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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...
Shree Nirmal Commercial Ltd. Vs ITO (ITAT Mumbai) At the outset, the Ld. Representative of the assessee has argued that the assessee was not the owner of the property, therefore, the expenses are not liable to be capitalized in any manner. It is also argued that the assessee is the lease-holder and only claiming the […]
Following major proposed amendments have been covered: 1. Incentives for affordable rental housing 2. Extension of date of sanction of loan for affordable residential house property 3. Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up 4. Increase in safe harbour limit of 10% for home buyers […]
IDBI Bank Ltd. Vs DCIT (ITAT Mumbai) During the Assessment Year (AY) 2009-10, the taxpayer made provision for expenses under the head ‘repairs and maintenance’ amounting to Rs. 6 million on which tax was not deducted at source. The taxpayer also made provision for ‘operation and maintenance charges’ amounting to Rs.7 million on which tax […]
As per the current provisions of Section 45(4), the profits or gains arising from the transfer of a capital asset upon its distribution on dissolution or otherwise of the firm or body of individual (BOI) or association of persons (AOP) is chargeable to tax as ‘capital gains’ in the hands of the firm /BOI /AOP in the year in which such transfer takes place.
In this article, various TDS rates applicable for FY 2021-2022 (AY 2022-2023) i.e. for the period from 01.04.2021 to 31.03.2022 have been presented in Tabular Form along with explanation of Budget 2021 Changes in respect of TDS.
R.N. Shetty Trust Vs ACIT (ITAT Bangalore) As per Section 153C of the Act, the Assessing Officer of searched person shall proceed against such other person on reaching satisfaction that any undisclosed income belonging to such other person over whom he has no jurisdiction then he has to transmit the seized material to the Assessing […]
DCIT Vs NLC India Ltd. (ITAT Chennai) The main objection of the AO is that the new unit started cannot be considered as separate undertaking because it is using the same manufacturing technology and the finished goods are also the same, i.e., power. The new unit, i.e., unit TPS-I Expansion is nothing but the expansion […]
ACIT Vs. M/s GTM Builders & Promoters Pvt. Ltd. (ITAT Delhi) As per accounting standards AS-7, the purchases and working progress have to be reconciled along with architect report. The AO has not rejected the books of accounts and accepted the book profits while making the addition. The Assessing Officer’s observation that none of the […]
Income Tax Slab Rates, we all are aware of this word, and I won’t be wrong if I will say that, our thoughts roam around this word, correct, I guess. Actually, it’s obvious for us to be very much information about the “Income Tax Slab Rate” because we have to pay the taxes to the […]
FIH India Private Limited Vs DCIT (ITAT Chennai) There is no dispute with regard to the fact that the assessee has written off input Service Tax during the impugned financial year relevant to assessment year 2010-11. But, the dispute is with regard to deductibility of input service tax. The AO has disputed deduction claimed by […]
