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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 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 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 : 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...
Swift Knit Pvt.Ltd. Vs ITO (ITAT Ahmedabad) Only arguments raised by the ld.counsel for the assessee is that, it was an inadvertent and bona fide mistake while filing the return. Question before us is, how such mistake was committed and how it could be termed as an inadvertent or bona fide mistake. In the case […]
Most of tax payers comply with 31st July (Income Tax Return Due Date extended to 31/08/2018 for A.y 2018-19) deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return. Infact if you have missed to file your return for last year ended March 2018, you can still file the return however there are some catch. Read the article to know in detail importance of filing of return by 31 August and and methods to file return after due date.
When you sell an asset like a stock or mutual fund after a year and in some cases, like Gold, three years – you need to pay long term capital gains tax. Equity- oriented mutual funds (where more than 65% of the holding is equity) do not have to pay long term cap gains tax currently, and neither when the period of holding is over a year . However in both cases, you will pay a Securities Transaction Tax on the sale.
A new sub-section (4) to section 90 has been inserted by the Finance Act, 2012 w.e.f. 01.04.2013 wherein a non-resident assessee who claims any relief under Double Taxation Avoidance Agreement [DTAA] is required to obtain a Tax Residency Certificate [TRC] from the Government of that country of which he is resident.
The benefit under section 54EC can be availed of only if there is an income from a capital asset, being long-term in nature. Long-term capital gains are the profit that a person makes when he sells any capital asset (wef A.Y 2019-20, the said long term capital asset shall be land or building or both) which he has held for a period exceeding 24 months. An exception is his holding of shares in which the holding period has been fixed at one year.
Whether you are an Indian citizen or an NRI, if you are filing taxes or have financial transactions in India you will almost always need a PAN card.
Once the Payment is made now the dedcuctor is required to issue TDS certificate in form 16B to the seller of the Property. Now the question is how to prepare or from where deductor can get such certificate for the purpose of issue to the seller? Answer is deductor can download such certificate from Traces website and issue to the seller.
Any person purchasing immovable property ( other than rural agricultural land) of Rs. 50 lac or more is required to deduct tax @1% from the payment made to seller. This new rule (Section 194IA of the Income Tax Act) introduced in the budget this year, is applicable from June1, 2013.
The Advance Pricing Agreement (APA) Programme in India is six years old now and has been heralded as a success. The CBDT is extremely proud of this Programme and its achievements. The Programme has been successful in winning the confidence of taxpayers by providing them with an alternate dispute resolution mechanism in respect of transfer […]
CBDT proposed to amend Income Tax Rule 114 related to PAN and proposed to make PAN compulsory for transactions of Rs. 250000 or more and also proposed to amend Form number 49A and Form number 49AA to provide that in case of Kids of Single Mother father’s name shall not be mandatory in PAN application […]
