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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...
Article Compiles TCS Rates for F.Y. 2016-17 to 2018-19 under Section 206C of Income Tax Act, 1961 stating Nature of Payment, Threshold Amount, TCS Rate as applicable to Individual / HUF and others. It Provides TCS Rate on Scrap, TCS Rate on Tendu Leaves, TCS Rate on Timber obtained under a forest lease or other […]
In case the House Rent Allowance (H.R.A.) is provided then there will be a tax savings (Please refer Valuation sheet for details). The above mentioned savings is mainly because of the methods Income tax act and Rules employs for valuation of taxability of H.R.A and Rent Free Accommodations (R.F.A.).
We Indians, always wait for last date for any task whether it filling of examination form or Income Tax Return. As we all knew last date for filling of Income Tax Return for A/Y 2018-19 was extended from 31st July 2018 to 31st August 2018 but still there are many who have not filled their Return and now all these persons seeking appointment with their CA/CMA.
A bare reading of section 54F clearly shows that the assessee is entitled for exemption in case he/she purchase/constructs a one residential house in India within a period of two/three years after the sale of the capital asset or purchases one year before the date of transfer. However, sub-clause (4) of section 54F clearly says that the unutilized portion of the net sale consideration [not utilized before the date of furnishing the return of income under section 139] which is otherwise liable for capital gain tax shall be deposited in the capital gain account scheme within the period of due date for filing return of income under section 139(1).
CBDT notifies NSE IFSC Limited, Gandhinagar, Gujarat under clause (ii) of Explanation 1 of clause (d) of proviso to sub-section (5) of Section 43 of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (4) of Rule 6DDB of the Income-tax Rules, 1962 vide Notification No. 36/2018 Dated 31st of July, 2018.
CBDT notifies India International Exchange (IFSC) Limited under clause (ii) of Explanation 1 of clause (d) of proviso to sub-section (5) of Section 43 of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (4) of Rule 6DDB of the Income-tax Rules, 1962 vide Notification No. 35/2018 Dated 31st of July, 2018. Government of India […]
Form 3CD reflecting effect of changes/revision made by CBDT by Income Tax (8th Amendment Rules, 2018 (Changes in Form 3CD): CBDT Notification No. 33/2018 Dt. 20th July, 2018 expanding scope of reporting/ verification requirements relating to GST, SFT, Cash Transactions, Transfer Pricing, etc., applicable w.e.f. 20 Aug. 2018, for FY 2017-18/ AY 2018-19.
Guiding Principles for determination of Place of Effective Management (POEM) of a Company- The concept of Place of Effective Management (POEM) was introduced for deciding the residency status of a non-Indian company, by Finance Act, 2015 which is applicable from 1st April, 2017.
Now CBDT has issued final notification dated 22nd June, 2018 applicable from 1st April 2017 i.r.t. exception, modification & adaption of provisions of section 115JH for those foreign companies which are said to be resident in India on account of its POEM in any previous year but not in any of the preceding previous years.
Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of of person who is a resident, in the case of a person not ordinarily resident in India and person who is a non-resident which includes. Income can be Income from any source which (a) is received or is deemed to […]
