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Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
Income Tax : The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : This FAQ covers all ten notified ICDS, explaining their scope, applicability, disclosures, and treatment of various tax-related tr...
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 ITAT Mumbai held that sales tax and similar State Government incentives were capital receipts because the schemes were intende...
Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...
Income Tax : The ITAT Visakhapatnam held that deduction under Section 80P cannot be allowed where the assessee failed to file a valid return of...
Income Tax : The Tribunal directed the Assessing Officer to grant Foreign Tax Credit, observing that delayed filing of Form No. 67 is only a pr...
Income Tax : The ITAT Jaipur held that reassessment under Section 147 was invalid because the Assessing Officer merely relied on Investigation ...
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...
Penalty under Section 272A(2)(k) could not be imposed merely for the delay in filing Quarterly TDS Statement as the entire tax along with interest thereon had been deposited in to Govt. account and later, assessee filed quarterly TDS returns for all the quarters and Revenue had not suffered any loss because tax deducted was already deposited on time and there was mere technical or venial breach to provisions contained in Act for submitting return/statements of TDS.
Procedure for handling of assessment by Jurisdictional Assessing Officers in respect of assessments/penalties transferred out of Faceless Assessment u/s 144B(8) of the Income-tax Act,1961/Faceless Penalty Scheme, 2021 respectively. F. No.225/97/2021 /ITA-II | Dated: 6th September, 2021 F. No.225/97/2021 /ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, […]
CBDT hereby directs that in addition to the cases in the Central Charges and International Taxation Charges, cases where pendency could not be created on ITBA because of technical reasons or cases not having a PAN, as the case may be, shall also be excluded from the purview of section 144B of the Act. F […]
Indian Geotechnical Services Vs ACIT (ITAT Delhi) Conclusion: Deduction on payment of employees contribution towards PF/ESI made before the due date of filing Income Tax Return under section 139(1) was allowable as the amended provisions of section 43B as well as 36(1)(va) were not applicable for the assessment year under consideration. Held: Assessee raised the […]
CBDT notifies that Assessment Orders in cases where pendency could not be created on ITBA because of technical reasons or cases not having a PAN, as the case may be shall not be passed by the National Faceless Assessment Centre (NaFAC) u/s 144B of Income Tax Act, 1961.
The deferment of application of old provisions of section 148 was done by the CBDT, Ministry of Finance by way of conditional legislation in the peculiar circumstances which arose during the pandemic and lock down. Hence, there being no full delegation of powers in the scenario, the Central Government cannot be said to have encroached upon turf of Parliament.
In order to provide big relief, to the senior citizens aged 75 or above from IT filing, Ministry has introduced Section 194P in the Income-Tax Act, 1961 via the Finance Act 2021. New Section 194P is applicable from 1st day of April 2021. They can give a simple declaration to his/her bank to get exemption […]
Jaidayal Prannath Kapur Vs CIT (Madras High Court) The assessment for the Assessment Year under consideration, AY 2002-03, was reopened and notice under Section 148 of the Act was issued. From the findings recorded by the Assessing Officer in the Assessment Order, dated 19.12.2007, we find that, initially, the assessee did not extend full cooperation […]
Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs laid foundation stone today for office building of Income Tax Department Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs laid foundation stone on 5th September, 2021 for office building of Income Tax Department at plot No. 4, 5 and 6, Infantry […]
The Music Academy Madras Vs DDIT (Exemptions) (Madras High Court) It is not in dispute that the substantial questions of law framed for consideration have been answered in favour of the assessee by the Hon’ble Supreme Court in the case of CIT vs. Rajasthan and Gujarati Charitable Foundation Poona reported in (2018) 402 ITR 0441 […]
