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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 Act currently does not define the term ‘liable to tax’ though this term is used in section 6, in clause (23FE) of section 10 and various agreements entered into under section 90 or section 90A of the Act. Hence, it is proposed to insert clause (29A) to section 2 of the Act providing its […]
With the objective of reducing pending income tax litigation, generating timely revenue for the Government and giving benefit to taxpayers by providing them peace of mind, certainty and savings on account of time and resources, the Direct Tax Vivad se Vishwas Act, 2020 (VsV) was enacted on 17th March, 2020. The settlement provisions under the […]
Budget 2021- excess amount of tax, surcharge or penalty paid in pursuance of a declaration made under Income Declaration Scheme (IDS) shall be refundable to the specified class of persons without payment of any interest. The Income Declaration Scheme, 2016 (the Scheme) contained in Chapter-IX of the Finance Act, 2016 provided an opportunity to the […]
Chapter XVIIB of the Act relates to deduction of tax at source. The provisions of this chapter provide for TDS on various payments at rates contained therein. It is proposed to provide for TDS by person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very […]
New section 206AB of the Income Tax Act is a special provision providing for higher rate for TDS for the non-filers of income-tax return. Similarly it is proposed to insert a section 206CCA in the Act as a special provision for providing for higher rate of TCS for non-filers of income-tax return.
DCIT Vs DLF Assets Pvt Ltd. (ITAT Delhi) The assessee is without doubt a Developer of a SEZ, having been in fact allowed deduction u/s.80-IAB on it’s other income/s, as from service agreements, chargeable u/s. 28. That the said income is assessable as business income, and only rightly so, inasmuch as the source thereof is […]
No one would like to go back in time to a period that had economic challenges. The positive actions of the Government of India amidst the pandemic, such as the launch of three AtmaNirbhar Bharat packages, COVID-19 vaccination drives, amongst others, have rejuvenated the Indian economy. This has given many new hope for a better […]
Aatma-Nirbhar Bharat ka Aatmanirbhar Budget The Union budget 2021 comes on the backdrop of an unprecedented pandemic, which has changed the economic landscape materially due to COVID-19. It is expected to come with announcements which are in line with the Indian government’s focus for a self-reliant economy. As we all aware that FM announced various […]
This document summarises the key highlights of the changes vide Union Budget 2021 related to Income Tax for easy digest.
DCIT Vs Jateen Madanlal Gupta (ITAT Ahmedabad) On perusal of the reasons recorded by the AO, we find that the AO at the threshold has recorded that it is seen that the assessee is having substantial share in ‘JPIL’ which has advanced loan to the companies namely M/S Gujarat Mall Management Pvt. Ltd, and M/S […]
