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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...
To study the existing ITR Forms and suggest modifications to the same with a view to align the forms with latest provisions, simplification of forms for the benefit/ convenience of the taxpayers;
A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings at home, will the income tax department ask questions if the same is deposited in banks?
In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs 500 and 1000 denominations of Bank Notes of the existing series issued by RBI shall cease to be legal tender with effect from 9th November, 2016,
FM sais that there will be positive impact of recent decision of demonetising of higher value currency notes. He assured that people making small deposits for exchanging old currency notes will not be harassed.
It has been alleged that the bank authorities refused to accept payment stating that since IDS, 2016 has closed on 30.09.2016 the banks cannot accept the said challan beyond the said date.
Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest.
Direct tax collections up to October, 2016 show that net collections are at Rs.3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year.
CBDT requests feedback on CASS parameters so as to select cases for scrutiny assessment for returns filed in F.Y. 2016-17 to make the process more effective (i) The parameters of selection of earlier CASS runs, which have not yielded revenue even after in-depth scrutiny, which may be considered for exclusion in future CASS run.
In case of a domestic company which has exercised option under sub-section (4) of section 115BA, the allowance under clause (ii) of sub-section (1) of section 32 in respect of depreciation of any block of assets entitled to more than forty per cent.
By adopting tax planning, long-term loss on sale of shares suffered by assessee on off-market sale transactions can legitimately be adjusted against long-term capital gains on sale of land.
