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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...
SPECIAL PROVISIONS FOR COMPUTATION OF CAPITAL GAINS IN CASE OF JOINT DEVELOPMENT AGREEMENT [Section 45(5A)] Sub-section (5A) was inserted in section 45 with effect from 01.04.2018, i.e., from the assessment year 2018-19. According to section 45(5A), where the capital gain arises to an assessee, being an individual or a Hindu undivided family, from the transfer […]
Dineshkumar Verma Vs ITO (ITAT Mumbai) Under the provisions of section 44AD of the Act, where the assessee is engaged in eligible business and has total turnover or gross receipts in the previous year not exceeding Rs.60,00,000/-, the assessee is eligible to file return of income on the basis of presumptive income @ 8% of […]
Reliance Corporate IT Park Ltd. Vs DCIT (ITAT Mumbai) Payment for software, by no stretch of logic, can be treated as a payment for “a process” liable to be taxed as royalty. When database access by itself does not result in taxation as royalty, such database access being coupled with software licence cannot bring the […]
Bank Of India Vs ACIT (ITAT Mumbai) We find that Section 11 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, provides that ‘for the purposes of the Income Tax Act, 1961, every corresponding new bank shall be deemed to be Indian company and a company in which public is substantially interested’. This […]
Execution of unregistered Joint Development Agreement with an irrevocable Power of Attorney in favour of the Developer does not result in the “transfer” for capital gains liability.
This article analyses the applicability of ‘Doctrine of Noscitur a Sociis’ as a rule of construction in the interpretation of Income tax statute in India. This has been explained with the help of provisions contained under clause (e), sub section 22 of section 2 of the Indian Income Tax Act, 1961 .i.e. Deemed dividend.
Narendra Kumar Gill Vs ITO (ITAT Delhi) Moot issue to be decided is whether mentioning the PAN of another entity mistakenly instead of the PAN of the assessee makes the notice issued u/s 148 invalid or not when the notice is addressed to Shri Narendra Kumar Gill and the body of the notice clearly reflects […]
Background of the provision: Over the period of time, the Government of India has time to time amend these provisions. Before 2017 Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act. The scope of chargeability under the said section can […]
Telangana High Court held that the action of the respondents in conducting panchanama dt.28.08.2019 and seizing cash of Rs.5.00 crores from Vipul Kumar Patel, employee of the petitioner in W.P.No.23023 of 2019, and retaining it till date, is illegal and ultra vires the provisions of the Income Tax Act, 1961 and also violative of Art.14
Gimpex Pvt. Ltd. Vs ACIT (ITAT Chennai) There is no dispute with regard to the fact that receivables is included under the definition of international transactions by amending section 92B by the Finance Act, 2012 w.e.f. 01.04.2002. Therefore, we are of the considered view that there is no merit in the arguments advanced by the […]
