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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...
In the given case the appeal is filed by the assessee society because their application for registration under section 12AA is rejected by the CIT with the reason that the society is a commercial entity engaged in providing medical services on commercial lines and levying huge fee for the same, without any act of charity.
The world is on the brink of moving at exponential speed towards Fourth Industrial Revolution. The Fourth Industrial Revolution builds on the digital revolution, representing new ways in which technology becomes embedded within societies and even the human body. The Fourth Industrial Revolution is marked by emerging technology breakthrough in a number of fields, including […]
Word assessable has been inserted in section 50C w.e.f. 01/10/2009. Thus, prior to 01/10/2009, the section 50C was applicable over the sale of properties, which were sold by of the registered deed where the stamp value was assessed by the registration authorities and the section 50C was not applicable,
A recent judgment of the Supreme Court in the case of PILCOM v. CIT is likely to create significant confusion if not examined from proper perspective. On a first blush it seeks to unsettle a settled law, viz. a person is not liable to deduct tax at source in relation to payment made to a non resident which is, in the hands of the payee, not chargeable to tax
SECTION 50C – SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES Applicability of Section 50C As per Sec 50C, where the consideration received or accruing as a result of the transfer of land and/or building is less than the value adopted or assessed or assessable by an authority of the state govt. for […]
In business there are circumstances where a person might have incurred a liability but later on he need not have to pay it for one or other reason. The Income Tax Act brings to tax such liabilities which are no more payable.
As we all aware that Finance Act, 2013 has introduced Section 194IA. The main reason behind it is to curb black money which is routed through real estate sector. Today I am discussing this section in detail. Extract of Section 194IA: “Payment on transfer of certain immovable property other than agricultural land. 194-IA. (1) Any person, […]
Explore the role and functioning of the Income Tax Settlement Commission in resolving complex tax cases and reducing litigation.
In this article, I will discuss the step by step process to file Income Tax Return (ITR) of a deceased. For better understanding I have uploaded Screenshots, however, I have strike through some portion of the image to keep the Details of Legal Heir as well of Deceased confidential. The whole Process is divided into 2 parts,
Let me begin by describing the meaning of a Mutual Fund. It is a financial product that pools money of different individuals and invests on their behalf into various assets such as equity, debt or gold as per the objective of the scheme. Based upon the investor’s financial goals and risk appetite, there are several funds to choose from.
