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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...
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Shamim Imtiaz Hingora Vs ITO (ITAT Pune) It is an undisputed fact that the shares involved are Penny Stocks and the Assessing Officer did not find any mistake in the documentation furnished by the assessee. The Assessing Officer alleges that the documentation is self-serving. After considering both sides ITAT held that there is need for […]
Office Order No. 49 of 2019 Consequent upon the approval of the Competent Authority, the following officers are, hereby, promoted to the grade of Principal Chief Commissioner of Income Tax (level 17 in the pay matrix Rs.2,25,000) on in-situ basis with effect from the date of assumption of charge of the post or until further orders:
Recently two judges’ bench of Hon’ble Supreme Court in the case of NRA Iron & Steel Pvt. Ltd. vs. Principal Commissioner of Income Tax (Central) – 1 (SLP (Civil) No. 29855 of 2018), by its judgment dated 5th March, 2019 restored the order of Assessing Officer by confirming the addition to the taxable income made under Section 68 […]
DCIT Vs Dr. Ravindra Babasaheb Kadam (ITAT Pune) The issue in the present ground is with respect to levy of penalty u/s 271(1)(c) of the Act. It is an undisputed fact that additional income of Rs.1.49 crores was offered by the assessee during the course of survey conducted on 12.01.2012. It is also a fact […]
Addition under section 68 of short term capital loss on sale of shares alleged as bogus on the basis of investigation wing report was not justified as the transaction of purchase and sale of shares were supported and evidenced by Bills, Contract Notes, Demat statements and bank statements, ledger accounts of brokers and payment of STT, etc., and the transactions of purchase of shares were accepted by AO in earlier years.
Govt increases Gratuity exemption limit u/s Section 10(10)(iii) to ₹ 20 lakhs from existing Rs. 10 Lakh vide Notification No. 16/2019 dated 8th March, 2019.
Central Government hereby specifies that any income arising to the foreign company namely, M/s Elbit Systems Limited, Corporate Headquarters, Advanced Technology Center, P.O.B. 539, Haifa 31053, Israel, by way of royalty or fees for technical services received
Lovelock & Lewes case: Expenditure incurred by the assessee on payment of software licence fees for applications software for the right to use the software for limited/particular period of time held to be revenue expenditure
CA Raja Saha Article explains Budget 2019 changes related to No tax on taxable income up to Rs 5 lakh, Standard Deduction u/s 16(ia), Income Tax Slab Rate for AY 2020-21 for Individuals, Tax Slab Rate for Domestic Company, Tax Rates for Foreign Company, Income Tax Slab for Co-operative Society, Notional Rent on second self […]
