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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...
Presenting the first Union Budget of the third decade of 21st century, Finance Minister Smt. Nirmala Sitharaman has releases Prominent Themes of Union Budget 2020-21 / Finance Bill 2020. Budget Highlights (Key Features) Prominent Themes of the Budget GOVERNANCE STRUCTURAL REFORMS IBC Honourable exit through IBC for companies. GST 20 per cent reduction in turn […]
Press Information Bureau Government of India Ministry of Finance 01-February-2020 14:43 IST New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant relief to the individual […]
MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore. Increased limit to apply only to Businesses carring out less than 5% of their business transactions in cash Significant tax relief to start-ups
‘Vivad Se Vishwas’ scheme proposed to reduce litigations in direct taxes; scheme to remain open till 30th June, 2020 Faceless appeals proposed to eliminate human interface for imparting greater transparency in dispute settlement CBDT to adopt a taxpayers’ charter; details to be notified soon Pan to be allotted online on the basis of Aadhaar without any requirement of detailed application.
Union Budget proposed to remove the Dividend Distribution Tax. Currently, companies are required to pay DDT on the dividend paid to its shareholders at the rate of 15% plus applicable surcharge and cess in addition to the tax payable by the company on its profits, the Minister said.
JCIT (OSD) Vs Adani Logistics Ltd. (ITAT Ahmedabad) During the course of assessment proceedings the AO observed that the appellant has incurred an amount of Rs. 6,00,00,000/- on account of legal and professional fees paid to one M/s. Emerging India Investment Advisors Pvt. Ltd. It was further found by the Ld. AO that such expenditure […]
Order u/s 120(1) of the Income-tax Act, 1961 – Exercise of powers and functions of DDIT/DCIT by Joint Commissioners of Income-tax. F.No.187/01/2020-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ITA-I Division North Block, New Delhi, Dated the 31 January, 2020 Order u/s 120 (1) of the Income-tax Act, […]
Understand the implications of section 271B penalty for failure to get accounts audited as per the Income Tax Act.
The ‘Bucket-List’ of a ‘BUSINESS’ from the Union Budget 2020!! Hi Friends!! I am ‘Business’. In India, I exist in different forms and structures. I may be carried out by a proprietory concern, a partnership firm, LLP or a corporate entity. I can act as the critical catalytic who can play a vital and crucial […]
Understand the penalty provisions of Section 271AAC of the Income Tax Act. Learn about the consequences of income determined under specific sections.
