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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...
WHAT IS TDS/TCS? In case of certain prescribed payments (e. g. Interest, commission, brokerage, rent, etc.) the person making payment is required to deduct tax at source (TDS) at prescribe rate. Payer is known as deductor and the payee, who receives the net payment is called the deductee. TCS is Tax Collected at Source by […]
Interest deduction, towards loan taken to purchase residential house, available under section 80EE is limited only for the loans sanctioned by the financial institution between the period 1st April 2016 to 31st March 2017. Any loan approved after the said defined period would not be eligible for deduction under section 80EE. In order to boost the diminishing […]
Where basic evidence to prove the contention of assessee was contract between assessee and organizers, which assessee failed to produce before AO and contentions as raised by assessee have not been substantiated through any evidence or material on record, therefore, space was allotted to assessee for carrying out its business activities and assessee was liable to deduct TDS under section 194-I.
Government has brought in the Taxation Laws (Amendment) Ordinance 2019 and announces major relief in corporate tax for domestic companies, in order to boost the Make in India initiative. Corporate tax reduced to 22% (Effective Tax Rate 25.17% inclusive of Surcharge and Cess) for domestic firms while for new manufacturing companies, tax rate has been […]
Chartered Accountants’ Association Ahmedabad requested that CBDT shall exercise the discretionary powers vested in it under section 119 of the Act, by extending due date of 30th September, 2019, to ameliorate the difficulties faced by the assessees on account of no default on their part, by extending the due date for filing the income tax […]
India Logistics And Cargo Movers Vs The State of Gujarat (Gujarat High Court) It was incumbent upon the GST Department to give reasons in support of their conclusion that the goods in question and the conveyance are required to be confiscated. However, the impugned order is totally bereft of any reasons, in the absence of […]
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The assessee before us is a HUF. During the relevant previous year, the assessee sold three properties. In the income tax return filed by the assessee, however, only the capital gains on sale of 1/2 of these properties were shown. When the Assessing Officer probed this apparent discrepancy, it was explained that these properties were purchased by Shri Pranayakumar Shodhan
Shiv Prakash Bajaj Vs DCIT (ITAT Jaipur) It is not in dispute that the assessee surrendered a sum of Rs. 30.00 lass on account of incriminating material found during the search, therefore, the transaction of loan between two independent parties even if through the service of the assessee being broker cannot be thrust upon the […]
It has been noticed that sometimes the returns are received by Assessing Officer who is not a jurisdictional Assessing Officer as per PAN. The PAN should be immediately transferred to the jurisdictional Assessing Officer, so that further proceedings can be initiated by the jurisdictional Assessing Officer.At the time of CASS run, the data of returns selected in CASS which are falling in category of mismatch of PAN AO Code and Bundle AO code will be auto-transferred (after PAN transfer order is submitted) to PAN Assessing Officer through a scheduler.
