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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 : The Gujarat High Court upheld the ITAT's decision restricting the addition on alleged bogus purchases to 6% instead of sustaining ...
Income Tax : The Bombay High Court held that proceedings under Section 153C were barred by limitation as the assessments were not completed wit...
Income Tax : The Calcutta High Court held that an assessment cannot survive where the Assessing Officer having jurisdiction failed to issue a m...
Income Tax : The ITAT held that the assessment was invalid because it was completed by an Assistant Commissioner who lacked pecuniary jurisdict...
Income Tax : The ITAT held that the assessment was invalid because the mandatory notice under Section 143(2) was not issued by the Assessing Of...
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...
Section 197 gives a right to the assessee to obtain a certificate from the Assessing Officer that tax may be deducted at a lower rate than prescribed in Sections 192,193,194,194A,194C,194D,194G,194H,194I, 194J, 194K, 194LA, and 195, by making an application. He can even apply for no deduction of income- tax at source. Income-tax rules have prescribed Form No. 13, under Rule 28 for such application.
CPC Refund Failure Status – Use this query to find out if your Income Tax refund could not be issued due to missing/incorrect mandatory fields or if the refund was returned due to reasons such as address not found, etc. Please note that, if the query does not fetch any details, it implies that either the e-return has not been processed so far, or no refund was due, or refund has been delivered successfully.
Many time Assessee want to know his Income tax jurisdiction i.e. Income tax ward under which he is assessed. If you are filing your income tax Return manually it is must to be aware of your income tax Jurisdiction as you can file you income tax return only with the Income tax officer under whose jurisdiction you fall. Now Assessee wonders, is there a way he can know his Income tax jurisdiction easily? Income tax department has launched a online service namely ‘KNOW YOUR JURISDICTION’ by which you can know your jurisdiction by entering your PAN.
Many Individuals from India have settled abroad. Moving to another country does not necessarily mean Good-Bye to the Home Country India. Many NRIs have invested in India in the form of Purchase of Mutual Funds, Life Insurance Policies, Shares, Securities, ancestral land/property, Unit Linked Insurance Plans (ULIPs), FCNR Fixed Deposit, holding of NRO & NRE […]
Following is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February 2020. These amendments were passed by Lok Sabha on 23.03.2020 without any discussion due to shortened Parliament Session considering Corona Virus threat. LOK SABHA —– FINANCE BILL, 2020 [As introduced in Lok Sabha] […]
The Budget Session, 2020 of Parliament which commenced on Friday, 31st January, 2020 has been adjourned sine die today i.e. Monday, the 23rd of March 2020. In between both the Houses also adjourned for recess on Tuesday, the 11th February, 2020 to reassemble on Monday, the 2nd March, 2020 to enable Departmentally related Standing Committees to examine and report on the Demands for Grants relating to various Ministries/Departments.
Extend last date for income tax returns for (FY 18-19) to 30th June, 2020. Aadhaar-PAN linking date to be extended to 30th June, 2020.
ACIT Vs Feroke Boards Ltd. (ITAT Cochin) The first issue to be decided is whether the assets transferred by the assessee to M/s.Masonite Holdings Private Limited is a “financial asset” coming within the Explanation 1(i)(e) to section 2(42A) of the I.T.Act. The term “financial asset” has been described in Explanation 1(i)(d) to section 2(42A) of […]
Finance minister declaration India today meeting at 2:30 p.m. 1. Vivad se Vishwas extended to 30th June 2. return filing for 18-19 financial year extended to 30th June interest on 3. TDS interest will be now from 18 % to 9% 4. Any date of IT was expiring at 31st March that has been extended […]
Facing problem in revising the TDS return; here is the procedure how to file TDS revised return Overview -Request for conso file from Traces Portal. -Download the conso file & open in utility -Update the correction in utility. -Upload on E-filing portal or at TIN-FC (TIN FACILITATION CENTER). STEP-1 Request for conso file from Traces […]
