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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...
Removing dividend distribution tax (DDT) and moving to classical system of taxing dividend in the hands of shareholders/unit holders. Section 115-O provides that, in addition to the income-tax chargeable in respect of the total income of a domestic company, any amount declared, distributed or paid by way of dividends shall be charged to additional income-tax […]
Rationalization of provisions of section 55 of the Act to compute cost of acquisition The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains […]
Amendment of sub-section (7) of section 11 to allow entities holding registration under section 12A/12AA to apply for notification under clause (46) of section 10 Section 11 of the Act provides for grant of exemption in respect of income derived from property held under trust for charitable or religious purposes to the extent to which […]
Expanding the eligibility criteria for appointment of member of Adjudicating Authority under the Prohibition of Benami Property Transaction Act, 1988. The existing provisions of section 9 of the PBPT Act, inter-alia, provides that, a member of the Indian Revenue Service who has held the post of Commissioner of Income-tax or equivalent post in that Service; […]
Rationalisation of the provisions of section 49 and clause (42A) of section 2 of the Act in respect of segregated portfolios Section 49 of the Act provides for cost of acquisition for the capital asset which became the property of the assessee under certain situations. Further, clause (42A) of section 2 of the Act provides […]
Now, return of income can be verified by any other person prescribed by the Board in the cases of a company and a LLP Amendment in the provisions of Act relating to verification of the return of income and appearance of authorized representative. Section 140 of the Act provides that in case of company the […]
Article explains Key Changes in Union Budget 2020 which not found a place in Speech of Honourable Finance minister which includes- TDS on Technical Services under section 194J @ 2%, TDS under section 194A for Co-operative Soceity, TDS Under Section 194C, New Section 194-O introduced for TDS over E-Commerce Operator, Scope of Tax Collection at […]
Hello Everyone, on 1st February, 2020 our Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman has brought out long but deep thoughtful budget with lot of actionable commitments. On the plate of Direct Tax Proposals there are around 50 amendments brought in by the Finance Bill, 2020. Changes in Personal Income Tax Slabs being most […]
Detailed Analysis on Incentive to Individuals and HUF by insertion of New Section 115BAC under Finance Bill 2020 Dear all, all we new that new finance bill has been brought up by finance minister in last week of January 2020 in which they have inserted a new section 115BAC of Income tax act to called […]
The Finance Minister has proposed several changes in respect of taxation of Individual through Finance Bill 2020. Changes are discussed below: New Slab rates for Individuals on cost of removal of exemptions/deduction (Optional Tax Regime Sec 115BAC) The Finance Minister Nirmala Sitharaman has proposed a new optional tax regime in the budget 2020 for the […]
