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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 a Business Connection under Income Tax Act- [An analysis of Volkswagen Decision of ITAT] Recently Hon’ble ITAT decided a matter in case of Volkswagen Finance Pvt Ltd vs. ITO [ITA No. 2195/Mum/2017; Assessment year: 2015-16]. The Hon’ble Tribunal decided on the meaning of “business connection” within the meaning of Section 9(i) of the […]
Currently COVID-19 is at peak, it is the situation where every businessman needs support, support from its customers, support from his creditors, support from financial institutions, and most importantly support from government. Government may not provide financial help to entity but in this situation how government can expect that an entity shall get its books […]
Implementation of Tax Collected at Source (TCS) on Sales consideration of Goods & Accounting Entries to be passed in the books of collector A new section 206(1H) has been introduced by government for collecting TCS on sale of goods with effect from 01 October 2020. Since the provision is new, hence entities must make certain […]
ISGEC Heavy Engineering Ltd Vs DCIT (ITAT Chandigarh) In the present case the assessee has incurred the expenses on account of club membership fees for the employees and to entertain customers, so, these were business expenses under section 37(1) of the Act. ITAT Follows Hon’ble Supreme Court Judgment in the case of CIT Vs. United […]
Steria (India) Ltd. Vs. ACIT (ITAT Delhi) Ground number 11 is with respect to the disallowance of management services fees for non-deduction of tax u/s 40 (a) (i) of the act amounting to ₹ 206,044,024 incurred on account of management services fees, held to be fees for technical services on which tax deduction at source […]
DOMESTIC TAX CASE LAWS SUPREME COURT 1. Where High Court upheld Tribunal’s order setting aside addition made by AO under section 153A on ground that said addition was not based on any incriminating material found during course of search, SLP filed against said order was to be dismissed due to low tax effect. [Pr. CIT […]
Friends before going to the discussions, we have to refer the definition of TCS as per Sec.206C(1H) under Income Tax,1961. The Government of India newly introduced Tax Collection at Source (TCS) on sale of goods vide Sec. 206(1H) w.e.f.01.01.2020. Tax Collection at Source is the tax payable by a seller which he raised bills to […]
The issue under consideration is whether CIT(A) is correct in confirming the enhancement of disallowance made by the AO over and above the amount disallowed by the assessee u/s 14A of the Act?
The issue under consideration is whether the payments made to C & F agents which is outright reimbursement of freight charges having no element of profit is liable to deduct tax at source under Section 194C of IT Act?
What is annual e-TDS/TCS Return? -Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form No. 27E), which is prepared in electronic media as per prescribed data structure. Such returns furnished in a CD/Pen Drive should be accompanied by a signed verification in Form No. 27A in case of Annual TDS returns or Form No. 27B in case of Annual TCS return.
