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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...
As stock market investors, we are beneficiaries to various corporate actions like bonus shares, rights shares and stock splits. These corporate actions are accompanied by stock price movements in short and long run affecting capital gains whenever we sell shares. As there is an effect on capital gains, tax implication also changes if we sell shares prior […]
Bonus shares are new shares issued to existing shareholders of a company. These are issued to shareholders in proportion to their current holdings. For example, the company may announce one bonus share for every share held by an investor. As the investor now holds two shares, EPS gets halved. Hence bonus share do not affect total EPS of investor.
In the year 2018, You have already extended the date for filing Income Tax Returns by those assessees whose accounts are not required to be audited for a month without levy of any interest and also extended the submission of Tax Audit Reports by 15 days i.e up to 15th October 2018.
Due to some reasons, the valid returns filed by tax payers, were not processed within time prescribed under section 143(1) of Act. Due to which, refund due to assessee could not be issued.
Automated Section 89(1) Income Tax Arrears Relief Calculator with Form 10E From F.Y.2000-01 to Financial Year 2018-19 [Updated Version) HOW TO CLAIM RELIEF WHEN SALARY IS PAID IN ARREARS OR IN ADVANCE Whereby any portion of assessee’s salary is received in arrears or in advance or by reason of his having received in any one […]
Service tax due not disallowed under section 43 if payment not received from the customer
DCIT Vs Mizuho Corporate Bank Ltd. (ITAT Mumbai) We shall now advert to the issue as regards the allowability of the interest paid by the branch of the assessee bank to its head office as an expenditure in the hands of the branch office. We find that the claim of the assessee as regards the […]
During the course of search, various documents, cash and jewellery were seized. Statements of the petitioner, his family members, employees and directors of associate companies were recorded under Section 132(4) of the Act. The petitioner had surrendered Rs.20 crores before Investigation Wing of the Income Tax Department on 21stApril, 2014.
Interest expenses claimed by assessee on account of delayed deposit of TDS liability was allowable under section 37(1) as the TDS amount did not represent the tax of assessee but it was the tax of the party which had been paid by assessee.
PCIT Vs Inarco Limited (Bombay High Court) The grievance of the Revenue before us is that the Assessing Officer omitted to consider Section 50C of the Act while passing the order dated 26.12.2007 under Section 143(3) of the Act. Thus, it is submitted that the reopening notice dated 11.3.2010 is valid in law. In this […]
