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Income Tax : The article explains how India's Place of Effective Management (POEM) rules may treat a foreign company as an Indian tax resident ...
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 : 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 Mumbai held that reassessment proceedings initiated on the basis of information arising from a search in the case of a th...
Income Tax : The Tribunal ruled that although CSR expenditure is not allowable under Section 37, eligible donations made to recognised institut...
Income Tax : The Tribunal held that penalty under Section 271D could not be levied because the Assessing Officer failed to record satisfaction ...
Income Tax : The Tribunal held that penalties under Sections 271D and 271E could not be sustained because the Assessing Officer failed to recor...
Income Tax : Smt. Pavithra Sugichandran Vs Office of the DCIT (Madras High Court) The Madras High Court considered six writ petitions challengi...
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...
Rajasthan Gau Seva Sangh Vs CIT (ITAT Jaipur) It is pertinent to note that when the assessee is maintaining various Gaushalas then production of milk is bound to happen and dealing in purchase and sale of milk & milk products as well as cattle feed is nothing but the activity in furtherance of the objects […]
Article explains Salient Features Of The Direct Tax Vivad Se Vishwas Act, 2020 (‘Scheme’), Steps Involved In Payment Of Tax Arrears, Important Definitions Under Direct Tax Vivad Se Vishwas Scheme, Amount Payable By Declarant, Filing Of Declaration under Direct Tax Vivad Se Vishwas Scheme, Immunity From Initiation Of Proceedings and Non Applicability Of Direct Tax […]
Budget 2020- Exemption in respect of certain income of Indian Strategic Petroleum Reserves Limited (ISPRL) Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. Clause (48A) thereof, inserted by the Finance Act, 2016, provides that any income accruing or arising to a foreign company on account […]
Increasing the time period and Turnover for eligibility of section 80-IAC for start-ups Rationalization of provisions of start-ups. The existing provisions of section 80-IAC of the Act provide for a deduction of an amount equal to one hundred per cent of the profits and gains derived from an eligible business by an eligible start-up for […]
Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act extended to 31st March, 2021. The existing provisions of section 80-IBA of the Act, inter alia, provide that where the gross total income of an assessee includes any profits and gains derived from the business of developing […]
Receipts of advance against sale of commercial space is not a receipt in the nature of loan or advance as contemplated in section 2(22)(e) of the Income tax Act, 1961 which attracts the provisions of in that section as the said advance is in the nature of business advance which did not fall within the ambit of provisions of section 2(22)(e) of the Income tax Act, 1961.
The issue under consideration is whether the assessee can challenge the order of AO for which he has agreed before without there being any contrary evidence?
Budget 2020: Extending time limit for sanctioning of loan for affordable housing for availing deduction under section 80EEA of the Act to 31st March, 2021. The existing provisions of section 80EEA of the Act provide for a deduction in respect of interest on loan taken from any financial institution for acquisition of an affordable residential […]
Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Sovereign Wealth Fund Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. In order to promote investment of sovereign wealth fund, including the wholly owned subsidiary of Abu Dhabi […]
Payments made to dealers for providing services to ultimate customers in lieu of free service coupons surrendered by them were not in the nature of reimbursement of expenditure incurred by dealers but in the nature of payment of consideration pursuant to a contract, as per which dealer provided such services to ultimate customers, accordingly, assessee was obligated to have deducted tax under section 194C from payments towards service coupons to its dealers.
