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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 rejection of Section 12AB registration merely because no expenditure was reflected in the financial statem...
Income Tax : The Tribunal ruled that loss of an old Section 12A registration certificate is only a procedural deficiency and cannot by itself j...
Income Tax : The ITAT observed that registration undertaken solely to satisfy a banks mortgage requirement cannot automatically attract tax und...
Income Tax : The ITAT found that the Assessing Officer failed to establish any specific infirmity in the assessee's business expenditure before...
Income Tax : The Tribunal held that only the profit element embedded in the disputed purchases could be taxed and affirmed a 2% estimation base...
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...
CIT Vs. Sunita Dhadda (Supreme High Court) HELD by the Supreme Court: We do not find any ground to interfere with the impugned order. The special leave petition is, accordingly, dismissed. Held by the Rajasthan High Court: 5. Counsel for the respondent has relied upon the following judgments :- “1. CIT VS. Dinesh Kumar Sharma, […]
Moreover, the change /lack of staff with the assessee-organization is not found substantiated by any evidence on record and such a reason, in our considered opinion, does not constitute to be a reasonable cause to file the TDS statements with such an inordinate delay.
1. Introduction:- As per Finance Act of 2013, TDS is required to be deducted on transfer of Immovable property, wherein the consideration of the property exceeds or is equal to Rs 50 lakhs. TDS is required to be deducted under section 194IA. For all such transactions w.e.f 1st June 2013, tax @ 1% is required […]
Under the Income tax Act, 1961 assessee is required to maintain books of accounts. Assessee can maintain books of accounts under cash basis or mercantile basis of accounting. Assessee should consistently follow the method of accounting. The Central Government had via power given in section 145(2) notified Income Computation and Disclosure Standards.
Prime Minister Narendra Modi has Launched Sukanya Samridhi Yojna’ (girl child prosperity scheme) with the vision to provide for Girl Child Education and Her Marriage Expense. Sukanya Samriddhi Account Scheme is a small deposit scheme for girl child, as part of ‘Beti Bachao Beti Padhao’ campaign, which would fetch yearly interest rate of 8.10% (WEF 01.01.2018) and provide income tax deduction Under section 80C of the Income Tax Act,1961.
The Central Bureau of Investigation has arrested 19 accused (6 Customs official & 13 private persons) including an Assistant Commissioner, Superintendents, Inspectors, private persons(including Sri Lankan Nationals) in a case related to alleged bribery and smuggling of goods.
BCAS has submitted a Representation on CBDT directive for offering incentives to Commissioners of Income Tax (Appeals) for passing quality orders based on Enhancement of assessment and imposition of fresh penalty and other issues,
Article explains how we can get corrected Physical Income Tax / TDS challan after payment through Bank with period of correction and format to apply for correction.
Valuation of Rent Free Accommodation has been specified under Rule 3 of the Income Tax Rules. Mentioned below are the few merit points from the specified rule. Unfurnished accommodation :-In case of central and state government employees, the perquisite value is to be determined as per the licence fee specified by the government. For governmentemployees, on deputation with anybody or undertaking, the perquisite value is to be determined by treating such a body or undertaking as the employer as below. In case of non-government employees, the perquisite valuation for unfurnished rent-free accommodation (RFA) is to be determined as lease rent paid by employer or specified per cent of salary,whichever is lower. As prescribed under the rules, the percentage of salary varies from 7.5-15%, depending on the population of the city as per the 2001 census.
Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis-a-vis presumptive taxation , Due dates for filing return of firm and Due dates for filing of returns of partners.
