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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 Pune ITAT refused to condone a 661-day delay in filing an appeal against rejection of Section 12AB registration. It held that ...
Income Tax : The Pune ITAT deleted a ₹10 lakh addition after finding no reliable evidence that the assessee paid cash while purchasing a flat...
Income Tax : The Tribunal distinguished between lack of enquiry and inadequate enquiry, holding that Section 263 cannot be invoked merely becau...
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 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 Section wise TDS Rates / TDS Rate Chart for Financial Year 2018-19 or Assessment Year 2019-20 with Nature of Payment, Threshold Limit and Percentage TDS rate applicable to Individual, HUF and to other category of Assessees. Section Nature of Payment Threshold Rs Indv / HUF TDS Rate (%) Others TDS Rate (%) 192 […]
As per section 15 of the BM Act, any person aggrieved with the order passed by the Assessing Officer under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 (BM Act), may file an appeal to the Commissioner (Appeals). However, Commissioner (Appeals) under the BM Act have not yet been notified and the jurisdiction has also not been assigned to such Commissioner (Appeals).
Assuming that the brokers may have done some manipulation but the assessee cannot be held liable for the Act of the brokers when the entire transactions have been done through banking channels duly recorded in the Demant accounts with a Government depository and traded on the stock exchange.
To avoid any arbitrariness, the returns of Assessment Year 2017-18 and on wards which are pushed by the CPC to the Assessing Officer for processing shall be handled in a chronological manner.
Where dis allowance was made by revenue under section 14A in respect of interest and administrative expenses, it was made clear that where assessee had its own surplus fund, then no question of any estimation of expenditure under rule 8D would arise. Thus, revenue was not justified in disallowing interest and administrative expenses, when the same was made out of interest free fund.
Various courts have held that if assessee invests the amount in purchase / construction of building within the stipulated period and the construction is in progress, then the benefits of exemptions under section 54 / 54F, cannot be denied to the assessee.
The Board has constantly impressed upon the officers in the field formations the necessity of soft skills while dealing with taxpayers or their representatives. It is important that the behavior of officers and staff should be courteous, polite and above reproach.
Provisions for expenditures have to be made in the reasonable way otherwise the same may be disallowed while computing the income and tax thereon of an assessee
Temporary differences between carrying amount and tax base of net assets of subsidiaries, branch or associate consolidated in consolidated financials may lead to recognition of deferred tax. This presentation explains the recognition of deferred tax in cases where the temporary difference may be different from the temporary difference associated with that investment in the parent’s […]
As we are dealing with admissibility of expenditure u/s 37 and not u/s 36(i)(vii) according to which, there must be an expenditure at the first instance which has crystallized during the impugned AY as against deduction u/s 36(i)(vii) which is allowable to the assessee the moment bad debt is written off in the books of accounts, notwithstanding the fact that whether the same has actually become bad or not.
