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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...
Gautam Automobiles Pvt. Ltd. Vs ITO (ITAT Delhi) Conclusion: Since assessee has been consistently disclosing the address to the Revenue Department for the purpose of service and communication at 3, Tansen Marg, Bengali Market, New Delhi and this fact was also admitted by the A.O, therefore, there was no question of service of the notice […]
Clarification on option exercised under Section 115BAA of Income Tax Act, 1961 (Income Tax Circular No. 29/2019 dated 2nd October, 2019 Section 115BAA provides that any Domestic Company, at its option, may pay tax at a lower rate of 22% from AY 2020-21 subject to conditions. This option is to be exercised before the due […]
Deduction under section 80TTB was introduced for the first time in Budget 2018. Section 80TTB provides a deduction to senior citizens towards interest earned on deposits. The provisions of the same are explained hereunder – Persons eligible for claiming deduction under section 80TTB Deduction under section 80TTB is available only to a senior citizen. The […]
National Pension Scheme (NPS): National Pension Scheme is pension scheme launched by the government of India to provide the old age security to citizens of India. It brings an attractive long-term saving avenue to effectively plan your retirement through safe and regulated market- based return. Under NPS scheme all citizens can invest, whether he is […]
Section 45(4) would not be attracted on the retirement of the two partners and consequential allotment of their share in the assets in the assessee-firm as there was no element of transfer of interest in the partnership assets by the retiring partner to the continuing partners.
Court concurs with the CIT(A) and the ITAT that once the finding of the AO on bogus purchases was set aside, it could not be said that there was any concealment of facts or furnishing of inaccurate particulars by the Assessee that warranted the imposition of penalty under Section 271(1)(c) of the Act.
Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if companies opt for new tax rate of 22% u/s 115BAA Domestic company which wants to opt for tax @22% for the FY 2019-20 is not eligible to claim: 1. Set off of any brought forward loss […]
The Taxation Laws (Amendment) Ordinance, 2019 has been promulgated by President of India on 20th September, 2019 with a view to amend Income Tax Act, 1961 and Finance Act (No. 2), 2019. The ordinance intends to provide impetus to the growth amidst the ostensible slowdown. Highlights of the said ordinance include: 1. Reduction of corporate […]
CBDT vide Circular 29/2019 dated 2nd October, 2019 has clarified that Companies opting for lower tax rates as per Section 115BAA will have to forego any MAT Credit Entitlement. However such Circulars are binding over Assessing Officers and not on assessees. Thus option to take a different stand is still possible for assessees although chances […]
E-assessment Scheme, 2019 is notified vide Notification No. 61/2019- Income Tax dated 12th September, 2019. ‘Assessment’ means assessment of total income or loss of the assessee under sub-section (3) of section 143 of the Act. ‘e-assessment’ means the assessment proceedings conducted electronically in ‘e-Proceeding’ facility through assessee’s registered account in designated portal. The assessment under […]
