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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...
The list of Budget documents presented to the Parliament, besides the Finance Ministers Budget Speech, are the following
We are largely a tax non-compliant society & the burden of tax-evaders falls on honest taxpayers : FM Rate of growth in advance tax in personal income tax in last 3 quarters of this financial year is as high as 34.8% 76 lakh individuals reported income over Rs 5 lakh, 56 lakh of them are […]
Once the shares of the beneficiaries are found to be determinable, the income is to be taxed of that respective sharer or the beneficiaries in the hands of the beneficiary and not in the hands of the Trustees which has already been shown in the present case.
Section 35AC- Notifies the various institutions Approved by the National Committee – Income Tax Notification No. 3/2017 – Dated 1-2-2017
By no interpretative process the explanation to Section 164 of the Act, which is pressed in service can be read for determinability of the shares of the beneficiary with the quantum on the date when the Trust deed is executed and the second reason is that the real test is the determinability of the shares […]
Hon’ble Finance Minister Shri Arun Jaitley tabled today Economic Survey Report 2017 in the Parliament, outlining the broad direction of the Union Budget 2017 and the economic performance of the Country.
If we analyze, we will understand that, it is tendency of the people to save tax, they do tax planning. If the Tax rates are too high, tax planning and ways and means to save tax will emerge
Income Tax Department- User Guide for Online Verification of Cash Deposits during 9th Nov to 30th Dec 2016 Please contact 1800 4250 0025 for queries regarding e-filing issues. Please send mail at cash2016@incometaxindia.gov.in for queries regarding verification. 1. Background Income Tax Department (ITD) intends to leverage technology and data analytics for effective utilization of demonetisation […]
Income Tax Department launches Operation Clean Money to seek Clarification from PAN holders on cash deposited during Demonetisation period
Income Tax Department has identified bank accounts which have large value cash transactions. The details of bank account are visible under Compliance section of the e-filing portal of the related persons. PAN holders can submit the on-line response as under:
