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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...
Section 80D intricately defines the eligibility criteria for the health care expenses that are considered under the purview of the Income Tax Act. Since health care costs may differ from person to person, section 80D has different tax deductions on the basis of different health care costs.
Understand the penalty provisions under Section 271AAB of the Income Tax Act for undisclosed income found during search proceedings.
AGR Matthey of Western Australia Vs. ADIT (ITAT Delhi) From the records it can be seen that there is no interest credit, since within a day or two of usance of letter of credit by PEC Ltd’s bank to the Assessee, letter of credit stands discounted by the Assessee with ANZ Bank of Australia. The […]
CIT Vs Kishan House Builders Association (Karnataka High Court) The issue under consideration is whether the sale of land which is held as investment is considered as capital gains or business income? High Court states that, from perusal of the entries it is evident that the assessee has not conducted any other activity other than […]
The issue under consideration is whether payment of minimum guarantee royalty for purchasing right to reproduce film-music is considered as capital expense or revenue expense?
Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ‘account payee bank draft or use of electronic clearing system through […]
Tax Bar Association made a Pre Budget Memorandum to Finance Minister and requested for increase in Income Tax Slab Rate, Increase Exemption Limit of Income of Minor, Increase Section 44ADA Thrash-hold limit, Increase Section 80C and Section 80TTA limit etc. Text of the Pre Budget Memorandum is as follows:- Dated: January 18, 2020 To Hon’ble […]
The extended due date for filing of Form IDS 3 is 31st January, 2020. However, the same could not be filed in many cases due to the following reasons: Continuous disturbance in Assam due protests against Citizenship Amendement Act.
Understand the penalties for failure to maintain transfer pricing documents under section 271AA of the Income Tax Act.
As the countdown for the Union Budget has begun, the atmosphere among India Inc and general public is fraught with anxiety. Apprehensions about the declining growth rate, stagnating domestic demand, tumbling private investment, jobs crisis and rising inflation have set the tone for the present economic discourse. The successive economic disruptions caused by Demonetisation, GST […]
