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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...
From the FY 2016-17 Ind AS will be in place and have a big impact on the Financial Statement i.e. Net Profit of the company. Calculation of MAT depends upon the Net Profit as per the Books of Accounts after certain adjustments as defined in Section 115JB. So it can be derived that the adoption of Ind AS, the MAT liability of a company can go undergo a complete change.
Present welcome judgment of the Supreme Court in the case of V.S. Kandalgaonkar sets at rest the ongoing controversy and clearly holds that there is priority of rights of secured creditors over the rights of income tax department while recovering dues. This will go a long way and help those secured creditors who are facing difficulties in this regard at no fault of theirs.
The ITAT bench of Mumbai in the above cited case law held that any contingent impact on profit/loss would not take the transaction to fall within the purview of international transaction. In the present case
The objective of publishing this statistics is to encourage wider use and analysis of Income-tax data by Departmental personnel and academicians. The statistics relating to sources of income have been prepared on the basis of values mentioned in e-filed returns and values captured from paper returns and the same may contain data entry errors on the part of the taxpayers/ return filers. Therefore, the accuracy of the statistics is limited by the accuracy of returns.
Income Tax Department has released details of Tax Payers to whom the Income PAN Cars is been allotted during the Financial Year 2013-14. It shows the the same based on Status of Taxpayer i.e. Individual, Company , Firm Etc. and also based on Taxpayers Age during the Financial Year 2013-14 while making the Application and […]
Data Covers Figures of 1. Direct Tax Collection 2. State and U.T. Wise Break-Up of Collection 3. Contribution of Direct Taxes to Total Tax Revenue 4. Direct-Tax GDP Ratio 5. Pre-Assessment and Post-Assessment Collections 6. Cost of Collection 7. Number of Effective Assessees 8. Workload and Disposal of Income tax Cases
Income Tax Department has released Time Series Data for Financial Year 2000-01 to 2014-15 based on internal reporting/ MIS of the Income Tax Department or figures reported by Controller General of Accounts or data published by other Government agencies along with PAN Allotment Statistics pertaining to Financial Year 2013-14 and Income Tax Return Statistics for Assessment Year 2012-13 (FY 2011-12).
As per the guidelines, the Competent Authority may grant reward not exceeding 10% of the extra income-tax and wealth-tax levied and actually realized, but subject to a ceiling of Rs. 15,00,000/- (rupees fifteen lakhs only) if the aforesaid taxes are directly attributable to the information, including documents, supplied by the informant.
26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.
When the object of assessee’s business is to develop and let out the properties then even when it is also providing other facilities to tenants still the assessee’s income will be assessable as business income.
