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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...
DCIT Vs Coffeeday Enterprises Ltd (ITAT Bangalore) In terms of section 195, the liability to withhold taxes arrears at the time of payment/credit of any interest (or any other sum) which is chargeable under the provisions of the Act. The payment/credit was not made till 31.03.2010 and also in terms of the Agreement, interest was […]
Where AO made addition under section 68 based on third party statement recorded by investigation wing, however, without affording opportunity of cross-examination to assessee, it amounted to violation of principles of natural justice and, therefore, addition was deleted.
Office Order No. 259 of 2020 The President is pleased to appoint the following officers in the grade of Assistant Commissioner of Income Tax (ACIT) against the vacancy year 2015-16 in Level – 10 of the Pay Matrix Rs. 56100-177500/- on regular basis with immediate effect or until further order on in-situ basis:-
In India litigation are pending since years wherein lot of dispute are only due to trend followers. Government has received 20-25% of demand in majority of case at the cost of high litigation and administrative hassles. According to author its a smart move to collect taxes and reduce litigation. Government has come forward vide different circulars to clarify tax position in VsV scheme, 10 key takeaways for professionals and taxpayers are
Understand the maximum limits of interest and remuneration to partners under the Income Tax Act. Learn how to claim deductions and ensure compliance.
1. General Information PAN Aadhaar Number/Aadhaar Enrolment ID 2. Salary/Pension Form 16 from Employer(s) 3. Income from House Property- Rent Receipt Housing Loan account statement for deduction of interest 4. Other Sources Bank statement/Passbook for interest on saving account & on fixed deposits 5. Claim of deduction under Chapter VI–A Your contribution to Provident Fund/NPS […]
From close scrutiny of Section 40(a)(i) of the Act, it is axiomatic that an amount payable towards interest, royalty, fee for technical services or other sums chargeable under this Act shall not be deducted while computing the income under the head profit and gain of business or profession on which tax is deductible at source; but such tax has not been deducted.
Tax planning is a vital aspect of business administration. You can save a significant amount of money if you take the time to understand your business and use the findings to create a comprehensive tax planning strategy. Here are a few tips that might come in handy: 1. Invest in tax software Tax software provides […]
ITAT Kolkata quashes arbitrary disallowance by AO. Ambuja Housing wins against DCIT. Get insights into the judgment on Rule 8D and 14A.
Nikon India Pvt. Ltd. Vs DCIT (ITAT Delhi) Section 154(1A) lays down that rectification can be done for any matter other than the matter considered and decided in appeal/revision. Thus, whene any matter had been considered and decided in any proceeding by way of appeal or revision, rectification of such matter cannot be done by […]
