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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 the activity of preparation of development plans and to execute works in connection with supply of water, disposal of sewerage and provisions of other services is considered as “charitable activities” and eligible for exemption u/s 11?
The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020.
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In the series of tax reforms, the Prime Minister Narendra Modi has on 13th August, 2020 announced some reformative measure during launch of ‘Transparent taxation honouring honest’ platform like faceless assessment, faceless appeal process and tax payer’s charter. Faceless Assessment and Taxpayer’s Charter is implemented with immediate effect, the Faceless Appeal will be effective from […]
A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 44AB only when the situation stated in Section 44AB triggered which are mostly based on the Turnover/Gross receipt Criteria. √ The main objective of the introduction of Section 44AB is to determine whether […]
In the present scenario, due to arise of Covid-19, many people are purchasing Health Insurance policies. Premiums paid on such policies are eligible for deduction u/s.80D of Income Tax Act, which is discussed in detail below:- In Case of Individual:- (i) Deduction in respect of insurance premium paid for family:- Deduction to the extent of […]
ACIT Vs. Nicholas Piramal India Ltd. (ITAT Mumbai) We notice that assessee has incurred consultancy charges to list the ‘ADR’ in ‘NYSE’ and later dropped this project. The AO treated the expenditure as capital and disallowed the same and simultaneously, invoked provision of section 40(a)(i) and 195 of the Act. We notice that in the […]
Atul Gupta Vs ACIT (ITAT Delhi) It is an undisputed fact that the instant case was picked up for ‘Limited Scrutiny’ on two specific issues as reproduced in Para 2.0 above. It is also an undisputed fact that neither any permission was sought by the AO to expand the scope of limited scrutiny in the […]
Sudhir Chandra Datt Vs ACIT (ITAT Jabalpur) It is an admitted fact that the Township project, work-in-progress (WIP) of which it claims as undervalued, is on the outskirts of Jabalpur, as opposed to the other two, located in the midst of the city. Land cost is a substantial part of a real estate project cost. […]
Schott Glass India Pvt. Ltd Vs. ITO (ITAT Mumbai) We notice that assessee is in the business of manufacturing glass tubes and in the manufacturing, the melted glass has to pass thru feeder/nozzles in the furnaces. The temperature in which the melted glass is passed through feeder or nozzles at 1600 degree or more. It […]
