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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 : Tribunal observed that it is for the businessman to decide how to organise business finances unless there is evidence of tax evasi...
Income Tax : ITAT Delhi held that merely reflecting depreciation in an incorrect schedule of the income tax return could not justify an additio...
Income Tax : Tribunal ruled that questions relating to loans and advances are matters for assessment proceedings and not sufficient grounds to ...
Income Tax : The ITAT held that reassessment notices issued after the surviving limitation period prescribed by the Supreme Court were invalid....
Income Tax : ITAT Chennai held that revision under Section 263 could not survive on the issue of prior period expenditure after the Assessing O...
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...
As the the whole world is scared of corona and its impact is also clear on the economies of all the countries. as all the countries and their economies are struggling with the COVID19. The stock market of all the countries almost in a worst situation crashing down and a downfall in the companies share […]
Since neither AO conducted any enquiry nor had brought any clinching evidences to disprove the evidences produced by assessee and assessee had furnished all details including bank statement, share brokers note, ledger account copies, share certificates, in support of purchase and sale of shares and mode of payment and receipts of proceeds thus, no addition could be made under section 68 as AO had merely relied on investigation wing report without disputing vortex of evidences furnished by assessee.
श्री कृष्ण और श्री अर्जुन के बीच ITR फ़ाइल करने की तिथि बढ़ने पर वार्तालाप श्री कृष्ण: वत्स अर्जुन, किस चिंता में बैठे हो। जऱा हमें भी तो पता लगे। अर्जुन: भगवन, सादर प्रणाम। मैंने अपनी वित्त वर्ष 2018-19 की ITR फ़ाइल नहीं की हैं। कृष्ण: तो इसमें चिंता करने की क्या बात हैं अर्जुन? […]
This paper examines the proposal to use green channelling to give automatic approval to Insolvency Resolution Plans (IRP) that meet merger thresholds of the Competition Commission of India (CCI).
Avoidance of Tax by Certain Transactions in Securities- Section 94 of Income Tax Act,1961 A bond washing transaction is a transaction where some securities are sold some time before the due date of Interest and reacquired after the due date is over. This practice is generally adopted by persons in the higher income group to […]
25 Important Income Tax (Direct Tax) changes applicable from 1st April 2020 onwards (Financial Year 2020-21 – Assessment Year 2021-22) 1. New Tax Regime applicable to Individuals, HUFs: A new concessional/ alternate tax regime under Section 115BAC of the Income Tax Act,1961 has been laid out wherein SIX different slab rates have been prescribed subject […]
Section 163 of Finance Act 2016: This chapter extends to the whole India except J&K. Section 165 (1) of Finance Act 2016: Charge of Equalisation Levy (EL) Equalisation Levy @ 6% applicable if payment for specified services (#) received / receivable by Non-resident from- a) A person resident in India & carrying Business or Profession […]
INCOME TAX REFUND: The pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately. Note: NOT CORPORATE ENTITIES e.g. PRIVATE LIMITED COMPANY ETC Limit of Amount- All Pending Income Tax Refund upto Rs. 5,00,000/- (Rupees Five Lakh Only). DUE DATE: Sl. No […]
Eligibility of deductions under Chapter VI-A while opting for Concessional Tax Regime Background The Taxation Laws (Amendment) Act 2019 (‘TLAA’) introduced new section 115BAA for Concessional Tax Regime (‘CTR’), which provides for reduced tax rates with effect from FY 2019-20. Tax rates under the CTR for the existing domestic Companies is @ 22% plus surcharge […]
Issues have been examined by the A.O and just because the opinion as arrived by the A.O is at a variation of the opinion of the learned Pr. CIT, would not grant the learned Pr. CIT the powers of revision u/s 263 of the Act.
