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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 ITAT Ahmedabad upheld the disallowance of employees' PF/ESI contributions deposited beyond the due dates prescribed under the ...
Income Tax : Tribunal held that allegations relating to client code modification did not justify adding the entire purchase value under Section...
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 : 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 issue under consideration is whether in case of real estate, tax liability will be arise when land was sold or when same was contributed for development under JDA?
The issue under consideration is that whether the activities carried out by Surat Urban Development Authority are considered as Charitable Activities and hence entitled to the exemption under section 11 of the Income Tax Act or not?
CBDT Instruction No. 1916 allowing the specific quantity as reasonable and need not to be explained, does not include the jewellery which is otherwise explained by proof of documents of acquisition as well as declared/ recorded in the books of account of the assessee.
The moot point discussed here is very important where in, the allowed quantity as per the Instruction no 1916 is applicable in case where the assessee does not explain the source of the jewellery and the presumptive quantity is allowed. Such quantity is a Blanket Allowance.
Understanding the penalty under section 271J of the Income Tax Act for professionals providing incorrect information in reports or certificates.
Finance Bill, 2020 has proposed certain amendments in section 254 of the Income Tax Act, 1961. These amendments need your separate attention; therefore, we are sending a representation describing the hardships to you for your kind consideration.
SC has upheld addition under Section of Share Capital and Share premium Considering the Same as Bogus as Appellant was failed to prove the genuineness of the transaction of receiving share application money and to prove the creditworthiness.
Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(c) of the Income Tax Act, 1961. We find that assessee has debited a sum of Rs.3,57,541/- towards loss on sale of motor car in its profit and […]
In the well known case of Deepak Kochhar, the husband of ex-ICICI Bank CEO Chanda Kochhar Bombay High Court has passed an order that the Income Tax (IT) Assessment Order pertaining to the Assessment Year 2012-13 which was passed against Deepak Kochhar was put on hold and further, the High Court ordered to move to the First Appellate Authority challenging the Income Tax (IT) Assessment Order and till such remedy is availed by the appellant the Income Tax (IT) Assessment Order will be put on stay.
Union Budget 2020-21 has undoubtedly paved the way for start ups to retain and recruit the human talent by issuing ESOP in the initial years when most of them face liquidity crunch. The Union budget 2020-21 speech states in the words of honourable finance minister Nirmala Sitharaman, “I propose to ease the burden of taxation […]
