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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 : The Court held that the assessment and consequential demand could not stand where the petitioner had not participated in the proce...
Income Tax : The ITAT Hyderabad held that the entire sale consideration could not be assessed as short-term capital gains without examining the...
Income Tax : The ITAT Hyderabad accepted the assessee's explanation that supporting documents could not be produced because the accountant was ...
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 : 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 tribunal can give fresh opportunity to the assessee to submit evidence which assessee might not have been able to provide at the time of hearing?
The Central Board of Direct Taxes (CBDT) vide Circular No. 8/2020 dated April 13,2020 has clarified that an employer will have to deduct TDS for FY 2020-21, from an employee’s salary on the basis of the tax regime chosen by the employee else by default TDS would be deducted as per Old Tax Regime Rates. The Union […]
Due to vast provisions of Income Tax Act, 1961 regarding taxation of non-residents, most of the time NRI’s gets confused by the provisions of law governing the taxability of their income in India. Most of the NRI’s have immovable properties in India and they get puzzled about taxation on sale of the immovable property. Apart […]
The lack of an express legislation has always embarked a debate surrounding the issue of double taxation. Taxes are a compulsory imposition but by virtue of the constitution of India, taxes can only be imposed by the force of law. The presence of Article 265 of the constitution gives a statutory recognition to taxability.
Source of Source – Section 68 In the recent judgement of DCIT Vs M/S. Kejriwal Industries Ltd, I.T.A No.1509/AHD/2016 dated 4-5-2020, Hon’ble ITAT Surat held in favour of assessee. On the issue of section 68 of Income Tax Act 1961, Hon’ble ITAT held that assessee need not prove ‘source of source‘. The relevant part of […]
DE Diamond Electric India Pvt Limited Vs ACIT (ITAT Delhi) One of the ground taken by the AO for invoking section 40A(2)(b) is the agreement between the parties has not been registered. In our opinion, an unregistered agreement cannot be a ground for invoking provisions of section 40A(2)(b) of the Act in absence of requirement […]
Reconciliation of Share Capital Audit Report for Unlisted Public Company in E-Form Pas-6 ♦ MCA NOTIFICATION MCA has Substituted/amended Rule 9A(8) of Companies (Prospectus and Allotment of Securities) Rules, 2014 through Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019 dated 22/05/2019. ♦ EFFECTIVE DATE OF AMENDMENT 1. Original Rule 9A is inserted by […]
Aspect Software Inc Vs DCIT (ITAT Delhi) Consideration received by the Assessee for supply of product along with license of software to End user is not royalty under Article 12 of the Tax Treaty. Even where the software is separately licensed without supply of hardware to the end users (i.e. eight out of 63 customers), […]
The issue under consideration is whether the provisions of section 50C of the Act can be applied in cases where the market value of the property is reduced due to the defect in the title of the property?
Should you opt for the new tax rate? Understand the pros and cons before making a decision. Learn about the reduced tax rates and the exemptions you may have to forgo.
