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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...
Under the proposed section 206AB of the Income Tax Act (Act), in a case where a person is required to deduct TDS while making a payment to another person (deductee), the deductor will be liable to deduct TDS at a higher rate, if the deductee has not filed the ITR related to the previous two years. This rule shall come into force starting 1st July 2021.
Understand the taxation of online gambling in India. Learn about the flat tax rate and the absence of minimum exemption limits for online gamblers.
Based on the above, the Hon’ble Court held that the assessee is entitled to set-off the brought forward business loss against income which has the attributes of business income even though the same is assessable to tax under a head other than profits and gains from business.
In order to rationalize tax exemption for income earned by High income employees, Budget 2021 has proposed to tax interest earned on contributions made to Provident fund above 2.5lakhs by employee in a year from 01/04/2021.
The budget presented on 1st February 2021 has proposed exemption to senior citizen from filing of income tax return (ITR) subject to satisfaction of certain conditions. Let us understand what is the proposal and whether it will really work as intended. Relief proposed for Senior citizen Presently, based on the income criteria, every individual has […]
We are of the considered opinion that the period of judicial intervention w.e.f 21st October, 2020 till 9th November, 2020 (the period covering the time spent in pursuing the extension application in the first instance) and 12th January, 2021 to 3rd February, 2021
Luxe Trading And Holding (India) Pvt. Ltd. Vs ITO (ITAT Delhi) From a perusal of the reasons, it is seen that the notice u/s. 148 of the Act has been issued mechanically without application of mind and the satisfaction by the Assessing Officer is only the borrowed satisfaction of the Investigation Wing. The Assessing Officer, […]
Bapujibuwa Nagari Sahakari Pat Sanstha Maryadit VS JCIT (ITAT Pune) The expression ‘reasonable cause’ has to be considered pragmatically and if the facts of the present case are examined keeping this legislative spirit in mind, we find that there were enough circumstances to show that the assessee company had acquired bona-fide belief that its activities […]
To operationalize smooth transfer of Black Monet Act cases to the respective Central Charges, the following guidelines are being issued. (a) First, the Jurisdictional Income-tax Authority is required to identify the cases wherein proceedings under BM Act are pending in her/his charge.
Discover the tax benefits of Leave Travel Concession (LTC/LTA) under Section 10(5) of the Income Tax Act, 1961. Learn how to save on your taxable income.
