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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...
NEW TAX REGIME [SECTION 115BAC] – In Finance Bill, 2020 a new section 115BAC has been inserted to provide concessional slab rate of tax for individuals and HUFs. Further, this section is optional and option has to be exercised on or before the due date of filing return. However, to avail the benefit of concessional […]
Proposed New Tax Regime for Resident Co-operative societies by Budget 2020 A Co-Operative Societies can pay tax @ 22% (effective tax rate is 25.17%) under section 115BAD only if it fulfils the following conditions: a) The total income of the company has been computed without claiming specified deduction, exemption or incentives; b) The option to […]
In yet another bold move after the Ordinance announcements, the Finance Bill, 2020, inter alia, proposes to abolish dividend distribution tax (DDT), thereby, boosting investible funds and higher dividend payouts by corporates. Currently, DDT is payable by domestic companies at the effective rate of 20.56% on the dividends proposed to be paid to shareholders. These […]
CIT (Exemptions) Vs Addor Foundation (Gujarat High Court) Effect of Non Passing of order within six months — Non-disposal of an application for registration by granting or refusing registration before expiry of six months as provided u/s 12AA(2) would not result in a demand grant of registration. It was held that deemed registration cannot be […]
Key Highlights of Transfer Pricing Proposal in Union Budget 2020-21: > As per amended provisions, Form 3CEB filing date is 31st October 2020 for FY 2019-20. > Dispute Resolution Panel forum is now not limited to Transfer Pricing disputes only but also allowed to non residents for all disputes. > Provisions of interest limitation (Section […]
Article discusses about Proposed Changes vide Fiannce Bill 2020-21 in Tax Rates, Concessional Tax Scheme, Changes in Provisions related to Residential Status, Changes in Tax Provisions related to Provident Fund, New TDS Provisions under Section 194O/194J and other Important Changes in TDS, Due date for filing of Form 3CEB, Important Filing Dates for the Year […]
ACIT Vs Thirumala Rice Industries (ITAT Bangalore) Sub-section (4) of Section 45 deals with a distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals or otherwise. If in the course of such distribution of capital asset there is a transfer of a capital asset by […]
In an attempt towards the Direct tax code (DTC), Our Honourable finance Minister has announced dual slab rate. where Individuals has given option to choose the old slab rate or slab rate as defined in recently announced finance act, Now there are different questions in the minds of Assesses, which slab would be beneficial and […]
Budget 2020- FAQs on Proposed TDS under Section 194O on E-commerce Operator (w.e.f. 01/04/2020) 1. Who is responsible to deduct TDS under section 194O? Any person, being E-commerce operator facilitating sale of good or provision of services of an E-commerce Participant through its digital or electronic Facility or platform (by whatever name called). 2. Is […]
It is proposed to provide for tax collection at source (TCS) on remittance under Liberalised Remittance Scheme of Reserve Bank of India exceeding seven lakh rupees.
