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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 High Court held that failure to pass the order giving effect within the time prescribed under Section 153 resulted in abatemen...
Income Tax : The Madras High Court held that unexplained trade credits falling under Section 68 cannot qualify for deduction under Section 80-I...
Income Tax : The Tribunal restricted the Section 14A disallowance to exempt income and deleted additions relating to bad debts, tea and coffee ...
Income Tax : The ITAT held that the CPC could not make adjustments under Section 143(1) without first issuing the mandatory intimation to the a...
Income Tax : The ITAT Mumbai held that Fees for Technical Services were taxable at 10% under section 115A(1)(b) since the RBI's automatic appro...
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...
Delhi High Court held in the case of Cheminvest Ltd. v. CIT that No disallowance u/s 14A can be made in a year in which no exempt income has been earned or received by the assessee. Section 14A of Income Tax Act, 1961 does not apply to shares bought for strategic purposes.
Understanding Rectification of Mistake under Section 154 of Income Tax Act, 1961 There is no doubt that anybody can cause/effect/commit a mistake ‘inadvertently’ while reading, understanding, interpreting & writing, or during drafting, dictating, or taking note, translating from shorthand, typing, computing, etc. Considering this factor, the makers of Income Tax Law have kept open a […]
ITAT Ahmedabad in the case of M/s. Parshwa Corporation Vs. DCIT observed the basic necessities & condition for issuing notice u/s 153 C and it was held that it is mandatory to follow the procedure prescribed under the section i.e. (1) Satisfaction is to be recorded by the Assessing Officer of the persons searched;
ITAT Chennai held In the case of The Continental Enterprise vs. ITO that as per explanation 1 to sec.32, where any business or profession is carried on in a leased building and any capital expenditure incurred for business or profession on the construction of any structure or doing any work in
It has been the constant endeavor of the Income-tax Department to make compliance simpler for the taxpayer through the use of technology. E-filing of returns, refund banker scheme and the newly introduced e-verification of Income-tax returns for the Assessment year 2015-16 are some of the key initiatives undertaken by the Department for making filing of returns simple and easy for the common taxpayer.
Advance Payment due date is approaching fast as due date for September Quarter for Payment of advance tax is 15th September 2015, so I thought it appropriate to discuss provisions related to payment of advance tax and consequences of late payment, Short Payment or non payment of advance tax.
In the case of ACIT Vs. M/s Supersonic Turner Pvt. Ltd., Jaipur Bench of ITAT have held that where ESI/PF received from the employees was deposited late but before the due date of filing return of income u/s 139 (1) the amount cannot be disallowed u/s 43B or 36 (1) (va).
F.No.225/246/2014/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi the 10th September, 2015 OFFICE MEMORANDUM Subject:- Committee to study the feasibility of the recommendations regarding group assessment and system of peer review before assessment – regarding. Board has constituted a Committee for examining feasibility of recommendations of […]
ITAT Mumbai has held in the case of ACIT vs. M/s Venus Jewel that Loss on account of forward contract entered into by the assessee to hedge against the loss arising on account of fluctuations in foreign exchange is an allowable deduction.
Your attention has been drawn for seeking extension of the Tax Audit date of 30th September 2015 on a ground of totally unjustified expectations from the fraternity of Chartered Accountants to complete their job within 23 days against statutory availability of 183 days.
