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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 Raipur upheld the disallowance of 12.5% of disputed purchases after finding that the assessee failed to establish the act...
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 : 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...
Krishna, nowadays two topics are capturing the attention of everyone in India. One is the mobile game ‘Pokémon Go’ and the other is the ‘Income Declaration Scheme 2016’ we may call it Taxman Go. One is for Finding Pokeman and other is for undisclosed income. Let’s enjoy it and learn joyful tax related matters. No one should take it otherwise.
i. The Advocacy Division of the Commission will continuously scan and identify the upcoming / existing economic legislations and policies which may potentially have adverse effect on competition, for assessment; ii. Any Government Agency, including statutory authority, may refer any upcoming / existing economic legislation or policy to the Commission for competition assessment
Newspapers, periodicals, TV channels are full of advertisements of Income Declaration Scheme 2016. Hoardings, banners, posters and handbills highlight the details of the Scheme. PM, FM and top brass of the Income Tax Department are beckoning people to declare their undisclosed incomes and contribute to the nation’s mite.
CBDT, in exercise of powers conferred U/s. 119 of the Income-tax Act, 1961, hereby extends the ‘due-date’ for filing such returns of Income from 31st July, 2016 to 5th August, 2016, in case of taxpayers throughout India who are liable to file their Income-tax return by the said`due-date’
CBDT extends the ‘due-date’ for filing Returns of Income from 31st July, 2016 to 31st August, 2016, in case of Income-tax assessees in the State of Jammu & Kashmir who are required to file their return under section 139(1) of the Act by the said ‘due date’
Electronic Verification Code (EVC) can be generated through State Bank of India, AXIS bank and Canara bank ATMs. This will facilitate these bank’s customers, who may not have a Net-Banking account, to e-verify their return. Other banks are expected to launch this facility.
Grant Thornton India has successfully assisted one of its clients in the IT sector in inking their first unilateral Advanced Pricing Agreement (APA) with the Indian Revenue within two years of filing the application in 2014. This is a milestone achievement for Grant Thornton as the APA scheme is still in its nascent stage in India.
In order to facilitate filing of income-tax returns on 30th July & 31st July, 2016 (Sunday), CBDTin exercise of powers , hereby directs that necessary arrangements be made for receiving Income tax returns in all income-tax offices throughout the country on these days, during the normal working hours.
The Hon’ble Bombay High Court in the above cited case held that merely because a part of surplus was invested in mutual funds it cannot mean that it would render the principle of mutuality inapplicable more so when the invested money has to be utilized for the furtherance of association’s objectives
Annual value of properties like the ones in case in hand which are more than one, owned by assessee and which admittedly remained vacant throughout the previous year would not be assessed U/s. 23(1)(c) but under Section 23(1)(a). The annual value would, therefore, be determined notionally
