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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...
Finance Bill, 2021 vide clause 48 inserted a new section 194 Q relating to deduction of tax at source on payment of certain sum for purchase of goods. This section will come into effect from 01.07.2021. TDS on Service is applicable since long back, but this is first time in the history of Income Tax Act, 1962 that TDS provisions are made applicable on purchase of goods.
Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on […]
In the intimation processed u/s 143(1) of Income Tax Act, 1961, the Centralize Processing Center makes addition of income as per the amount reported in certain clauses of Tax Audit Report. Assessee is left with no choice but to go for appeal with higher authorities. We have noticed that the disallowance includes along various other […]
CBDT has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%.
Extract of section 194Q from Finance Act, 2021 54. Insertion of new section 194Q. After section 194P of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021, namely:–– Deduction of tax at source on payment of certain sum for purchase of goods. ‘194Q. (1) Any person, […]
The Income Tax Department carried out search and seizure operations on two real estate developers engaged in the real estate activities mainly in and around Yadagirigutta, suburb of the Hyderabad City. They are into plot ventures as well as in the construction of apartments.
CBDT authorizes the Director of Income Tax(Centralized Processing Centre) and Commissioner of Income-Tax (Exemption), Bengaluru vide Notification No. 30/2021-Income Tax Dated 1st April, 2021 under Income Tax Rule 2C, 5CA, 11AA & 17A. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 30/2021-Income Tax, Dated 1st April, 2021 S.O. […]
CBDT notifies Agreement Between The Government Of The Republic Of India And The Government Of The Islamic Republic Of Iran For The Avoidance Of Double Taxation And The Prevention Of Fiscal Evasion With Respect To Taxes On Income. Notification No. 29/2021-Income-tax Dated 1st April, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. […]
CBDT has vide Notification No. 28/2021-Income Tax inserted new clauses in Form 3CD (Tax Audit Report) and also notified that Tax Audit Report under Rule 6G can be revised if there is payment by Assessee after furnishing of report which necessitates recalculation of disallowance under section 40 or section 43B. MINISTRY OF FINANCE (Department of […]
Re-validation of existing Tax Exemption Certificate under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Central Board of Direct Taxes, by Notification No. 19/2021-Income Tax Dated- 26th March, 2021, amended the Income Tax Rules, 1962 called as Income-tax (6th Amendment) Rules, 2021, pertaining to procedure for registration of fund/ trust/charitable […]
