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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...
Scope of Section 194N of the Income tax Act 1961, and recent amendments to it brought by Finance Act, 2020 and Press release In the maiden Budget Speech, while presenting the Union Budget 2019, the Finance Minister Nirmala Sitaraman said that in a bid to promote digital payments and to discourage cash payments she proposed […]
Renu T Tharani Vs DCIT (ITAT Mumbai) The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her US $ 4 million, and in any case, Cayman Islands is not known for philanthropists operating from there; if Cayman Islands is known for […]
In the absence of a statutory provision it is difficult to cast a duty upon the legal representatives to intimate the factum of death of an assessee to the income tax department. After all, there may be cases where the legal representatives are estranged from the deceased assessee or the deceased assessee may have bequeathed his entire wealth to a charity.
About the Section 194N This section is inserted in the Union Budget 2019 proposed on 5th July, 2019. However, in this section certain amendment is incorporated by Union Budget 2020 proposed on 27th March, 2020. Hence let’s understand about this section including with amendment. According to this section, Every Person (Payer) being i. A banking […]
Notification No. 49/2020- Central Government notifies Real Estate Regulatory Authority, Bihar in respect of the specified income arising to the board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 17th July, 2020 Notification No. 49/2020-Income Tax S.O. 2380(E).—In exercise of […]
The issue under consideration is whether the disallowance made on account of depreciation on payment of brand license fees is justified in law?
The issue under consideration is whether CIT(A) is correct in enhancing the disallowance on account of bogus purchases to 100% as against 12.5% disallowance done by AO?
The issue under consideration is whether the foreign currency expenditure need to be excluded from the ‘export turnover’ of the assessee for the purpose of computing deduction under Section 10AA of the Act?
Shri Abdul Hamid Vs ITO (ITAT Gauhati) Important facts of the case: 1) The assessee was engaged in the retail business of eggs & was also the partner of a partnership firm M/s Nihar Enterprises. 2) During the Regular Assessment Proceedings for Assessment year, 2014-15 AO found that a Bank Account @ Central Bank of […]
The issue under consideration is whether the exemption u/s 11 will be allowed against the interest income, exchange gain, and miscellaneous income to the Confederation of Indian Textile Industry?
