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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...
Sir Dorabji Tata Trust Vs DCIT (ITAT Mumbai) Conclusion: The investment in Tata Sons by assessee trust was not thus for the purpose of investment in shares, but this shareholding being held by the assessee trust was undisputedly for the purpose of sharing the fruits of the success, of the Tata Group, for the benefit […]
ICAI has sent a Humble reminder to FM to for immediate consideration of their request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns and Income Tax Return Forms for AY 2020-21. ICAI has also made an representation earlier on 13th December 2020. Full text of the […]
Manjula Finance Ltd Vs ITO (ITAT Delhi) It is an undisputed fact that the assessee being the absolute owner of the shares gifted , had full enjoyment rights including to alienate, discard and even demolish, unless prohibited by some statutory provisions, it is within the powers of the assessee to make gift at its free […]
Flower valley Agro Tech Pvt. Ltd Vs ITO (ITAT Mumbai) We find that certain trees lying on assessee’s land were cut since the same were obstructing the hire tension wires of the Electricity Company. For the same, the assessee was compensated for Rs.10.14 Lacs during the year. We observe that the assessee was engaged in […]
Sir Ratan Tata Trust Vs DCIT (ITAT Mumbai) Conclusion: Commissioner was clearly in error in invoking powers under section 263 on the ground that the Assessing Officer failed to examine the investments of the trust complying with the provisions of Section 11(5) and Section 13(1)(d) as how the trust was treating the investment, i.e., in […]
Nilesh Ajit Kumar Jain Vs ITO (ITAT Mumbai) A perusal of the assessment order shows that the assessment was reopened to examine misuse of Client Code Modification for tax evasion. No addition was made by the Assessing Officer in respect of the issue for which the assessment was reopened. It is a well settled law […]
Capital Infra Projects Pvt Ltd Vs DCIT (ITAT Delhi) The quarrel is in respect of loan received from M/s Pabla Leasing and Finance Pvt. Ltd amounting to Rs. 3 crores in each A.Y treated by the Assessing Officer as unexplained cash credit and, accordingly, additions have been made under section 68 of the Act. The […]
Special Provisions For Full Value Of Consideration For Transfer Of Assets Other Than Capital Assets In Certain Cases [Section 43CA] Section 43CA inserted by the Finance Act, 2013, with effect from 01.04.2014 (i.e. with effect from A.Y. 2014-15) which provides that where the consideration received or accruing as a result of the transfer by an […]
Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions Before going to any Specific Deductions, […]
BJP Economic Cell, Rajasthan has requested Hon’ble Union Finance Mister to extend due dates of ITR for person (Non-Audit) (FY 2019-20), Tax Audit Reports (FY 2019-20), ITR for other persons (FY 2019-20), GST Annual Return GSTR9/9C/4 (FY 2018-19), GST Annual Return GSTR9/9C/4 (FY 2019-20), Vivad Se Vishwas Scheme, 2020, Companies Fresh Start Scheme. 2020 and […]
