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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...
The Central Bureau of Investigation has arrested two Inspectors working at Investigation Unit of Income Tax Department, Ballard Pier, Mumbai for accepting bribe of Rs.15 Lakh from the complainant. CBI has registered a case against three Inspectors, all working at Investigation Unit-1, Income Tax Department, Ballard Pier, Mumbai on the allegations that the accused demanded […]
1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. As per Income Tax Act 1961 certain persons, being the sellers must collect a specified […]
Understand the provisions of Section 50D of the Income Tax Act, 1961. Learn how it impacts the computation of Capital Gain Tax and the adoption of Fair Market Value.
Q.1 What is equalization levy (EL)? Ans: This is a tax leviable on consideration received or receivable by a non-resident for any specified service such as online advertising, any provision for digital advertising space or any other facility or service for online advertising @ 6% from : i) A person resident in India and carrying […]
Assessment order passed u/s. 158BC r.w.s 143(3) / 254 dated 31.12.2019 determining the undisclosed income of about Rs. 57.43 crores against Mr.D was barred by limitation as per provisions of section 153(2A) and liable to be quashed as AO ought to have passed assessment order on 14.04.2019 whereas the impugned order was passed on 31.12.2019.
Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21. Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7%.
Get insights into the audit requirements under the Income Tax Act 1961. Understand the conditions for tax audits and how they apply to businesses and professionals.
No addition can be made to the income of the assessee in this asst. years, as in the view of the AO the outstanding liability in question is bogus and non-existent. The question of cessation of such non-existent as bogus liability does not arise. Hence, Sec. 41(1) cannot be applied. Only when there is a genuine liability and there is cessation of such liability or it is written off in the books of account, then Sec. 41(1) of the Act can be applied.
ITO Vs Richmond Vivek Laboratories P Ltd (ITAT Hyderabad) Learned CIT (DR) vehemently contended during the course of hearing that the CIT (A) has erred in law and on facts in deleting the impugned misc. expenditure disallowance of Rs.1,92,38,312/- despite the fact that the assessee had failed to prove the same by way of filing […]
Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad) Ld.DR fails to dispute the clinching fact that the Pr. CIT’s impugned order has nowhere held the assessment in question dated 06.01.2015 as an erroneous one so far as it causes prejudice to the interest of Revenue as per Sec.263 of the Act. Ld.Pr.CIT has rather […]
