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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...
Jagadish Nangineni Vs Directorate of Enforcement (Punjab and Haryana High Court) Conclusion: Since ED alleged that both assessees were actively involved in the planning and execution of all the transactions involving repeated transfer of funds and were accused of serious economic offences, therefore, grant of anticipatory bail to assessees at this stage would certainly result […]
DCIT Vs Late Ajit Kumar Vaddevalli (ITAT Hyderabad) We find substance in the submissions of the ld. AR that the AO has passed the order in the name of late Ajit Kumar, nonexistent person, the information of which has been intimated to AO by the wife of assessee, who is the legal heir, during assessment […]
What is TAN? TAN stands for Tax Deduction and Collection Account Number. It is a unique 10 digit alphanumeric number, the first four being alphabets followed by five numbers and ending with one alphabet allotted by the Income Tax Department of India. Who needs to apply for TAN? Every person who is liable to collect […]
What is SFT ? SFT (Specified Financial Transactions) or (Statement of Financial Transactions), is report filed by ‘specified persons’ under Section 285BA of Income Tax Act, 1961 which record transactions exceeding threshold limit including investment and expenditure done by taxpayers in FY. Such specified persons who register, maintain or record such specified financial transaction are […]
Abhinav International Pvt. Ltd. Vs DCIT (ITAT Delhi) In the present case, the assessee is saying that value of the shares owned by the assessee company of the listed companies which are recorded at the book value (cost price) is far less than the listed price (traded price) of those shares, therefore, same should be […]
Understanding the new provisions of Section 206AB/206CCA for TDS/TCS and its impact on non-filers of income tax return.
Q. Whether all NGO (Trust/Society/Section 8 Company) are required to file application for Registration under new rules? Ans. Yes, All NGO already registered under section 80G,12A,12AA or 10(23c) or section 35(1) are required to file fresh application for registration under the specified form and manner. Q. What type of form available for registration? Ans. Form […]
The Finance Act 2021 has introduced a new section called Section 206AB of the Income Tax Act 1961, which mandates the person paying the amount to deduct TDS in case of non-filing of an income tax return by the specified person. In this article, the following things are covered provisions of section 206AB exemption available […]
Learn about the Presumptive Taxation Scheme (Section 44AD/44ADA/44AE/44B/44BB/44BBB/44BBA) and how it provides relief for small taxpayers.
Sections 237 and 239 of the Income Tax Act, 1961 deals with the procedure of the refund of the excess income tax paid by the assessee to the revenue department. Section 239 provides for the limitation period of one year within which the assessee should claim his income tax refund. However, this provision is omitted […]
