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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...
Finance Act 2017 introduced section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 P.M and claiming HRA are required to deduct and pay TDS of Landlord
This article draws a difference between the two concepts of Tax Law. Since an assessee wants to pay a minimal amount of taxes. So he strives for several ways by which he can avoid his taxes, Tax Avoidance and Tax Evasion are two ways by which an assessee can avoid and save his taxes. Tax Avoidance is a legally accepted method to avoid an assessee tax on the other hand Tax Evasion is an illegal way of avoiding the taxes.
115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.—(1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of
Following are the details which is required to be updated: New Registration process to facilitate effective communication between the taxpayer and department is enabled. The existing e-Filing users are required to update their profile by logging into e-Filing account.
There are various sections in the Income Tax Act, 1961 (Act) e.g., 44AD, 44AE, 44ADA etc., (popularly known as Presumptive Income sections) according to which, the profits and gains from eligible / prescribed businesses / professions carried by the prescribed categories of assessee (known as eligible assessee) are required to be computed for taxation, at least at the minimum rates prescribed in these sections.
As the Finance Act, 2016 introduced new section 44ADA for computation of profit of Profession on Presumptive basis. As I have seen many people who are unaware of this section and they are declaring their profit below the presumptive basis and their income exceeds the maximum amount not chargeable to tax. As per Section 44AB Audit of Accounts is mandatory if following conditions are satisfied
The onetime payment of the annual rent as per the lease deed is rightly claimed by the assessee as revenue expenditure. The Assessing Officer was not right in holding that the payment during the year relates to land which is capital in nature.
This article explains about e-TDS/TCS Return Preparation Utility Ver. 3.0 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08, File Validation Utility (FVU) version 6.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and File Validation Utility (FVU) version 2.161 for quarterly e-TDS/TCS statement up to FY 2009-10 which are applicable from December […]
Learned counsel for the petitioner, on instructions issued by the Department of Revenue, Ministry of Finance vide F. No. 390/Misc./116/2017-JC dated 22.08.2019, seeks permission to withdraw this special leave petition along with pending applications therein due to low tax effect.
Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) We are of the considered view that though the co-operative bank pursuant to the insertion of sub-section (4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, however, as a co-operative bank continues to be a co-operative […]
