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Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : This article explains the key situations where filing an Income Tax Return is compulsory, even if income is below the basic exempt...
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 : 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 : Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 ...
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 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...
List of Documents required for e-Filing of Appeal with ITAT for following types of Appeals – -Income Tax Appeal against Levy of Penalty u/s. 234E of Income Tax Act, 1961 -Income Tax Appeal against Order u/s. 250 (Arising out of Appeal u/s. 248) -Cross Objection against appeal u/s. 253 -Miscellaneous Application against Order u/s. 254(1) […]
In present facts of the case, there were issues pertaining to disallowance under Section 40A(3); disallowance u/s 14A read with Rule 8D; short deduction of TDS u/s 40(a)(ia); undisclosed sales/difference in stock valuations and deduction u/s 80IB (11A) of the Income Tax Act, 1961. All these issues have gone into the favour of the Appellant/ Assessee, most of them were covered by the Assessee’s own previous case serving best precedents.
Till the introduction of Form 10BD under the Income-tax Rules, there was no mechanism to validate or counter-check the deductions for donations claimed by the assessee under Section 80G and other sections.
A detailed analysis of Section 194Q and a comparative study with Section 206C(1H) of the Income Tax Act, 1961 The Finance Act 2021, has widened the scope of the TDS Chapter in the Income Tax Act, 1961 by introducing a new section namely 194Q dealing with TDS on Purchase of Goods w.e.f. 1st July 2021. […]
Method for computation of Perquisite Value as referred in section 17(2)(viia) of Income Tax Act, 1961 (the Act) in respect of annual accretion to the balance of recognised provident Fund (RPF), Approved Superannuation Fund and National Pension scheme (NPS). Finance Act 2020 had amended the provisions of section 17(2) of the Act and substituted sub-clauses […]
Even after reading major sections related with TDS in detail there are some matter which needs further consideration. Some of them are discussed hereunder:- Person deducting Tax at source under section 194B has been made liable : TO PAY TAX TO THE CREDIT OF THE CENTRAL GOVERNMENT – As per rule 30 of the Income-tax […]
Section 37(1) of the Income Tax provides for a general deduction for all expenditure laid out wholly and exclusively for the purpose of the business or profession. The relevant exclusions made by the section along with the Explanation 1 are the following: (i) Expenses of capital nature, (ii) Expenses which are personal in nature, (iii) Expenses incurred […]
KAPURCHAND SHRIMAL VERSUS COMMISSIONER OF INCOME-TAX, AP Whether an order of assessment passed under the Indian I.T. Act, by the ITO without holding an enquiry into the validity of the claim made within a reasonable time is liable to be merely cancelled in appeal by the Income-tax Appellate Tribunal without a further direction to the […]
Pramod Khad Bhandar Vs Union of India (Patna High Court) Contention of Appellant For issuance of a consequential writ or order for quashing of the ex parte order dated 05.03.2020 passed under section 73 of the state act and also for quashing of the summary of order issued in form GST DRC – 07 dated […]
BJP professional cell has requested FM Smt. Nirmala Sitharaman Madam through its president CA Shailesh R. Ghedia for extension of time limit for Re-registration under section 12AB of Income Tax Act, 1961 for Charitable Trusts/NGOs. Text of their representation is as follows:- BJP Professional Cell Date :- 05.06.2021 To Smt. Nirmala Sitharaman Madam Hon’ble Union […]
