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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...
Now-a-days Income Tax department investigates alleged trading/investment in shares and securities with collusion/connivance with any listed companies or with share broker by conducting Search/ Survey or by asking details u/s 133(6) of the Income Tax Act 1961.
Of late, the concept of Transferable Development Rights (TDRs) has been very much in vogue, in regard to the developers and builders engaged in the business of estate development, as also the Central, State Governments or other semi-Government agencies, which are required to provide civic amenities like roads, playgrounds, parks, etc.
Section 115BAA was introduced by way of a mid year budget in FY 2019-20 and is applicable to certain domestic companies from 1st April 2020. The new section gives a one-time option to Domestic Companies to pay tax on their taxable income at 22% (instead of 25%/30%) subject to certain conditions: 1. Deductions for SEZ […]
1. Background: Finance Act 2020, has reduced withholding tax rates for fees for technical services under Section 194J of the Act to 2 percent from the existing rate of 10 percent. Memorandum to Finance Bill 2020, clarified that this amendment is introduced to reduce existing litigation on account of classification of services under section 194J […]
1. Introduction High Value transactions are transactions which are incurred in high denominations. From last few years income tax department is shaking hands with all the other related Govt. departments from which it can procure financial information and trace all the persons who are spending high amount but are not filing income tax return or […]
April 2020 Union of India & Ors. Vs Exide Industries Limited & Anr. (Supreme Court); Civil Appeal No. 3545/2009; 24/04/2020 Supreme court upheld the constitutional validity of section 43B(f) of income tax Act i.e. deduction is available only on actual payment of leave to the credit of employee BT India Private Ltd. Vs ITO (Delhi […]
Where the Government subsidy is intended as an incentive to encourage entrepreneurs to move to backward areas and establish industries, the specified percentage of fixed capital costs, which is the basis for determining the subsidy, is only a measure adopted in the scheme to quantify the amount of subsidy and it is not a payment directly or in directly to meet any portion of the actual costs of assets.
The issue under consideration is whether the addition for unexplained Gold made by combining the value of Gold and Silver is justified in law?
ITAT states the code of conduct prescribed by the Medical Council is applicable only to medical practitioners/ doctors registered with the MCI and does not apply to pharmaceutical companies & the healthcare sector in any manner.
The long term capital loss (LTCL) can be set off against the short term capital gain (STCG) arise on depreciable assets u/s 50 of income tax act, 1961 As per provisions of section 74(1)(b) loss related to a long term capital gain can be set off against the long term capital gain. Long Term Capital […]
