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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 Hyderabad held that payments made for Google AdWords constitute advertising contracts under Section 194C and not fees for...
Income Tax : The ITAT Mumbai held that penalty under Section 270A cannot be sustained where the show cause notice and assessment order fail to ...
Income Tax : The ITAT Lucknow upheld deletion of the addition after finding that the cash deposits represented business receipts arising from d...
Income Tax : The ITAT Delhi deleted the addition under section 69A after finding that the assessee had substantiated the source of the jeweller...
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 : 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...
I am sure that you are completely surprised by the title because nobody has yet pointed out such an anomaly!! You heard it right and please do let me explain. The Finance Act, 2016 has amended Section 206C(1D) to provide that the seller shall collect the income-tax at the rate of 1% from the buyer on sale in cash of any goods or for providing of any services exceeding Rs. 2,00,000/-.
t has remained a matter of great debate that whether as per the provisions of section 206C(1D), the TCS in respect of bullion, jewellery, any other goods and provision of service is leviable :
This is to inform you that as per the Notification No. 37/2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, 2016, Government of India has levied an ‘Equalisation Levy’ on provision of online advertisement services or any other service or facility for the purpose of online advertisement by a Foreign Company provided on […]
CBDT has vide Notification No 1/2016 Dated: 09th June, 2016 notified due date for furnishing 15G/15H declarations for the period from 10.10.2015 to 31.03.2016 and for the period starting from 01.04.2016. The due date for quarterly furnishing of 15G/15H declarations received by the payer from 1.4.2016 onwards shall be: Sl. No Date of ending of […]
Equalisation Levy was introduced in the Union Budget 2016 and is included in the Chapter VIII of the Finance Act 2016. The Govt. had set up a committee earlier this year which gave its recommendations in March, 2016, which included adding more services under the ‘specified service’ banner.
The Indian Judiciary System dates back to the 18th century and there have been cases long pending of the past 10 – 15 years which are yet to be settled. In the midst of all this, if an assessee’s file is trapped between the webs of such system it may land up like the fate of the earlier cases.
Explore the clarifications on the simplified procedure for Form 15G & 15H under section 197A of the Income-tax Act. Stay informed with Notification No. 9/2016 issued by the Government of India.
Arjun: Who can participate in Income Declaration Scheme 2016 (IDS) introduced under Finance Act, 2016 by the Indian Government? Krishna: Following is a list of people, – Every Indian Resident who is guilty of his practices of tax evasion and wants to confess the same.
With a view to bring high value transactions within the tax net, it has been provided in sub- section (1 F) of section 206C of the Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from the buyer. Any person who obtains in any sale. the goods of the nature specified in sub-section (I D) or (IF) of section 206C is a buyer.
Tax Provisions on Income of Investment Funds and Income Received From such Fund Investment Funds pool resources from the investors and invest in new companies, social ventures and other areas which government considers as socially or economically desirable. Finance Act 2015 came with the concept of Investment Funds
