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Income Tax : The article analyses whether declaring profits below presumptive rates automatically triggers tax audit under the Income-tax Act, ...
Income Tax : The revised ITR forms for AY 2026-27 introduce new tax slabs, expanded ITR eligibility, and enhanced disclosure requirements. Unde...
Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
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 : Sanand Properties P. Ltd. Vs Jt. Commr. of I.T. Range 6 And Ors. (Supreme Court of India) Reopening of Assessment Valid Because Su...
Income Tax : The Tribunal held that rebate under section 87A could not be denied merely because LTCG exceeded Rs.1 lakh. It ruled that the rele...
Income Tax : The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, incl...
Income Tax : ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under ...
Income Tax : While recognising that earlier judgments had invalidated JAO-issued notices, the Court avoided passing orders that would make the ...
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...
What is BEPS -BEPS refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid.
Notification No. 76/2014-Income Tax Central Board of Direct Taxes hereby authorises the Commissioners of Income-tax (Exemptions), to act as ‘prescribed authority’ for the purposes of sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 with effect from the ‘specified date’. NOTIFICATION NO. 76/2014 Dated – 1st December, 2014.
Notification No. 75/2014-Income Tax Central Board of Direct Taxes hereby authorises the Commissioner of Income-tax (Exemptions), to act as ‘prescribed authority’ for the purposes of sub-clause (iv) and sub-clause (v) of clause (23C) of section 10 with effect from the ‘specified date’.
It is unfortunate that the Revenue insists in arguing Appeals in this manner and for subsequent Assessment Years. The Revenue ought to have been fair and brought to the notice of this Court the fact that its Appeal challenging the very findings and conclusions for prior Assessment Years has been dismissed by this Court on merits.
7 December 2014 –Due date for deposit of Tax deducted/collected for the month of November, 2014 15 December 2014 –Second instalment (in the case of an assessee other than a company) or third instalment (in the case of a company) of advance income-tax for the assessment year 2015-16 22 December 2014 –Due date for issue […]
Arjuna, the last date for such income tax return filling is 30th September but this year due to several changes in tax audit report various high courts have extended the due date to 30th November. Almost all taxpayers i.e. Salaried, Business, Professional and Company, etc. have completed their responsibility by filling income tax Return for the financial year 2013-14, thanks to them. But some Late Latif taxpayers may file late return up to March 2015 as there is no penalty till that date for filing return.
Income Tax Rules provide that the following persons shall pay tax electronically (i.e. internet banking facility or through credit/debit cards) on or after the 1st day of August, 2008: i. A company; and ii. A person (other than a company), to whom the provisions of section 44AB of the Income-Tax Act 1961 are applicable. As […]
The Directorate of Income Tax (Audit) desired for providing list of auditable cases (u/s 143(3), 144 & 147) from the Income Tax Database. 2. Since, it is important to provide requisite information to the offices of Audit across the country in a structured manner on regular basis, a new functionality has been provided in the ITD application to generate MIS of auditable cases (u/s 143(3), 144 & 147) from the System.
Considering the devastation due to floods in the State of Jammu & Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961 (`Act’) and in continuation to the earlier order under section 119 of the Act dated 16.09.2014, hereby further extends the ‘due date’ of furnishing return of income from 30th November, 2014 to 31st March, 2015, in cases of Income-tax assessees in the State of Jammu & Kashmir which are covered under clause (a) or clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act.
Chapter 1 Introduction & Background 1.1. Introduction One of the most significant and influential inventions of 20th century was the Computer. There has been a sea change in the purposes and the manner in which computers are used with advent of microprocessor technology and digital communication. The computer started with being a giant calculating machine. […]
