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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 ITAT Bangalore upheld deduction of ESOP expenditure under Section 37, holding that the liability arising from employee stock o...
Income Tax : The ITAT Delhi held that cash deposits during the demonetization period could not be treated as unexplained credits when they orig...
Income Tax : ITAT Hyderabad held that dismissal of an appeal under section 249(4)(b) was unjustified where the assessee claimed that the receip...
Income Tax : The Tribunal ruled that premium rooms, higher tariffs, and specialized medical facilities cannot by themselves establish a profit ...
Income Tax : The ITAT Delhi held that free tickets, hospitality, conveyance, goods, and lodging expenses attracted Fringe Benefit Tax under 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...
It is a settled principle that the power of levying penalty or not is discretionary and not mandatory. The law requires that whenever the AO is to exercise his discretion then it is the AO alone who is to exercise that discretion and the appellate authority cannot exercise that discretion on the part of the AO.
Registration of trust was governed by Section 12A of the Act prior to the introduction of Section – 12AA vide Finance Act, 2007. Section – 12AA(3) empowers the commissioner to cancel the registration of trust, if the registration is granted u/s. 12AA. However, the provision is silent for cancellation of registration, where the registration is granted u/s. 12A.
Organisations which are existing for charitable purpose are entitled to seek exemption from the tax liabilities under the Act. However, the institutions which were engaged in charitable activities other than relief to poor, education, medical relief, preservation of environment, monuments or places of artistic or historic interest, or religious institutions [i.e. institutions which were having object of general public utilitiy] were denied exemption,
Under the existing section 80D, deduction upto a sum of Rs. 15,000 on premium paid for insurance on the health (Mediclaim) of the assessee and his family. A further deduction of Rs. 15,000 is admissible if the medical insurance is taken for parents of the assessee. It is also provided in the existing provision that if the insured is a senior citizen, the said limit will become Rs. 20,000.
Under the existing provisions, there is a limit of Rs.1,00,000 u/s. 80CCCE which is for specific deductions in computing the total income under section 80C, 80CCC & 80CCD; a new section has been inserted for granting deduction to individual or HUF in computation of its total income.
Hitherto, only transfer of property to individuals and HUFs were only covered by the provisions of section 56 (2), whereas the recipient firms, companies, etc. were excluded from taxation. By proposed amendment, it is sought to tax the firms and closely held companies if they receive shares of a closely held company on or after 1st June, 2010, either without consideration or for inadequate consideration.
With effect from A.Y. 2005-06, a concept of levying income-tax on the gifts received by an individual or HUF was introduced in Section 56 (2) of the Act. This was done to combat certain misuse of the provisions where the gift was received from a non-relative. At first the said concept was introduced for taxing gift in cash alone. However, consistently the scope of the said gifts has been enlarged.
In our opinion, the Section 269SS and 271D are not applicable to the fact of the case since the assessee in this case received back the money in cash and not advanced money or accepted the loan in cash. The penalty In this case cannot be levied u/s 271D of the Act. for receiving the cash from the borrower, by the assessee.
NC Notification No. 1/2009-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table
A number of clients have raised a query whether any amendment of section 50C of the Income-Tax Act, 1961 (the Act), has been proposed by the Finance Bill, 2010. The aforesaid query, has got its genesis in the amendment of sub-clause (b) of section 56(2)(vii) of the Act, as proposed by the Finance Bill, 2010. As per the aforesaid amendment, the stipulation regarding transactions involving cases of consideration lower than its stamp duty value
