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Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : The Supreme Court has remitted reassessment cases for fresh consideration after the retrospective insertion of Section 147A, leavi...
Income Tax : Learn the most frequent errors taxpayers make while filing Income Tax Returns for AY 2026-27 and how avoiding them can prevent not...
Income Tax : The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning ...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
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 Court rejected the challenge to the search conducted under Section 132 and upheld the legality of the search proceedings. It, ...
Income Tax : The Tribunal held that the reassessment was invalid because the Income Tax Officer lacked pecuniary jurisdiction where the returne...
Income Tax : The Tribunal held that the assessment was invalid because the Assessing Officer having jurisdiction failed to issue the mandatory ...
Income Tax : The ITAT Kolkata held that the reassessment was invalid because the ACIT lacked pecuniary jurisdiction and completed the assessmen...
Income Tax : The ITAT Kolkata held that the assessments were invalid because the ACIT was not shown to have jurisdiction under CBDT Instruction...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
While upholding the compounding guidelines issued by the Central Board of Direct Taxes (CBDT), a division bench of the Delhi High Court held that the amount of compounding fee can be more than the principal amount if there is willful default in the payment of tax on the part of the assessee.
Section 12A of the Income Tax Act nowhere empowers the Commissioner of Income Tax to assess the objects vis-a-vis the donation received by the Charitable Trust in the first year of its establishment. At the stage of Section 12A the Commissioner is not to examine the application of income.
Finance Bill’2018 has proposed some major changes impacting trusts. 1) Mandatory Requirement of obtaining PAN for the Trustees: Section 139A is amended to propose that every person, not being an individual, which enters into a financial transaction of an amount aggregating to two lakh and fifty thousand rupees or more in a financial year shall be required to apply to the Assessing Officer for allotment of PAN.
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 yesterday.
Miss Indira Vasanji Shah Vs. DCIT (ITAT Mumbai) owners of the plot have authorised the developer to take the plot and the moment the assessee has booked the flat and flat has been allotted to the assessee, a valuable right has created. It is a capital asset and that right continued till the assessee entered […]
With snow reportedly falling in Philadelphia, USA and other places, Internal Revenue Service(IRS), the most dynamic tax collecting wing of the Federal Government of USA, opened the electronic filing window on January 29, 2018, enabling millions of tax payers to start the process of tax filing and aspire for tax refunds, if eligible.
The eyes were all set in this budget also by Startup community what the Finance Minister will bring for them. However, there was not much to celebrate. Still, they didn’t go unnoticed. I have listed down budget proposals benefiting Startups.
As of June 2016, the total amount of gross non-performing Assets (NPAs) for public and private sector banks amounted to approximately ₹6 lakh crore. The economy remained clogged with the whopping amount of NPAs due to lack of any effective mechanism to deal with the same.
Let’s understand the tax ability of listed equity shares with a flow chart (assuming STT has been paid on purchase & sale of shares in a recognized stock exchange)
M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court) The petitioner – Trust in question having the cloak of an Educational Trust, to enjoy the exemption from Income Tax obtained the approval under Section 10(23-C) of the Act, was thoroughly misused and abused by the Trustees who appear to be Members of […]
