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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...
Sanjay Sultania Vs ITO (ITAT Cuttack) CBDT in the circular dated 10.3.2003 (supra) has directed the revenue authorities that if confession not based upon credible evidence, are later retracted by the concerned assesses while filing the returns of income, such confessions do not serve any useful purpose. In the present case, there was substantial evidence […]
Seth Carbon and Alloys Private Limited Vs DCIT (ITAT Mumbai) We find that assessee by furnishing all the aforesaid documents had duly explained the nature and source of credit in the form of share capital and share premium received from the aforesaid two shareholders. From the balance sheet of the shareholders, it could be seen […]
ITO Vs Shraddha & Prasad Joint Venture (ITAT Pune) This appeal preferred by the Revenue emanates from the order of the Ld. CIT(Appeal), Pune-3 dated 29.08.2017 for the assessment year 2014-15 as per the following grounds of appeal on record : “1. On the facts and circumstances of the case, the order of the Ld. […]
ITO Vs Amit Murlidhar Kamthe (ITAT Pune) Firstly, no possession was given to the developer under the JDA as an owner. Secondly, a part of the land at the material time in 2008 vested in the Government of Maharashtra. Thirdly, the transaction admittedly fell through and a part of the land was eventually sold to […]
Section 80D – Deduction in respect of Medical Insurance Premium (Mediclaim) Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or dependent parents are allowed for deduction. Deduction under section 80D is allowed only to Individual and HUF, No other […]
Company ♦ Section 115QA, which provides for the levy of tax, on account of buy-back of shares, at an effective rate of 23.296% (20% + 12% SC + 4% H&EC) ♦ Buy-Back Tax has to be paid by the company on the distributed income which is nothing but the consideration paid by the company on […]
CBDT notifies pension fund, namely, ‘Indo-Infra Inc.’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of the eligible investment made by it in India on or after 17th May 2021 but on or before the 31st day of March, 2024 […]
Avoid late fees for not linking your PAN with Aadhaar. Learn about the new section in the Income-tax Act and how to comply with the requirements.
Discover the taxation benefits of investing in Sovereign Gold Bonds. Learn about the tax exemption on interest income and more.
Note on Preparing books of accounts to be maintained under Section 44AA of Income Tax Act, 1961 Some important points to be considered white completing the Books of Accounts and preparing of the Balance sheet for business or profession by an accountant and an assessee. Sometimes it is seen that when an assessee is required […]
