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Income Tax : Learn what TAN is, who must obtain it, how to apply, and where it must be quoted under the Income-tax Act. The guide also explains...
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...
Rates of Gold and Silver for Wealth Tax valuation Purpose – Valuation of Jewellery- Jewelry Includes: Ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel.
Assessee Can Claim Reasons For Issue Of Notice under section 148 Before Filing Of Return under section 148 of Income Tax Act, 1961. We all are aware that notice under section 148 for reassessment can be issued by income tax department upto sixteen years from the end of the relevant assessment years, if there is […]
Many times we observed in property transaction that buyer enter into the transaction paid advance money against the consideration and then after some time if something went wrong he cancelled the transaction. In such cases, generally seller of that property forfeit the advance money received by buyer. So if such situation occur how tax will be levied on such advance money forfeited by seller? Hence today I am covering this topic to enlighten you all regarding taxability of advance money forfeited by seller.
There is always a doubt and confusion in the industry among professionals as well as tax payers regarding availment of exemption under section 54 and 54F against capital gains. Whether investment is allowed to be made only in one residential property or more than one residential property can be allowed? Therefore, today I am covering […]
Discover the exemption towards income for administering charitable or religious institutions under section 10(23BBA) of the Income Tax Act.
Neutrality, efficiency, certainty & simplicity, effectiveness & fairness, flexibility and equity are basic fundamental principle which must reflect in any tax policy. The Committee while recommending Equilisation Levy lay much emphasis on Neutrality which is so noted in the Committee’s Observation in para 38 of the Report:
After the amendment legal position related to equalisation levy has changed drastically. Now, the non-resident e-commerce operators are required to withhold at the rate of 2% of the gross amount received/receivable in lieu of e-commerce supply and service.
TDS Obligation on e-commerce operator under Section 194O of Income Tax Act, 1961 Expansion of WHT obligation to cover e-commerce transactions where e-commerce operator facilitates the transaction on e-commerce platform. Introduced by Finance Act, 2020 and applicable from 1 October 2020. Purpose In order to widen and deepen the tax net by bringing participants of […]
Tax Audit Report (Form 3CD- Applicability of Clause 30C & Clause 44 deferred till March 31, 2021 Central Board of Direct Taxes (CBDT) has issued Circular No. 10/2020 dated April 24, 2020 by which the CBDT has deferred the applicability of certain Clause of Form 3CD (Tax Audit Report) till March 31, 2021. Order under […]
Union Budget 2020 introduced an alternative taxation regime for individuals, allowing an option for lower tax rates u/s 115BAC, provided they don’t avail of certain exemptions/deductions otherwise available under the Income tax Act. Some of such exemptions/deductions are house rent allowance, interest on home loans, and investments made under Section 80C, 80D, 80CCD, etc. As the option is to be exercised at the time of filing of return, the deductor being employer was in confusion to deduct tax under which taxation regime. CBDT has issued a circular on 13.04.2020 to clear the confusion.
