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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...
The Section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. According to this section the profits and gains from eligible businesses carried by an eligible assessee are required to be computed at least at the rate of 8% / 6% of the total turnover / gross receipts.
From April 1, a large number of Indians will see significant changes in their financial life. April 1 is the first day of the new financial year, 2018-19. The Budget proposals for the new financial year, announced on February 1, will come into force from today itself. Below are the key changes which are going to […]
The other ground of seizure on which penalty has been imposed is that the goods, started their journey one week after the date of the invoice. Prima facie that cannot be the ground to seize the goods or to impose penalty.
Procedure for conducting assessment proceedings through ‘E-Proceeding’s in scrutiny cases As per Instruction No. 1/2018 dated 12th February 2018 issued by CBDT, Following procedure will be apply for conducting assessment proceedings through ‘E-Proceeding’s in scrutiny cases:- Enquiry before assessment in electronic mode Notice shall be issued electronically and delivered to the assesses in his ‘E-Filing’ […]
Capital gains taxation has always been a contentious issue drawing the attention of Finance Minister in every Budget, with this year not being an exception. So Friends in today’s blog we are going to cover the taxation of LONG TERM CAPITAL GAIN (LTCG) arising from sale of listed shares as well as proposed amendment in […]
The Section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. According to this section the profits and gains from eligible businesses carried by an eligible assesse are required to be computed at least at the rate of 8% / 6% of the total turnover / gross receipts. However, the assessee can declare lower profit by maintaining books of account etc. as required under section 44AA and by furnishing audit report as required under Section 44AB.
Discover the importance of filing your income tax returns accurately. Avoid penalties and prosecution by submitting your financial details to the income tax department.
Inspite of various changes in budget 2018, following are the highlights of some of the key changes which everyone should aware of. We hope that these changes will bring the positive results and let’s welcome new financial year!!
The basic principles of taxation are nearly as old as human society—the history of taxes stretches thousands of years into the past. Several ancient civilizations, including the Greeks and Romans, levied taxes on their citizens to pay for military expenses and other public services.
It appears that without analyzing the proposed amendments in Budger 2018, most of the people have jumped to the conclusion that entire Chapter VI A deduction are covered, thus wrongly concluding that deduction u/s 80C (payment of PPF/LIC/School fee etc) , 80D- mediclaim, 80G (Donations),80TTA & 80TTB (interest from Bank) etc etc will not be allowed if the Income Tax Return is filed beyond the due date, which in actual is not the case since only PART C to Chapter VIA is covered in the budget proposal. In the following paragraphs an attempt has been made to clarify the position
