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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 : 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 Delhi ITAT held that where purchases are reflected in accepted sales and closing stock, the entire purchase amount cannot be d...
Income Tax : The Delhi ITAT held that repeated non-compliance with statutory notices transformed the reassessment into a best judgment assessme...
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...
In the Chart given below Author has compiled the TDS / TCS rates as applicable for Assessment year (AY) 2014-15 or Financial Year (FY) 2013-14. In this Year Government has made TDS applicable on Compensation / Consideration on transfer of certain immovable property other than agricultural land (w.e.f. 01 .06.2013).
Whether failure on part of AO for examining truly and fully all the material facts by the assessee could lead to reassessment and also mere information regarding income escapement can be considered valid for the purpose of sec. 147?
Merely because a claim (per the return of income) is a legal claim, or has a legal aspect to it – which would be in each case – the same by itself cannot be a cause for non levy of penalty in every case, as where there is no valid basis for the same (i.e., the legal claim).
Shrawani Trivedi An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, Person carrying on business and his total sales/ turnover exceeds Rs.1 crore. Person carrying on profession and his Gross Receipts exceed Rs.25 lakhs. Person covered under the provision of Section 44AD, 44AF, 44BB, […]
Issue pertains to expenditure of Rs.1.02 crores ( rounded off) expended by the assessee and whether the same should be treated as capital or revenue expenditure. For the assessment year 2008-09 the Assessing Officer noticed that the assessee had debited in the profit and loss account
Due date referred to in section 36(1)(va) of the Act must be read in conjunction with section 43B(b) of the Act and a reading of the same would make it amply clear that the due date as mentioned in Section 36(1)(va), is the due date as mentioned in section 43B(b)
CA Praveen Boda UN releases official version of ‘UN Practical Manual on Transfer Pricing for Developing Countries’ at New York; Manual was adopted by UN Committee at Geneva session in October 2012; Manual to help mitigate developing countries’ vulnerability to abuse and revenue loss from tax evasion from transfer pricing; Chapter 10 of the Manual […]
The E-filling of return both under direct and indirect system is a big relief to the Tax payers and professionals who are working for and on behalf of the tax payers. E-filling of Income tax returns has made the life of Taxpayers and professionals very easy and refunds are coming very fast. The whole system is paperless hence it is a big saving of the National resources.
CBDT has Vide Order No. 92 of 2013 dated 31.05.2013, ordered the transfer/ posting of several officers in the grade of Chief Commissioner of Income-tax (CIT) with immediate effect. CBDT has Vide Order No. 94 of 2013 dated 31.05.2013 ordered the transfer/ posting of several officers in the grade of Deputy Commissioner of Income-tax (DCIT) / Assistant Commissioner of Income-tax (ACIT) with immediate effect.
There is a peculiar history regarding the amendments of section 90 of the Income-Tax Act, 1961 (the Act), by the Finance Act, 2012 and the Finance Act, 2013, in respect of the requirement of Tax Residency Certificate (TRC) to be obtained by an assessee, in order to avail of the benefit of Double Taxation Avoidance Agreement (DTAA) between India and the country of his residence.
