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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...
What is Madrid Protocol? The Madrid Protocol is an international system for obtaining trademark protection for many countries and/or regions using a single application. Protection (an ‘International Registration’) can only be obtained for countries and regions which have joined the system (member countries), and these are listed below. An international treaty that allows a trademark […]
Now the question is whether it should be reduced by the value as determined under section 50C of the act or actual money received by the assessee. The provisions of section 50C cannot be incorporated in the computation of block of the assets for the simple reason that it only substitutes the full value of the consideration received or accruing as a result of transfer for the purposes of section 48 only.
Delhi ITAT ruling: Assessment cannot be reopened merely on change of opinion. Long-term capital gain upheld. Depreciation disallowed. Full judgment.
In section 54 was transfer of a long term capital asset’ being the residential house referred to a residential house which might comprise more than one building or buildings structure; but the same were used as a single residential house. Thus, even if more than one unit were adjacent to each other and were being used as a single residential house by assessee and his family members, the same would be considered as residential house u/s 54 and entitled to exemption.
ACIT Vs Finolex Cables Limited (ITAT Pune) The solitary issue involved in the appeal of the Revenue for A.Y. 2012-13 relating to the assessee‟s claim for deduction u/s 80IC of the Act in respect of sale of scrap is squarely covered in favour of the assessee by various decisions of Tribunal rendered in assessee‟s own […]
DCIT Vs KBC NV (ITAT Mumbai) The issue involved in this ground of appeal i.e., data processing cost paid to head office is in the nature of royalty as per Clause-3, Explanation 1 to Section 9(1)(vi) of the Income Tax Act, 1961 which is liable for withholding tax u/s.194J of the Income Tax Act, 1961 […]
EASY UNDERSTANDING OF TURNOVER & TAX AUDIT FOR TRADERS 1. When Tax Audit is Required? Answer: Threshold Limit 5 Crores: If a person’s Gross receipt and payment in cash does not exceed 5% of total receipts and total payment then the limit of turnover for mandatory tax audit is Rs. 5 Crores. Section 44 AD […]
Circular No. 21/2020 is being issued in continuation of circular dated 22nd April, 2020 (which covered Q. no, I – 55) under section 10 and 11 of the Vivad se Vishwas to provide answers to 34 more FAQs (Q. no. 56 – 89).
In every country and every society there are people who wish to do something monetarily for the poor and needy people in various ways. For this purpose, instead of donation the amounts to the Government or semi Government organizations, they prefer to form Charitable Trusts or Organizations and do the charity through such trusts. When […]
Resumption of physical hearings, on experimental basis, in the Income Tax Appellate Tribunal, Mumbai benches, with effect from December 7, 2020. The tentative cause lists for A and B bench for the week beginning 7th December 2020 and for C and D benches for the week beginning 14th December 2020 are attached herewith. These cause lists are, however, subject to variations in the light of adjournments, consolidations and early hearings being granted.
