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Income Tax : The article clarifies that the CBDT's 4 June 2026 instruction governs six categories of compulsory manual scrutiny and is distinct...
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 : 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...
The entire disallowance in this case is based on third party information gathered by the Investigation Wing of the Department, which have not been independently subjected to further verification by the AO who has not provided the copy of such statements to the appellant, thus denying opportunity of cross examination to the appellant, who has prima facie discharged the initial burden of substantiating the purchases through various documentation including purchase bills, transportation bills, confirmed copy of accounts and the fact of payment through cheques, & VAT Registration of the sellers & their Income Tax Return.
ITO Vs Max Ventures Investment Holdings Pvt. Ltd. (ITAT Delhi) An addition can be made u/s 69B of the Act where during any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, which exceeds the amount recorded on this count in the […]
Yesterday, the dream day for all professionals, when at last clients has provided their details for Tax Audits and my entire professional colleague has rendered their best services to the nation and their clients. With the completion of this ITR Filing season, now Income Tax Department is processing our Filed ITR’s and starts sending intimation U/s 143 (1) of Income Tax Act, 1961.
The tax structure in India is divided into direct and indirect taxes. While direct taxes are levied on taxable income earned by individuals and corporate entities, the burden to deposit taxes is on the assesses themselves. On the other hand, indirect taxes are levied on the sale and provision of goods and services respectively and the burden to collect and deposit taxes is on the sellers instead of the assesses directly.
The data populated in 26AS is the data as per TDS returns uploaded by the deductors/ customers of the company under section 200 . Such data could be relied upon as “correct” for the purpose of reconciliation only when the statements of TDS so uploaded have been processed under section 200A with effect from 01/04/2010.
BASIS FOR INCOME TAX LIABILITY IN INDIA The tax liability of a person Income-tax Act depends upon his residential status in the financial in which the income accrues or arises to him or is received by him. Financial year means the period of twelve months commencing on the 1st day of April every year. The […]
CBDT amends Notification No. 62/2019- Income Tax dated 12th September, 2019 related to E-assessment Scheme, 2019 to rectify the spelling misstates vide CORRIGENDA Notification No. 86/2019 dated: 1st November, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDA New Delhi, the 1st November, 2019 Notification No. 86/2019-Income Tax S.O. 3968(E).—In the […]
CBDT amends Notification No. 61/2019- Income Tax dated 12th September, 2019 related to E-assessment Scheme, 2019 to rectify the spelling misstates vide CORRIGENDA Notification No. 85/2019 dated: 1st November, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDA New Delhi, the 1st November, 2019 Notification No. 85/2019-Income Tax S.O. 3967(E).— In […]
Tax Credit Statement (Form 26AS) contains details of: A. Tax deducted on behalf of the taxpayer by deductors. A1. Details of NO/Low tax deduction. A2. Tax deducted on sale of Immovable property (for seller of Property)/TDS on Rent of Property (for Landlord of property) B. Tax collected on behalf of the taxpayer by collectors. C. […]
ITO Vs M/s Citymaker Builder Pvt. Ltd. (ITAT Mumbai) As two of the share applicant companies as per the information received by the A.O from the office of the DGIT(Inv), Mumbai, were the companies controlled an infamous accommodation entry provider, therefore, it was incumbent on the part of the lower authorities to have carried out […]
