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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...
A charge imposed by government on the annual earnings (either earned# or unearned$ Income) of a Person (Section 2(31)).
A perusal of sub-section (2) of section 72A read with rule 9C reveals that condition of minimum level of production is to be seen at the end of four years and in case of non-fulfillment of the same set-off of accumulated losses and unabsorbed depreciation, already claimed, would be chargeable to tax as income of the fourth year as per sub-section (3) of section 72A.
ITR-4 SUGAM AY 2020-21 – Whether Books of Accounts are REALLY not required to be maintained? The CBDT welcomed the Professionals and Tax Payers in the New Year by notifying ITR-1 AND ITR-4 forms for AY 2020-21 (Notification G.S.R. 9(E) dated 3rd January 2020) ITR-4, popularly known as SUGAM is for assessees taking benefit of […]
Income tax was not applicable on all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50000/- in a year from any unrelated person, in cash or in kind, will be included as income.
To put restriction on the cash transactions & promote digital economy, section 269ST was inserted in the Income-tax Act, 1961 vide Finance Act, 2017 w.e.f 1st April 2017. Article discusses Provisions of Section 269ST which Prohibits receipt of an amount of Rs. 2 lakh or more by a person, Section 271DA which provides penalties for […]
Income on which tax not applicable 1. Agricultural Income 2. Receipts from Hindu Undivided Family 3. Share from a Partnership Firm or LLP 4. NRI Tax Free Incomes 5. Income Earned by Foreigners 6. Allowance for Foreign Service 7. Gratuities
You may be surprised to read the heading of this article and it will be very hard to believe for many of us. But it a big eye opener for all honest tax paying citizen, how CPC utilize our hard ended money for paying planned fraudulent Refunds.
General Questions on e-invoice system Q. 1 Will there be a time limit for e-invoice uploading for registration? Ans: a. Yes, that will be notified by the Government. Without registration of e-invoice the same will not be valid. Required changes will be made in the law. b. Once uploaded to the invoice registration portal (IRP), […]
The countdown to Union budget 2020 has already begun. Considering the state of the Indian economy, finance minister is expected to unfold measures which give boost to the economy Following are ten propositions for the Budget : 1) Income Tax Slab Income upto Rs. 5 lakh should be made exempt from tax. Peak rate of […]
Analysis of CBDT Notification 01/2020 Revised format of ITR-1 and ITR-4 for FY 19-20 notified!! ITR Forms which usually are issued somewhere around in the first week of April of the relevant Assessment Year, this time have been issued on 3rd January itself!! [Only ITR-1(Sahaj) & ITR-4(Sugam)] The very reason for the same is the […]
