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Income Tax : IT Dept scrutinizes political donations ₹5L+ for tax fraud. Learn about Section 80GGC/80GGB, penalties, and steps to ensure comp...
Income Tax : Why does tax evasion still thrive despite all the efforts to stop it? And more importantly, what can be done to fix it? This blog ...
Income Tax : Through tax laws on Virtual Digital Assets (VDAs) like cryptocurrencies and Non-Fungible Tokens (NFTs), India has initiated the pr...
Income Tax : Explore evolution of tax laws from ancient times to the modern era, highlighting key changes, global trends, and challenges shapin...
Income Tax : Received an IT notice on political donations? Understand why, what to do, and avoid penalties. Expert advice to respond effective...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : ITAT Pune remands the appeal of Mula Parisar Serva Seva Sangh regarding TDS refund claim for 2018-19, citing past precedents....
Income Tax : ITAT Chennai sets aside CIT(E)’s rejection of 80G registration for SKNNSM Society, citing inadequate time for response. Case sen...
Income Tax : ITAT directed AO to verify Factory Premises rental income and compute taxability under section 57, allowing proportionate expense...
Income Tax : Delhi High Court directs NFAC to expedite pending appeals, expressing concern over prolonged delays in taxpayer cases, including a...
Income Tax : Delhi ITAT rules Section 56(2)(viib) of the IT Act does not apply to transactions between holding and subsidiary companies, quashi...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
Are you someone who runs a trust or plans to start one? Do you know that the law gives you special rebates under section 12A and 80G? Are you grasping this opportunity, or you wish to, but……..don’t know how? The government introduced specific provisions in the Finance Act, 2020, making it mandatory for charitable/religious/educational institutions/trusts […]
Stay updated on the Supreme Courts decisions regarding the extension of time limits and CBDT circulars during the pandemic.
Rao Computers Consultants Pvt. Ltd. Vs DCIT (Karnataka High Court) We have to find out in that context what was the intention of the parties in entering into the lease transaction. It is not the number of agreements, which are entered into between the parties which is decisive in determining the nature of transaction. What […]
The powers given to Commissioner of Income Tax under section 264 are very wide and he can revise any order including intimation under section 143(1) Aafreen Fatima Fazal Abbas Sayed v. ACIT AND PCIT (Bombay High Court) WRIT PETITION (L) NO. 6096 OF 2021 Revision application under section 264 cannot be rejected without deciding the […]
No more income tax return filing for senior citizens aged 75 or more. Find out how the Finance Act, 2021 provides relief and reduces compliance burden.
Under Income tax law income tax can be collected in two ways i.e. directly from the assessee where assessee makes tax payment directly (i.e. self assessment tax and advance tax or tax or any other sum on assessment) or indirectly from the assessee where tax is borne by the assessee but payment is made by […]
Honda Motorcycle & Scooter India Pvt. Ltd Vs DCIT (ITAT Delhi) With respect to the TP adjustment to the export commission, which is claimed by the assessee that it is intrinsically, looked that the main activity of manufacturing and sale of products and as such could not be identified separately for benchmarking. It is also […]
Following section 144B shall be Ins. after section 144A by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, w.e.f. 1-4-2021 : Faceless Assessment. 144B. (1) Notwithstanding anything to the contrary contained in any other provisions of this Act, the assessment under sub-section (3) of section 143 or under section 144, […]
Confused about the new vs old tax regime? Understand the key differences and make an informed decision about which one to choose for your taxes.
Section 206C(1H) of Incoem Tax Act, 1961 is already applicable from 01-10-2020 and Section 194Q will be applicable from 01-07-2021 Article explains Section 206C(1H) and Section 194Q considering confusions prevailing currently in industry regarding TDS & TCS under both these sections. Article also contains PICTORIAL FLOW CHART OF INTERPLAY BETWEEN Section 194Q VS Section 206C(1H). […]
