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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...
Shri Devasamparambil Hassainar Kutty Vs ACIT (ITAT Jaipur) Revenue has not disputed the fact that the FDRs taken by the assessee are for the purpose of furnishing the security/guarantee to the companies those have awarded the contract to the assessee. Therefore, these FDRs were furnished as a performance guarantee by the assessee. Once the FDRs […]
Where non-resident agents appointed by assessee for procuring export orders did not have permanent establishment in India and their activities as commission agents are being carried out outside India, merely because a portion of the sale to the overseas purchasers took place in India, would not make assessee liable to deduct tax at source under section 195.
Where the existing company acquired all the assets and liabilities of the partnership firms in the manner as provided under section 47(xiii) then the same would not be considered as transfer and there was no requirement under the provisions of section 47(xiii) that the firms should be converted into the company.
Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization We all remember the date 08 November 2016 when our Hon’ble Prime Minister Shri Narendra Modi took huge step and demonetized the specified bank notes (SBN) i.e. Rs.500 and Rs.1000 currency notes. This was the step taken to clean black money from […]
There is general perception among people that amount received on maturity of life insurance is exempt from income tax. However the same is not true. Receipt from life insurance may occasion on 2 events: 1. On death of the person insured (Death proceeds) 2. On maturity of the policy in the normal course (maturity proceeds) […]
The income tax return (ITR) forms for FY 2018-19 notified by the government are different from those used to file the previous year’s returns, keeping the changes in income tax laws made in Budget 2018 for FY 2018-19 and onwards. Apart from that, there are other changes as well in the ITR forms which you […]
Major Benefits of Income Tax Returns: 1. Easy Loans Approvals: Majority of Banks ask for a copy of Income tax returns for at least 3 consecutive years, so if you are planning for a loan in future then it can help you for easy loan approvals like Home Loan, Personal Loan etc.
SOME IMPORTANT AMENDMENTS BY FINANCE ACT, 2019 (Act No. 7 of 2019) & FINANCE (NO. 2) BILL, 2019 THE FINANCE ACT, 2019 (Act No.7 of 2019) (Interim Budget 2019.) In February’s interim budget, the then acting finance minister Piyush Goyal had provided several income tax sops to the middle-class. Following changes have been made by […]
Satender Singh Rana Commissioner of Income Tax(DR)-7, ITAT, Delhi s.s.rana@incometaxindia.gov.in Sri Satender Singh Rana is an IRS officer of 1994 Batch and is currently posted as Commissioner of Income Tax, ITAT, New Delhi. He has extensive experience in the field of Income Tax Litigation and judicial matters and is part of several committees formed by […]
Addition made under section 68 on account of share capital received by assessee as unexplained credit was to be deleted in absence of any material or inquiry conducted by AO that the issuing companies were non-existing entities or a paper company and AO had not brought material on record to dislodge the veracity of the evidences filed by assessee.
