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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 document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
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 : ITAT Delhi held that reassessment cannot survive when additions are made on issues unrelated to the reasons recorded for reopening...
Income Tax : The Delhi ITAT held that reassessment initiated beyond three years was invalid because the alleged escaped income represented by p...
Income Tax : The Telangana High Court refused to interfere with the assessment order in writ proceedings, citing the availability of an effecti...
Income Tax : ITAT Delhi confirmed disallowance of a Section 80GGC claim after relying on investigation findings that the political party operat...
Income Tax : The Tribunal ruled that non-deduction of tax pursuant to subsisting High Court directions cannot attract liability under Sections ...
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...
Under the scheme of Wealth Tax in India, Wealth tax is levied on the net wealth of the every individual, Hindu undivided family and company as on the valuation date. Net Wealth means the amount by which the aggregate value computed in accordance with the provisions of Wealth Tax Act of all the assets
Many deductor file TDS filed correction statements, which include updations from Valid to Valid PANs, after a significant delay of over an year. Such delayed correction are liable for penalty and other consequences. We have listed below the Implications and action to be taken by deductor to avoid such mistakes.
Many deductor submit Invalid / Not Available PANs in the Quarterly TDS Statements filed by them. We have listed below the Implications of reporting Invalid/ Not Available PANs in TDS Statements and actions to be taken by deductors to avoid such mistakes in TDS returns/ Correct statement to be filed by them.
Recently CBDT has initiated Process of Validating Contact Details of Assessee and in the process it requires each assessee to furnish his/her Mobile Number and E-mail ID with an condition that a Mobile and Email Id can be used by not more than 4 assessee.
Audit of TDS returns A major portion of the revenue by way of income-tax is recovered through deduction of tax at source. For furnishing the information required under revised clause 27 of Form No.3CD, an in-depth verification of the TDS returns is necessary.
Discover ICAIs suggestions for improving the income tax refund process. Find out how to address difficulties in obtaining old paper refunds.
CA Sandeep Kanoi As reported by us in our post dated 18.06.2014 titled ‘Union Budget on 10th July 2014, Rail Budget on 8th July 2014’ government has announced yesterday (23.06.2014) dates of Rail Budget, Union Budget, Release of Economic Survey and Budget Session. The whole schedule of the budget process is the same as reported […]
Presumably, the case of the assessee was that price offered by the buyer was the highest prevailing price in the market. If this is his case then it is difficult to accept the proposition that the assessee had accepted that the price fixed by the District Sub Registrar was the fair market value
This article examines the inter relationship between Transfer Pricing, Entity’s Tax and Financial Reporting. Due to increasing transfer pricing scrutiny, it is being considered as the most risky area for multinational entities from both compliance and tax planning perspective.
Challan correction mechanism Considering the fact that several mistakes were being reported which occurred on account of wrong punching of data in the OLTAS by the banks, the CBDT introduced a new challan correction mechanism for paper based payments of income tax. The said system has been appreciated by the assessees. Since, inadvertent mistakes can […]
