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Income Tax : From 1 April 2026, TDS and TCS compliance shifts to new form numbers and section references under the Income-tax Act, 2025. Busine...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
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 : 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 Delhi held that an assessment framed after an approved merger in the name of the amalgamating company was without jurisdictio...
Income Tax : ITAT Mumbai allowed deduction of ESOP expenses under Section 37(1) by following Karnataka High Court's ruling in Biocon Ltd. Tribu...
Income Tax : The ITAT Pune upheld the deletion of an addition made by extrapolating a small unreconciled difference in Form 26AS to the entire ...
Income Tax : ITAT Ahmedabad held that WhatsApp chats indicating suppressed production for one month could not be extrapolated to the entire fin...
Income Tax : ITAT Kolkata held that the Assessing Officer was required to refer the property valuation to the DVO when the assessee disputed th...
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 reasons recorded for reopening of the assessee are very foundation of the reassessment proceedings. However, same analogy can also be applied in ongoing ‘Limited Scrutiny’ in which the AO has been directed to examine the only specified limited issues and this stand of the assessee can ignite the litigation.
अर्जुन: हे माधव, प्रणाम! मेरी एक समस्या का निवारण कीजिए। कृष्ण: कहिए अर्जुन! बताइए क्या समस्या हैं? अर्जुन: माधव, मुझे यह बताए कि GST कानून के तहत एक टैक्सपेयर कितने रुपए का नकद में लेन-देन कर सकता हैं? कृष्ण: वत्स! GST कानून में नकद लेन-देन को लेकर कोई भी प्रावधान नहीं हैं परन्तु इनकम टैक्स […]
The Finance (No. 2) Act, 2019 introduced a new provision Section 269SU and subsequently notified Rule 119AA prescribing the modes of acceptance of payment. The government has prescribed certain modes of payment for any assessee whose total turnover or gross receipts from business exceed Rs 50 crore during the immediately preceding previous year. The introduction […]
Notification No. 26/2020- Central Government notifies ‘Kerala Cooperative Development and Welfare Fund Board’, Trivandrum (PAN AACTT3875A), a Board constituted by the Government of Kerala, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. […]
The Finance Act, 2020 made several amendments in the provisions of the section 6 of the Income-tax Act, 1961 (Act) with aim to bring the stateless person (an individual who is citizen of India and having income other than foreign source more than Rs. 15 Lakhs) in tax net of the India.
Before providing details of relaxation specified in the circular of CBDT No. 12/2020 dated 20th May, 2020 We should discuss about the newely section 269SU which talks about payment acceptance through the electronic modes. As an initiative of the government to boost and promote the digital transaction and cashless economy, the Government of India has […]
CBDT issued Circular No. 12/2020 clarifying that provisions of Section 269SU shall not apply, if: a) Specified person having only B-2-B transaction (i.e. no transaction with Retail customer/consumer) b) At least 95% of aggregate of all amounts received during previous year is from mode other than cash.
Unearthing tax evasion can often lead to discovering of other underlying offences. More often than not, it so happens that despite knowing the modus operandi used by tax evaders , law enforcement agencies are unable to prove beyond doubt the culpability of tax evader and it becomes difficult to put on record admissible material evidence […]
As we all know about the section 269ST, which was introduced by the Central Government in the Income Tax Act, 1961 by the Finance Act, 2017, to curb tax evasion, regulation and circulation of black money. 1. Basic Understanding of Section 269ST As per section 269ST, any person who enters into a transaction of Rs […]
While presenting the Union Budget 2020, Finance Minister Ms. Nirmala Sitaraman announced Vivaad se Vishwas scheme (‘VSV Scheme’ or ‘the Scheme’) as a part of GOI’s direct tax relief measures, in line with Sabka Vishwas Scheme, which aims at resolution of legacy disputes in Indirect Taxes. The Scheme aims at bridging the dispute-trust divide between […]
