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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...
CA Sandeep Kanoi Union Finance Minister Arun Jaitley is expected to present his budget either in last week of June 2014 or in First week of July 2014. With Budget around the corner the Taxpayers are very enthused about expected tax reliefs from Mr. Arun Jaitley and started thinking that good days are around the […]
CBI ARRESTS AN INCOME TAX OFFICER FOR ACCEPTING A BRIBE OF RS.FIVE LAKHS The Central Bureau of Investigation has today arrested an Income Tax Officer, Rudrapur, District Udham Singh Nagar (Uttarakhand) for demanding & accepting a bribe of Rs.Five Lakhs from the Complainant. A case was registered U/s 7 of PC Act, 1988 on a […]
The assessee basically is a share broker. The assessee also deals in buying and selling of shares for himself. The assessee is also dealing in derivatives. Dealing in derivatives has been excluded from the ambit of speculative transactions with effect from assessment year 2006-07.
As regards disallowance under section 14A of the Income-Tax Act, 1961 (the Act), it is well-known that in respect of correct interpretation of the same, divergent views have been expressed by various judicial fora. In this context, please refer to the Article authored by me under the title “Disallowance under section 14A, in the light of the case of Deepak Mittal”, which has been published in 361 ITR (Journ.) P.1 (Part.1)
Attention of all TIN Facilitation Centers (TIN-PCs) is invited to the procedure of acceptance of e-TDS/TCS correction statements and upload of scanned images as provided in chapter 6 and 7 of the TIN-PC Operating Manual (TOM). As per approval from Income Tax Department, the procedure for acceptance of e-TDS/TCS correction statement stands revised. The same is intimated vide this circular. The revised procedure applicable with effect From June 1, 2014 is as per table below:
During a review meeting on the performance of Public Sector Banks (PSBs) taken by Finance Minister on 5.3.2014, the PSBs raised concern that the details of assets as available in the Wealth Tax Returns of loan defaulters are not being shared by Income Tax Department with the Banks despite repeated requests.
The Authority for Advance Rulings in the case of Steria (India) Limited: AAR No. 1055/2011, while concluding the fact as to whether payment made by Steria (India) Ltd. to Groupe Steria, France for management services constitutes fees for technical services exigible to withholding of tax under section 195 of the Income-tax, Act, 1961
Constitution of Special Investigation Team in compliance with the judgement of Hon’ble Supreme Court The Union Cabinet today approved constitution of Special Investigating Team (SIT) to implement the decision of the Hon’ble Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities. The SIT will be headed by […]
Let us say you want to send Salary Slips to Employees on a monthly basis or Form 16 to Employees on a yearly basis or Form 16A to Deductees on a quarterly basis or any other Personnel specific attachment. Many Companies/Businesses send these Forms in hard copy by couriering it to the receiving Party which calls for the Courier cost and the company’s resources.
Special Judge (West) Anti-Corruption, Lucknow has sentenced Shri Bhagwati Prasad, then Income Tax Officer, Barabanki (Uttar Pradesh) to undergo five years Rigorous Imprisonment with fine of Rs. 90,000/- in a bribery case.
