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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...
Carbon Credit was not an offshoot of business, but an offshoot of environmental concerns. No asset was generated in the course of business, but it was generated due to environmental concerns. Therefore, income from sale of carbon credits was to be considered as capital receipt and not liable for tax under any head of income under the Income Tax Act, 1961.
Why a Non-Resident (NRI or Foreigner) should Invest in India? How investing in India would benefit an NRI or a Foreigner? Why India? any person who wishes to invest his/her hard-earned money would think about this before making a move toward India. In this article you will find enough of reasons why it would be […]
Customers facing trouble due to abrupt closure of current accounts and TDS on cash withdrawals. Learn more about the RBI guidelines and how it affects bank customers.
S. R. Trust Vs ACIT (Madras High Court) Conclusion: Search proceedings had been rightly initiated as assessee had nothing to fear, they could as well place all the materials before AO for consideration and more so, the jurisdictional facts exist for assumption of jurisdiction under Section 153A as well as Section 153C of the Act. […]
CBDT vide Notification No. 36/2021-Income Tax Dated: 23rd April, 2021 notifies ‘Maa Umiya Temple managed by Vishv Umiya Foundation at Jaspur, Ahmedabad’ to be place of artistic importance and a place of public worship of renown throughout the state of Gujarat State for the purposes of Section 80G(2)(b) from Financial Year 2021-2022 MINISTRY OF FINANCE […]
DTPA has made a Representation to FM for extension of date for payment of amount under Vivad Se Vishwas Scheme to 31st July 2021 considering adverse impact on economy due to 2nd Wave of Corona. Full Text of their representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground […]
ITO Vs Zexus Air Services Pvt. Ltd. (ITAT Delhi) It is an undisputed fact that there is no actual receipt of any cash by the assessee company in the instant case towards issue of share capital and such shares were issued in lieu of goodwill. In the instant case, the assessee has debited goodwill account […]
Is it mandatory to file ITR and audit report of the Trust/ institutes registered under Section 12A/ Section 12AA of Income Tax Act, 1961? For the Trust/ institutes registered u/s 12A/12AA*, Is it mandatory to file ITR and audit report of the Trust/ institutes registered u/s 12A/12AA*? let’s try to find answer step by step […]
A Brief about Form 10A and 10AB as per new Law on Registration of trust under Section 12A and Section 80G and Approval U/s 10(23C) and Section 35(1) The Finance Act, 2020 has made changes leading to complete overhaul in the registration process of charitable and religious organisations. The procedure for registration of every organisation […]
Explore the implications of Section 68 of the Act regarding cash credits and the treatment of creditors as not genuine in our draft submission.
