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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...
DO NOT ENTER INTO BENAMI TRANSLATIONS. IT’S ILLEGAL AND PUNISHABLE Benami Transaction is an arrangement in which a property (movable or immovable) is transferred to or held in the name of one person (Benamidar), but is actually owned and enjoyed by another person (beneficial owner). For exceptions – refer to The Prohibition of Benami Property […]
An individual can claim upto Rs. 25,000 as a deduction on medical insurance of self and family (spouse and dependent children). If the taxpayer or any member in his family is more than 60 years old, maximum deduction claimable is Rs. 50,000.
Section 80TTB introduced from Financial Year 2018-19 allows a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to:
Shri Harish M. Kukreja Vs ITO (ITAT Ahmedabad) The solitary issue involved in the present appeal is towards extent of disallowance permissible under s.14A of the Act. We find merit in the plea raised on behalf of the assessee that the disallowance under s.14A of the Act cannot surpass the quantum of exempt income in […]
Hetal Brijesh Ukani Vs ACIT (Gujarat High Court) The notice under section 148 of the Act, which is a jurisdictional notice, has been issued to a dead person. Upon receipt of such notice, the legal representative has raised an objection to the validity of such notice and has not complied with the same. The legal […]
Where an assessment order not in tuned with the law laid down by a binding precedent, it would amount to an error apparent on the record for the purpose of invoking rectification under section 154.
ACIT Vs M/s. Asian Food Industries (ITAT Ahmedabad) This is a settled principle of law that the interest income for the purpose of ascertaining ceiling on the basis of book profit, the profit shall be in the profit and loss account. The interest income, thus, cannot be notionally be excluded for the purpose of determining […]
1) The following classes of taxpayers shall be exempted from obtaining registration: a. Suppliers of services, having turnover upto Rs. 20 lakh, making inter State supplies; b. Suppliers of services, having turnover upto Rs. 20 lakh, making supplies through e-commerce platforms.
Official Assignee is required to file income-tax return electronically in the ITR Form applicable to ‘artificial juridical person’ separately for each of the estate of the insolvent and the income shall be taxed as per the rates applicable in a particular year to an ‘artificial juridical person’.
Order passed by assessing officer (AO) First appeal – To commissioner (Appeals) – u/s 246A ♣ By Assessee ♣ Form no. 35 ♣ Within 30 days – however commissioner (appeal) may condone delay ♣ No appeal in following cases Order levying interest u/s 234A, 234B, and 234C Revision order u/s 264 Order of authority for […]
