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Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
Income Tax : Learn how taxpayers can set off losses against taxable income and carry forward unadjusted losses under the Income-tax Act. The FA...
Income Tax : Learn when the Income-tax Act requires another person's income to be included in your taxable income. The FAQs explain clubbing pr...
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 : ITAT Pune held that the reassessment proceedings were invalid because the notice under Section 148 was approved by the Principal C...
Income Tax : ITAT held that interest earned by a co-operative credit society from deposits with a co-operative bank remained attributable to it...
Income Tax : ITAT Pune held that reassessment proceedings were invalid because the approval under Section 151 was granted by the Principal Comm...
Income Tax : ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. T...
Income Tax : The ITAT Delhi held that Section 56(2)(viib) was not attracted where shares were allotted to existing shareholders without any cha...
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...
Author: Anadi Varma 1. Introduction This amendment/insertion is sure to set the cat among the pigeons! I attempt some new insights . IN order to really understand a tax amendment,I firmly believe that the associated memorandum must be looked into.I proceed to recap relevant parts thereof. 2. Memorandum: Memorandum to the Finance Bill 2021, explaining […]
1. Insertion of New Section 206AB New section 206AB has been inserted by THE FINANCE ACT, 2021 NO. 13 OF 2021 Dated 28th march, 2021. The section is inserted w.e.f. 1st July, 2021. Section 206AB “Special provision for deduction of tax at source for non-filers of income-tax return” Section is Applicable 1. If person require […]
Overview In Finance Act 2021, various amendments have been enacted in TDS provisions. The most significant amendment is made by inserting a new Section which mandate to deduct TDS on purchase of goods. It will be a huge compliance for deductor to comply with above section. TDS on purchase of goods will be burden some […]
Practical approach to new TDS section 194Q introduced in budget 2021 which will be effective from 01.07.2021 and its effect in application of existing section(amended) TCS u/s 206C (1H) of Income Tax which is required to be collected on sales of goods above 50 lakh. With the introduction of new section 194Q in the Budget […]
Direct Tax levied on the income of a corporate can be a considerable amount of money that has to be paid by the assessee to the government every year. But if the business is conducted keeping in mind various exemptions and deductions available for corporates under the Income Tax Act, 1961, the tax liability of […]
Organization for Economic Cooperation and Development (OECD) and the (G20) countries have launched an initiative known as base erosion and profit shifting (BEPS), which consists mostly of tax avoidance methods. These techniques primarily aim to fill in and make accommodations for tax policy loopholes, which aid in leveraging such gaps in tax regulations to deceptively shift earnings to low or no-tax nations. A business is often funded (or capitalized) through a combination of debt and equity.
Usage of word ‘may’ under Section 144B(7)(vii) of the Income Tax Act, 1961 (IT Act) could not absolve the Revenue (the Respondent) from the obligation cast upon it to consider the request made for grant of personal hearing. Therefore, the assessment order passed by the Respondent without giving an opportunity of personal hearing to the assessee shall be set aside.
Long-term savings is a big commitment, but they need to be done to increase benefits and future emergencies. The Provident Fund (PF) is a pension fund that helps people regularly save a portion of their salary to provide enough money for a good and healthy lifestyle after retirement. This program is provided by the Employment […]
Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]
TDS (Section 194Q) v. TCS (Section 206C(1H)) – A fight between Right Hand v. Left Hand With effect from 1st October 2020, Government had introduced Section 206C(1H) i.e. a seller having turnover of more than Rs. 10 Crores in the preceding financial year is required to collect TCS from the buyers from whom receipts exceeds […]
