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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 ITAT Ahmedabad admitted additional evidence relating to foreign remittances and restored the matter to the DRP for fresh adjud...
Income Tax : The ITAT Ahmedabad held that unexplained investment under Section 69 can be taxed only in the year the investment is actually made...
Income Tax : The ITAT Mumbai deleted a transfer pricing adjustment of ₹61.22 crore after finding the facts identical to an earlier assessment...
Income Tax : ITAT ruled that determining the arm's length price of management service fees at Nil without following a prescribed transfer prici...
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 : 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...
Suppose a partnership firm makes turnover of Rs 25 lakhs. As per sec 44 AD presumptive rate of 8% net profit amounts to Rs. 2 lakhs. Upto last year out of Rs 2 lakhs there was provision for deducting partners salary, remuneration and interest in this amount upto a maximum of 90% as per sec44 AD(2).
It is proposed to insert an Explanation to section 132(1), 132(1A) and 132A(1) to declare that the reason to believe or reason to suspect, as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal. The proposed amendment could lead to unnecessary harassment of taxpayers.
Section 139(5) – Reduction in time limit for filing revised return – Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit
Notice under section 133(6) of the Act is required to be issued, after obtaining prior approval of Pr. CIT/CIT/Pr. DIT/DIT as provided in the Act, in cases where the ‘person under verification’ fails to file Online response in a timely manner in spite of issue of reminder by the Assessing Officer.
Section 155(14A) proposes to provide that where the payment of foreign tax is under dispute credit of such taxes will be available in India in the year in which the dispute is settled, on satisfaction of certain conditions. To give effect to this an enabling provision shall be inserted through which Tax Authority
Whether Tribunal was right in holding that the expenditure on acquisition of marketing and technical knowhow is revenue in nature as the benefit would accrue over a period of time and treatment in books of account is not relevant
An ‘individual’ and an ‘HUF’ are different persons under the Income Tax Act, and notice to one cannot be deemed as notice to the other.
Assessee society is generating surplus year after year is not the deciding factor to determine whether it is eligible for exemption under section 11 of the Act. And on this ground alone, the exemption claimed by the assessee society under section 11 can not be denied. What is relevant to examine is whether the surplus so generated is ploughed back in furtherance of its educational objectives and related activities or not.
In terms of section 153A of the Act, the already finalised assessment can only be disturbed if the search team has found some incriminating documents or material and which was relied upon by the AO at the time of framing the assessment or the addition is made in the order passed under section 143(3) r.w.s.153A of the Act by referring to seized material and not otherwise
The addition has been made invoking the deeming provisions of section 50c of the Act. There is no finding that the actual sale consideration is more than that mentioned in the sale agreement.
