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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...
1. Palaniammal Palaniappan Vs Income Tax Officer (Madras High Court), Case No : WP No. 12793 of 2018 And WMP No. 15016 of 2018, Dated : April 26, 2021 Reopening of assessment u/s 147 – assessee submitted that notice issued beyond the period of limitation of six years from the end of the relevant assessment […]
ACIT Vs V.V. Rajam (ITAT Hyderabad) On perusal of the statement, AO has observed that the assessee has purchased a land of 2 acres in survey No. 356/3E1/1 situated at Pragnyapur village, Gajwel Mandal, Medak District in his name for a consideration of Rs. 1.2 crore as well as purchased a house in Hyderabad in […]
ACIT Vs. V. V. Rajam (ITAT Hyderabad) AO has observed that the assessee has purchased a land of 2 acres in survey No. 356/3E1/1 situated at Pragnyapur village, Gajwel Mandal, Medak District in his name for a consideration of ₹ 1.2 crore as well as purchased a house in Hyderabad in his wife’s name for […]
Sukhdev Singh Vs ITO (ITAT Delhi) As regards the contention of notice not properly served by the Assessing Officer, the explanation of the postal authorities is that the assessee has refused to take notice is a good service and hence ground Nos. 1 to 7 are dismissed. As regards ground Nos. 8 to 13, the […]
Morgan Stanley Mauritius Co Ltd Vs DCIT (ITAT Mumbai) The reasoning given by the DRP is ex facie incorrect inasmuch as the SCB-India, being a permanent establishment of a company fiscally domiciled in the United Kingdom, and is not a taxable unit in India, and the taxability is in the name of its general enterprise- […]
TDS/ TCS Double Up for Non-Filers of Return of Income – Section 206AB and 206CCA Section 206AB and Section 206CCA of the Income-tax Act, 1961 have been introduced vide the Finance Act, 2021. Section 206AB mandates the person to deduct higher rates of TDS in case of non-filing of an income tax return by the […]
Absolute Rule of minimum four weeks gap between rejection of objection and further proceedings of section 147 , Bombay HC(296 ITR 90) Bombay High Court Asian Paints Ltd. vs Deputy Commissioner Of … on 29 January, 2007 Equivalent citations: 2008 296 ITR 90 Bom Bench: S Radhakrishnan, J Devadhar JUDGMENT 1. Heard learned Counsel for […]
RULES FOR VALUATION OF ASSETS IN CASE OF SLUMP SALE NOTIFIED: Earlier due to non prescribed rules for the purpose of section 50B, Net assets transferred were valued at the book value. Now CBDT notified Rule 11UAE computation of FMV of capital assets for the purpose of section 50B of the income tax act, 1961 […]
Section 206AB changes as applicable from July 1,2021 -Declaration on filing of tax return for past years and linking of PAN with Aadhaar Government of India vide Finance Act 2021, has introduced a new section 206AB under the Act wherein a buyer is responsible to deduct TDS at higher rate (i.e., twice the rate as […]
Section 44AAof Income tax Act,1961- Maintenance of accounts by certain persons carrying on profession or business 1. Section 44AA prescribes two categories of books of accounts and other documents:- Category A: Such books of accounts as may enable the Assessing Officer to compute total income in accordance with the provisions of Income Tax Act, 1961. […]
