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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...
Taxation on salary is the vital area which should be known not only by the employer but also the employee should be aware about this area. Section.192 of the Income tax act is crucial section under TDS which deals with the TDS deduction on Salary.
Every financial year, taxpayers look for legal ways to protect their savings and minimise tax liability. The pressure to keep up with the costs of living, the skyrocketing property rates or the ever-increasing health care costs in India, fuels the need to save on tax even further. Besides methods such as house rent allowance, saving […]
Waiver of loan for acquiring capital assets could not be taxed as perquisites under section 28(iv) since receipts were in the nature of cash or money. Section 41(1) of the Income Tax Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the assessee had not claimed any deduction under section 36(1)(iii) of the IT Act qua the payment of interest in any previous year.
Only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1 )(b)(ii) of Section 2(ea) of Wealth Tax Act, 1957
Gratuity payable to government employees is fully exempt.For non government employee covered under Payment Of Gratuity Act,1972, the maximum limit for exemption is Rs 20 lakhs and for any other employees, the maximum limit of exemption is Rs 10 Lakhs.
Deduction U/s. 80D of the Income Tax Act, 1961 in respect of Medical Insurance Premium (Mediclaim) paid, to keep in force insurance by individual either on his own health or on the health of spouse, dependent parents and children or paid by HUF on the health of any members of the family.
With effect from September 6, 2015, facility for digital signature certificate (DSC) based PAN application has been enabled in New PAN Form 49A for Individuals. Guideline for DSC based Online Application for New PAN Card in Form 49AA (a) An applicant will fill Form 49AA online and submit the form. Non-citizens of India should only […]
Introduction: Every person who is required to file ROI shall get himself registered with the Indian Revenue Authorities. On being registered, such a person is alloted an identification number, commonly known as Permanent Account Number(PAN). Sec. 139A of Income Tax Act,1961 applies for Pan Card. Structure: Pan card is issued under Sec 139A of Income […]
The Central Government is continuously working to curb and stop black money circulations in our country. In order to achieve their motto Central Government has introduced provisions of Section 269ST and 271DA in the Income Tax Act, 1961, with effect from 1st April, 2017.
In this, respect the Central Board of Direct Taxes (CBDT) had as of late told that the due date for connecting PAN card with Aadhaar with the end goal of income tax return filing has been reached out till 31st March 2019.
