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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 Income Tax Department carried out search and seizure action on 29.01.2021 on the group based in Kolkata, engaged in the business of manufacturing of iron & steel and tea.
Armed Forces Officers Co-operative Housing Society Ltd. Vs ITO (ITAT Hyderabad) A perusal of the assessee’s identical pleadings in all these six appeals fails to pin point any factual distinction qua the interest issue in these assessment years before us. We therefore adopt judicial consistency and partly confirm both the lower authorities’ action disallowing the […]
The Fifteenth Finance Commission (XVFC)’s ToR was unique and wide ranging in many ways. The Commission was asked to recommend performance incentives for States in many areas like power sector, adoption of DBT, solid waste management etc.
In case, if the taxpayer wants to seek rectification of a mistake in an order or intimation, which is apparent from the record, then the taxpayer can seek ‘Rectification under Section 154’.
ACIT Vs Kapu Gems E-Tower Centre (ITAT Mumbai) The Assessing Officer concluded that the TPO has called for specific details pertaining to segmental profitability between AE and non-AE segments within the meaning of section 92D(3) of the income tax Act, 1961. The details were called for during transfer pricing proceedings and assessee was given opportunity […]
AMENDMENT IN SECTION 194J W.E.F. 01.04.2020 – INTERPRETATION OF ‘FEES FOR TECHNICAL SERVICES (FTS)’ AND ‘FEES FOR PROFESSIONAL SERVICES (FPS)’ Prior to the amendment by Finance Act, 2020 in section 194J distinguishing a payment whether it is in the nature of professional or technical fees or a royalty did not have any significance since the […]
Understanding the scope of section 263 – Power of Commissioner to revise an assessment order being erroneous and prejudicial to the interest of the Revenue The power of appeal and revision is contained in Chapter XX of the Income Tax Act, 1961 (“the Act”) which includes section 263 that confers suo motu power of revision […]
Taxability of Dividend from F.Y 2020-21 for Shareholders- From F.Y 2020-21, Section 10(34) has been withdrawn-Exempting dividend Income from taxation. Also earlier Section 115BBDA that provided taxability of dividend over Rs 10 lakhs is of no relevance in hands of shareholders. Taxation of Dividend in hands of shareholders- Dividend can be taxable under head- Income […]
1. The employer cannot be faulted for not deducting tax at source from leave travel concession facility allowed by him to employees where the employee has travelled, as a part of composite itinerary involving a foreign sector as well, to destination in India. The position with respect to the taxability of such a leave travel […]
Any verification or survey u/s 133A of the Act by the TDS charges shall be conducted by its officers. Where the TDS charge is headed by the Pr.CCIT of the region /CCIT (TDS) / jurisdictional CCIT of TDS charge, the verification or survey action shall be approved by the Pr. CCIT of the region / CCIT (TDS) / jurisdictional CCIT of TDS charges, as the case may be and shall be conducted by the officers of the TDS charge.
