted at source by the tenant Union Motors Services Limited and they have issued some Certificates which has been given credit to by the Department. The present dispute relates to the failure of non issuance of TDS certificates by the tenant.
Syed Mahaboob Peer The Section 288(2)(vi) of the Income Tax Act, 1961, together with the Rules 12A, 49(a), 51, 54 and partly the Rule 55 of the Income Tax Rules, 1962 are applicable in connection with the application (Form No.39) for the applicants under Section 288(2)(vi) of the Income Tax Act, 1961.
Press Information Bureau Government of India Ministry of Finance 09-January-2015 14:02 IST New Draft of Twelve Income Computation and Disclosure Standards (ICDS) has been Uploaded on the Finance Ministry and Income-Tax Department Website for Seeking Comments from Stakeholders and General Public by 8th February, 2015. Sub- section (1) of Section 145 of the Income-tax Act, […]
CBI Files a Charge Sheet against Then DCIT & Four Others in a Bribery Case of Rs. 10 Lakhs (Approx) The Central Bureau of Investigation has filed a charge-sheet in the Court of Special Judge for CBI Cases, Bhopal (Madhya Pradesh) U/s 120-B IPC and Section 7 & 13(2) r/w 13(1)(d) of PC Act against […]
Introduction- India as a developing economy is in dire need of the funds to boost its development. Tax is one of the major sources of Indian government revenue. Direct Taxes are contributing more than the Indirect taxes. To secure the Direct Tax collection and to curb its avoidance; the GAAR was first introduced in the […]
Notification No. 02/2015 – Income Tax Central Government, in exercise of the powers conferred by-clause (iii) of sub-section (4) of section 80-IA of the Act, the Central Government hereby notifies the undertaking from the date of commencement i.e. 30.03.2009, being developed by M/s Eldeco SIDCUL Industrial Park Ltd. as an undertaking for the Industrial Park located at Village Chargalia, Jail Camp, Sitarganj, Udham Singh Nagar, Rudrapur, Uttarakhand, 262605 for the purposes of the said clause (iii) subject to the terms and conditions mentioned in the annexure to the notification.
On the issue of share premium money and unsecured loan, the Commissioner held that the order of the Assessing Officer suffers from several defects as the Assessing Officer has not raised any question while recording the statement with respect to the credentials of the applicant companies
