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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...
Bharat Elevators & Engineers Private Limited Vs ITO (ITAT Kolkata) There are two limbs in Section 56(2)(viib) of the Act. As per explanation to Section 56(2)(viib) of the Act, the first limb is valuation to be made as per the prescribed method. In fact, the method for valuation of shares is prescribed under Rule 11UA […]
Since there was no allegation by AO on failure on the part of assessee to disclose fully and truly all material facts necessary for assessment, therefore, reopening of assessment was not based on sound footing and hence the impugned assessment order framed u/s.143(3) r.w.s. 147 was illegal and liable to be quashed.
Om Prakash Karnani Vs. ACIT (ITAT Jaipur) Undisputedly, the cash amounting to Rs. 5,34,000/- seized from the possession of Sh. Nand Lal Joshi and Sh. Nand Lal Pandya belongs to the assessee. The limited question therefore is source of such cash found and seized from the possession of these two persons which belongs to the […]
Disallowance u/s 14A got restricted to the extent of exempt income, even if the provisions of the section 14A were attracted.
It’s been almost four months for the implementation of Section 206C (1H), but still, a lot of confusions are there in the mind of taxpayers. Here, an effort has been made to share my knowledge with all of you which could help to clear the mist of confusions. Q.1 When the TCS should be collected […]
Discover how section 35DDA of the Income Tax Act allows for deduction of expenditure under voluntary retirement schemes. Learn about the conditions and amount available for deduction.
Supermax Personal Care Private Ltd Vs. DCIT (ITAT Mumbai) The facts on record clearly reveal that in Assessment Year 2012-13 the assessee had purchased new plant and machinery on which additional depreciation @20% is allowable. However, since the plant and machinery were put to use for a period of less than 180 days in Assessment […]
With due respect I would like to state that on processing of my income tax return for the AY 2017-18 Income Tax Department freeze my bank account (A/c No. xxxxxxxxxxxx of SBI Bank) due to the reason of outstanding tax liability as processed in intimation u/s 143(1), Which I have rectified and received rectification order dated 20th January, 2021 via reference number CPC/1718/U4/xxxxxxxxx which shows that there is no demand and refund outstanding.
Since in statement in Form SVLDRS2, no specific notice for affording the opportunity of hearing was given to assessee with regard to variance of quantified amount, therefore, the officer was not justified in rejecting the application under Form SVLDRS2A stating inter alia that, the application was not eligible under the category of investigation, enquiry or audit.
Hindu undivided family has always been a contradictory topic. There have been many judgments passed and challenged. HUF is not defined under The Income Tax Act. But its taxability is covered under the Act. It is created by Hindu, Jains, Sikhs and Buddhists family. The group of individuals must share common roots. Forming an HUF […]
