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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...
We note that the fact that neither the statement relied on by the authorities below were provided to the assessee nor any cross examination was allowed to prove the veracity of the statement. We note that the fact that in the statement of third party, the name of the assessee was not implicated. Even otherwise, according to Learned Counsel, no adverse inference could be drawn against the assessee on the basis of untested statements without allowing opportunity of cross-examination.
With effect from 1st July 2012, section 194LC was incorporated into the Income Tax Act, 1961. The section deals with TDS deduction on income by way of interest from an Indian Company or a business trust and the provisions relating to the same has been explained in the current article. Basic applicability of Section 194LC […]
Swati Luthra Vs ITO (ITAT Delhi) Conclusion: Assessee had entered into genuine transaction of sale and purchase of shares and therefore, satisfied the conditions of Section 10(38) as no law prohibits purchase of shares in cash and it was the option of the buyer of shares to keep the shares either in Demat form or […]
Unutilized capital gain amount under Section 54 F[4] had to be charged under Section 45 as income of the previous year, after the expiry of three years from the date of sale of the capital asset as per proviso appended to Section 54F[4] and withdrawal of amount was permitted subject to deduction of tax.
CBDT notifies Bangalore Water Supply and Sewerage Board for exemption U/s. 10(46) of Income Tax Act, 1961 vide Notification No. 56/2019 dated 2nd August, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 56/2019 New Delhi, the 2nd August, 2019 S.O. 2782(E).—In exercise of the powers conferred by clause (46) […]
Article covers TDS provisions under Section under Section 194LB – Income by way of interest from Infrastructure Debt Fund,Section 194LBA – Certain Income from units of business trust, Section 194LBB – Income in respect of units of the investment fund and Section 194LBC – Income in respect of investment in securitization trust. Section 194LB – […]
Hello friends, greetings for the day in the current article we will discuss about the newly launched ‘e-filing lite’ for the sole purpose of hassle free return filing as quickly as possible Introduction As we know the last date for return filing of certain section of taxpayers has been extended from 31st July to 31st […]
Section 14A of Income Tax Act,1961 Legislative History Section 14A was inserted by Finance Act ,2001 with retrospective effect from April 1,1962. The object was to disallow expenditure that had been incurred in relation to income which did not form part of the total income under the Act (Sec 10 ) and to overcome certain […]
Tax Planning Measures for Government Employees for the Assessment Year 2020-2021 (Financial Year 2019-2020). 1. If your Gross Total Income is less than 5 lakhs, no special tax planning is needed from yourself. You may claim Rebate under Section 87A which amounts to a maximum of Rs.12500 in the Assessment Year 2020-2021.Gross Total Income means […]
Income tax department is launching ‘e-Filing Lite’, a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers. The same can be accessed by clicking ‘e-Filing Lite’ button in home page. The current e-Filing portal having all the services can be accessed by clicking on ‘Portal Login’ […]
