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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...
Joint Development Arrangement (JDA) has always been an area of conflict between the assessee and the tax department. In real estate sector JDA i.e. Joint Development Agreement has emerged as most popular arrangement between land owner and developer. In this article I will explain taxability of JDA under Income tax law. Meaning of Joint Development […]
Postponement of Deadline Fine Income Returns Till September 30 Instead of July 31,2020! 1. Introduction: The Central Board of Direct Taxes has once again, relieved the taxpayers from going into an unnecessary hassle for submitting their ITR returns and saving them from paying penal charges unnecessarily. On July 29, the CBDT has formally extended the date to […]
Deoyani Movies Pvt. Ltd. Vs ITO (ITAT Pune) No Penalty can be Levied on Cash Deposits if Assessee Explained its Source from Earlier Withdrawal and Recorded in Books of Accounts Simply because cash deposited in the bank is a little more than the cash sales, it cannot call for any addition, what to talk of […]
So, let’s take a look to 20 RECENT Amendments that has changed Income Tax in a big way. Majorly applicable from AY 21-22 & SOME APPLCIABLE FROM AY 20-21. Some changes are so drastic steps that this will change the Income tax completely like option for New vs. old in personal taxation and same way new rates for Corporate.
In continuation to my earlier article on the income tax benefits extended for owning a house, here is the article which explains various other incentives provided for owning/constructing residential house. Let us discuss the various non income tax incentives/facilities provided for owning a residential house as well as tax benefits provided to a builder or developer.
ITR 1, ITR 2, ITR 3 & ITR 4 for AY 2020-21 are available for e-Filing. Other ITRs will be available shortly. Please read the instruction given above before start downloading and using the ITR utility for for AY 2020-21. The utility by default will get downloaded in your system “download” folder in a compressed […]
Presently we have been witnessing a very different trend in relation to the real-estate development. Earlier, a builder would go for outright purchase of a piece of land from the land-lord and develop the same at his own cost and risk. The scenario in this regard is undergoing a change. The land-lord also desires to have a share in the profit of the project being undertaken by the builder and developer.
As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]
The issue under consideration is whether the capital gain deduction benefit is restricted to only one residential property under section 54F of the Income Tax Act?
Yogesh Mavjibhai Gala Vs PCIT (ITAT Mumbai) A flat buyer acquire vested right in the flat upon payment of consideration and execution of allotment letter The holding period for the purpose of capital gain for income tax is calculated from the date of allotment of flat and not from the date of possession of flat. […]
