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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...
The issue under consideration is whether the CIT(A) is correct in confirming an addition of by treating sale of land as business income against the appellant’s claim as “Long Term Capital Gain”?
Section 80DDB Section 80DDB of the Income Tax Act allows you to save tax by claiming medical expenditures incurred as a deduction from income before levy of tax. You can claim this deduction if these two conditions are satisfied then one can claim a maximum deduction of Rs 50,000 in a financial year for the […]
The issue under consideration is whether the addition made u/s 40A(2)(b) in case of estimation of income without doubting expenses incurred by assessee is justified in law?
When Does A Tax Liability Accrue? Article 265 of the Constitution of India provides that no tax shall be levied or collected except by the authority of law. Such tax does not depend upon an assessment to be made by the assessing officer. Section 4 of the Indian Income Tax Act, 1961, which is the charging section, charges tax on income at the rate or rates prescribed under the Act.
The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one has to be aware of the exact provisions relating to set-off. Otherwise there is every possibility of claiming incorrect set-off.
The concept of LLP in India was introduced off late in 2008 by enacting the LLP Act, 2008 thereby allowing businesses to be registered as a new and hybrid structure. It was anticipated at that time that many corporate houses would consider LLP as a vehicle to run their business operations, mainly due to lower […]
With the COVID-19 pandemic playing havoc and resulting in many practical challenges, the Indian Government has come out with various relief measures and also extended different statutory deadlines. Recently, the Finance Ministry via Press Release and as per Notification No. 88/2020 issued by CBDT dated 29 October 2020 announced further extension of deadlines for filing […]
Understand the residential status of an individual and how it impacts income tax rates. Learn about the different conditions that determine residential status in India.
As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs. 50,00,000 (Rupees Fifty Lakhs). Section-194IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% or ( 0.75% […]
Whether A.O. is right in dismissing the claim of the assessee u/s. 54F of the Act on the ground that residential flat was not constructed after the date of transfer and they were constructed alongwith saleable flats?
