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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 Delhi upheld the deletion of an ₹80 lakh addition after holding that the assessee had established the identity, creditw...
Income Tax : ITAT Chennai held that Assessing Officer should have allowed 200% weighted deduction on DSIR-certified capital expenditure under s...
Income Tax : The Delhi High Court held that borrowing funds to repay an earlier loan falls within the assessee's commercial wisdom. It upheld t...
Income Tax : The High Court upheld the dismissal of a writ petition seeking action on an alleged tax evasion complaint, holding that no case fo...
Income Tax : The ITAT held that a transfer pricing adjustment under Section 80-IA(10) cannot be sustained without proving the statutory conditi...
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...
If the officer is not empowered to administer oath, then by scoring off the sections in the heads of the stationery would not authorize officer to administer oath and take statement under section 131 of the Income Tax Act, 1961 during the survey. Therefore, this statement is only a piece of information, and does not carry any evidentiary value.
The following 21 postings / transfers in the grade of Additional/ Joint Commissioner of Income Tax are, hereby, ordered vide Order No. 158/2016 with immediate effect and until further orders:-
The following 13 postings / transfers in the grade of Additional/ Joint Commissioner of Income Tax are, hereby, ordered vide Order No. 157 of 2016 with immediate effect and until further orders:-
The treatment of extended credit period to Associated Enterprises(AEs) as an international transaction and making adjustment of notional interest on the same has always been bone of contention between the assessee and department.
Deduction U/s. 80IB is allowable over a period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed
The Finance Act 2016 amended the provisions of section 206AA of the Income Tax Act, 1961 (‘Act’) with effect from 01.06.2016, thereby providing that the provisions of section 206AA would not apply to specified payments made to non-residents.
CBDT has, vide Notification no. 54/2016 dated 27th June 2016, notified Rules for grant of Foreign Tax Credit (FTC). The said rules are applicable from Assessment Year 2017-18 onwards. Earlier, the CBDT had released draft FTC rules on 18th April 2016 for public comments and on the basis of comments received, the final rules are notified.
It is clarified that wherever in the course of search under section 132 or survey operation under section 133A of Income-tax Act, 1961, any document is found as a proof for having already filed a declaration under the Income Declaration Scheme (IDS), 2016, including acknowledgement issued by the Income-tax Department for having filed a declaration, no enquiry would be made by the Income-tax Department
The Central Board of Direct Taxes has issued a Circular bearing number 30/2016 on 26th August, 2016 for the purpose of streamlining the process of issue of No Objection Certificate (NOC), Port Clearance Certificate (PCC), Voyage Return and Voyage Assessment in case of Foreign Shipping Companies (FSCs).
Stakeholders have highlighted several difficulties in following the provision for closure of financial accounts. In view of the same, India and the United States are discussing the alternative procedures under paragraph G of Section VI of Annex I with a view towards adjusting them to permit a few month extension of time for completing the due diligence and not requiring account closure within one year of entry into force of the agreement (i.e., August 31, 2016).
