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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 Madras High Court held that allegations regarding incorrect or incomplete disclosures in an election affidavit cannot be exami...
Income Tax : The ITAT Ahmedabad held that no disallowance under Section 14A can be made where the assessee did not earn any exempt income durin...
Income Tax : The ITAT Hyderabad held that excess application of income by a charitable trust can be adjusted against subsequent year's income i...
Income Tax : The ITAT Bangalore held that the return of income and Form No. 10DA were filed within the prescribed due date of 30.11.2018. It di...
Income Tax : The ITAT Ahmedabad held that merely describing a transaction as a loan by one party and a purchase advance by the other could not ...
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...
DCIT Vs Shri Jitendra Maganlal Shah (ITAT Ahemdabad) Assessee surrendered Rs.81,77,930/- during the course of survey proceedings covering the excess stock investment, expenses, etc. The assessee had declared a net profit @ 9.16% if the amount surrendered is taken into account
In the case of Oil & Natural Gas Corporation Ltd. Vs. DCIT CPC-TDS, assessee was required to deduct tax and has deducted TDS @ 2% of sum paid/credited to GETCO Ltd. but due to filing of wrong PAN of deductee it has been deemed as assessee in default and accordingly 18% of remaining
The Union Finance Minister Shri Arun Jaitley in his Budget Speech 2015 had indicated that the rate of Corporate Tax will be reduced from 30% to 25% over the next four years along with corresponding phasing-out of exemptions and deductions. This is a step towards simplification of tax laws, which is expected to bring about transparency and clarity.
Under the Indian Foreign Exchange Regulations, the limit for permissible remittance outside India (including for investing in property outside India) by resident individuals is cumulatively USD 250000 per financial year (April – March) per person as per the Liberalized Remittance Scheme. Since the aforesaid limit is per person, each member of family can remit out of his own balance USD 250,000 per financial year for purpose of acquisition of property.
Rajasthan Patrikia Pvt. Ltd. vs. ACIT- ITAT Jaipur held that newspapers and periodicals are distinct commodity than the paper, printing ink and other ingredients used therein. Since a new commercial product comes into existence
ITAT Chennai held in The ACIT Vs M/s Mansi Finance Chennai Ltd that if the agricultural land purchased by the assessee was not with an adventure in the nature of trade then that agricultural land could not be treated as a capital asset and liable for capital gain.
ITAT Hyderabad upholds AMD R&D’s plea on depreciation impact in transfer pricing. Infosys, L&T, Mindtree excluded. Get insights into the ruling.
The ITO Vs Shri Radhey Shyam Agarwal (ITAT Jaipur) Once, there is an impending dispute between assessee and M/s. Laxmi Carpet Enterprises then it cannot be assumed that liability for payment has ceased
M/s Srivathsa Industries, Vs ACIT (ITAT Chennai) Admittedly, the assessee is engaged in manufacturing leather and leather garments. In order to market its product in foreign countries, the assessee engaged agents and paid commission to them.
The ITAT Chennai held that payments made by the assessee in the nature of webhosting and marketing expenses to US based service provider could not be taxed as Fees for technology services because there were not transfer of technology involved in render of services such that the services could be continuously used by the Indian company without recourse to the service provider.
