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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...
The change in the political landscape and resurgent optimism in the Indian economy has created widespread expectations from the Budget 2014 with focus on: Improving investment climate by reducing legislative uncertainty caused by retrospective amendments and aggressive approach of tax authorities
1. Who can use ITR 4 Return Form for Assessment Year 2014-15? This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession. 2. Annexure-less Return Form No document (including TDS certificate) should be attached to ITR 4 Return Form. All such […]
Section 271(1)(c) empowers inter alia the Assessing Officer, where he is satisfied in the course of any proceedings under the Act that the assessee had concealed the particulars of his income or furnished inaccurate particulars of such income, to direct the payment of penalty. Sub-section (1B) was introduced by way of an amendment by the Finance Act, 2008 with retrospective effect from 1 April 1989. Sub-section (1B) reads as follows
The issue before us is whether the transfer of the shares of Nestle India Ltd and Hindustan Lever Ltd held by the members of Bilakhia family as investment by them to the assessee-company as per family arrangement dated 16-02-2001 claimed to have been transferred without
Assessee has not concealed anything in this regard. Therefore, it cannot be a case of concealment of facts. As far as the filing of inaccurate particulars of income is concerned, we hold that assessee was having huge carry forward losses and depreciation and the return was filed at nil income.
Time limits set out under section 153, for completing the assessments, reassessments and recomputations, are concerned, is that these time limits do not apply in the cases “where the assessment, reassessment or recomputation is made on the assessee or any person
The assessee is the proprietor of Shri Vekkaliamman Builders and Promoters and he also happens to be the Managing Director of Southern Academy of Maritime Studies Private Limited, in which he holds share of 63%.
It is well settled that proceedings under the Contempt of Courts Act are quasi-criminal in nature and hence, no action under the Act can be taken unless a clear case of criminal contempt is made out.
As reported by some of the newspapers and PTI GOvernment may provide a major relief to the tax-payers, by increasing the Income Tax slab limit for exemption from Rs.2 lakh to Rs.5 lakh. According to sources, the Finance Ministry has also sought a report on the same from the I-T department. The CBTD is likely […]
A major setback to the investment climate in India in the recent times has been the slew of retrospective amendments carried out in the tax laws as a part of the Finance Act, 2012. FICCI believes that is crucial for the Government to declare as a policy that retrospective legislation shall not be resorted to, save in rarest of cases,
