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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...
ACIT Vs Shri Rohit Kochar (ITAT Delhi) Disallowance under Section 36(1)(iii) of interest expenses not justified on failure to prove direct nexus between interest bearing funds and interest-free advances Conclusion: Disallowance under section 36(1)(iii) was not justified as Revenue had failed to establish any nexus between the interest bearing funds and interest free advances made […]
Enhancement of assessee’s income on account of difference between the purchase price of the shares of NDTV limited at Rs 4 per share and the market price of those shares quoted on recognized stock exchange at Rs. 140 per share was a benefit taxable u/s 56 (2)( vii) as assessee could not justify that there was no motive of tax evasion in the same.
M/s. Rolls-Royce Defense Services, Inc., 450 South Meridian Street, Indianapolis, Indiana 46225-1103, United State of America, by way of royalty or fees for technical services received in pursuance of the Mission Ready Management Solutions Agreement (MRMS) No. CABS/18FET005/17-18, dated the 14 July 2017, entered into between M/s. Rolls-Royce Defense Services, Inc. and Centre for Air borne Systems, Defence Research and Development Organisation, Ministry of Defence, to the extent of USD 21,67,317.50, shall not be included in computing the total income of the said foreign company.
Central Government hereby notifies for the purposes of the said clause, ‘Karnataka Electricity Regulatory Commission’, Bengaluru (PAN AAAGK0112L), a commission established by the Government of Karnataka, in respect of the following specified income arising to that Commission, namely:-
Joint Council of Action has always demanded for early issuance of Annual General Transfer orders (both at the Board level as well as local level) so that the transferred officers and staff members can settle down in their new places of posting from the beginning of the Financial Year and discharge their duties optimaly.
Hindu Undivided Family (HUF) is known to be a very good tax saving tool in India in an ethical & compliant way. Though it is not so widely used by the people as it could have been. Let’s understand who can form an HUF & how is it taxed under the Income Tax Act: Formation […]
LTA (Leave Travel Allowance) is one of the salary components known to all of us but very few including the HR people have clarity on the exemption on account of LTA. Let’s have a clarity capsule on LTA & know the facts about LTA we all should know: This exemption is allowed for expenses pertaining […]
DPIIT accepts applications and declarations from Startups applying for Angel Tax Exemption and on the receipt of the same DPIIT forwards these applications to CBDT. As on 21st June, 2019 a total of 944 applications for Angel Tax Exemption have been received. Thirty-nine applications have been found to be incomplete, and 203 applications were repeat or modified applications. CBDT has exempted 702 startups under this provision.
Recently a number of decisions have come in which Income Tax Appellate Tribunal has dismissed appeals for non-persecution. This paper is an attempt to understand the legal provisions regarding dismissal of appeal for non-appearance. Rule 24 of the Income Tax Appellate Tribunal Rules reads as, 24. Hearing of appeal ex parte for default by the […]
A. Taxpayers are requested to note the followings in connection with pre-filling of ITRs- 1.Pre-filling of ITR is only for the taxpayer’s convenience. Taxpayers should verify the pre-filled data carefully and add any other taxable income which is not pre-filled. 2.Last date for filing of TDS statement and issue of TDS certificate by Deductor is […]
