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Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : Even genuine reporting differences between Form 3CD and the ITR can attract automated scrutiny. This article explains key reconcil...
Income Tax : The article explains that 30 June is the Department's deadline to issue scrutiny notices for eligible returns, not a filing deadli...
Income Tax : AI can simplify tax work but cannot replace professional judgment in income tax filing. The article explains why human review rema...
Income Tax : This article explains why reassessment proceedings may be invalid if the Assessing Officer merely relies on Investigation Wing rep...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : The Tribunal held that contradictory third-party statements and unverified allegations cannot form the sole basis for taxing alleg...
Income Tax : The ITAT held that an untested third-party statement, without supporting evidence or cross-examination, cannot form the sole basis...
Income Tax : The ITAT held that Section 263 cannot be invoked where the Assessing Officer has made necessary inquiries and adopted a plausible ...
Income Tax : The ITAT held that BSNL employees are entitled to full exemption under Section 10(10B) for compensation received under the 2019 VR...
Income Tax : The ITAT Mumbai held that revision under Section 263 was not justified where the Assessing Officer had examined and consciously al...
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...
Assessee is facilitating the poor people to access to housing credit, which otherwise would not be available to them due to mortgage requirements etc. The only source of funding for the assessee is borrowings and the donations are almost negligible. In such a case, the activity is nothing but a mere-lending activity.
Transfer pricing involves determination of arm length price of transaction between two associated enterprises
CBDT vide Notification No. 96/2022-Income Tax | Dated: 17th August, 2022 amends Income Tax Rule 17. Exercise of option etc. under Explanation 3 to the third proviso to clause (23C) of section 10 or section 11 and amends FORM No.10 – Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Explanation […]
Get a comprehensive guide to Securities Transaction Tax (STT). Learn about its history, applicability, charges, and more.
Held that estimating past savings as Rs. 6,00,000, without any basis, instead of Rs. 9,03,900 and also ignoring the evidences produced for the same. Addition of the same deleted.
Held that payment towards management support services is allowable as business expenditure as the same is paid for smooth and effective running of the business.
CBDT notifies Section 206C (1G) of Income Tax Act shall not apply to a person (being a buyer) who is a non-resident & who does not have a PE in India. Notification No. 99/2022-Income Tax | Dated: 17th August, 2022
CBDT notifies Income Tax Rule 40G Refund claim under section 239A and Form No. 29D – Application by a person under section 239A of the Income-tax Act, 1961 for refund of tax deducted vide Notification No. 98/2022-Income Tax | Dated: 17th August, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification […]
CBDT notifies CPPIB India Private Holdings Inc. as pension fund under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 97/2022-Income Tax | Dated: 17th August, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. […]
Section 263 cannot be invoked to correct each and every type of mistake or error committed by the AO; it is only when an order is erroneous as also prejudicial to Revenue’s interest, that the provision will be attracted.
