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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 held that where transactions with the Indian associated enterprise are at arm's length, additional profit attribution to ...
Income Tax : The ITAT held that the incorrect payment date mentioned in the Tax Audit Report was an obvious typographical mistake and not evide...
Income Tax : The Tribunal ruled that application software purchased independently from computer hardware is still covered under the specific de...
Income Tax : The Tribunal ruled that a clerical mistake in the DRP's order could not justify sustaining a ₹10 lakh addition. It held that the...
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 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...
Lot of people misses the deadline every year due to lack of time or plain laziness. Did you miss it too? In case you have, do not worry, you can still file the belated return. As a tax payer, you are likely to fall under one of these 4 categories. The associated rules and implications are outlined below.
With a view to prevent undervaluation and under-reporting of transactions in the real estate sector and also to collect tax at the earliest point of time, vide the Finance Act, 2013, a new section 194-IA was inserted with effect from 1 June, 2013 to introduce TDS at the rate of 1% on the value of transfer of immovable property where the consideration is Rs. 50 Lacs or more.
Want to gift a property or life time savings to your loved ones? Or have you received a car as a gift on your birthday? Are you worried about the cash gifts received on your wedding? Enjoy giving or receiving gifts guilt-free once you are mindful of the Gifting provisions in India.
Shrinet & Shandilya Construction (P) Ltd. Vs Addl. CIT & DCIT (ITAT Delhi) Once the trading results and books of accounts have been rejected and income is being estimated by applying net profit rate on the declared gross contract receipt, then no other addition is required to be made on account of any other trading […]
On 31St August, all the professionals were just sitting helplessly infront of the Income Tax E-filing site that was moving with the speed of “Three toed sloths” and the last date of filing of return was ending with the speed of “Cheetah”. All were just praying that either the site runs or date gets extended. […]
Since assessee had included the surrendered amount in its revised return and no such concealment or non-disclosure was made as assessee had made a complete disclosure of income in its revised return. Therefore, no penalty under section 271(1)(c) could be levied.
M/s. MCC PTA India Corp. Pvt. Ltd. Vs ACIT (ITAT Kolkata) Section 35 of Major Ports Act 1963 empowers the Board to execute works providing appliances which includes wharves, quays, docks, stages, jetties, piers and other works within or without the port limits and also moorings and cranes, scales and all other necessary needs and […]
We make it clear that the person selected as Member of the ITAT will continue till the age of 62 years and the person holding the post of President, shall continue till the age of 65 years.
Dulraj U. Jain Vs ACIT (Bombay High Court) Section 147 / Section 148– Reasons recorded do not specify, prima-facie, the quantum of tax which has escaped assessment but merely states that it would be atleast be Rs.1,00,000/-. Prima-facie, we are of the view that the reasons recorded do not indicate reasonable belief of the Assessing Officer himself to issue the impugned […]
Deepak Sales & Properties Pvt. Ltd Vs ACIT (ITAT Mumbai) There is no dispute between the parties that bonafide nature of transactions alone would not be sufficient to escape the clutches of sec. 271D of the Act. As per the decision rendered by Hon’ble Supreme Court in the case of Kum. A.B. Shanthi (supra), it […]
