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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...
Income-Tax Act 1961 Amended Through Finance Act 2015 to Provide Certain Tax Benefits to Notified Backward Areas in Specified States Including State of Bihar to Give. These Areas an Opportunity to Grow Faster;21 Districts of Bihar Notified as Backward Areas; Any Manufacturing Undertaking or Enterprise Set-Up During the Period From 01.04.2015 to 31.03.2020 in the […]
In the case of Bhagat Construction Co Private Limited vs CIT Hon;ble Supreme Court has held that Interest u/s 234B of Income Tax Act, 1961 is automatic even if assessment order does not contain any direction for payment subject to computation of same in Form I.T.N.S 150
We have seen women excelling in different spheres of this world like science, technology, business, sports, music and many more. All you have to do is take control of these 5 things which will help you elevate your goals so that you can live the dreams you’ve earned. Managing Bank Accounts: Digital age has transformed […]
A detailed analysis of Exemption under Section 10(10CC) alongwith the provisions of Section 17(2), 40(a)(v), 192(1A), 195A, 198, 199, 200 and 203 of the Income Tax Act, 1961. Highlighting the ruling under Sedco Forex International Drilling Inc. (2012)
In the case of Commissioner of Income Tax Vs The Executive Engineer Court of Karnataka( Kalaburagi Bench) has held that if a person executing the work, purchases the materials from a person other than the customer
Nowadays interesting matches of Pro-Kabaddi are going on. This is the second year of Pro-Kabaddi Match Series. The game of kabaddi is gaining more and more popularity by the day. Krishna, Please explain how Interesting the game will be if it is played between the Income Tax officers and Taxpayers, such that Knowledge can be gained in a fun loving way.
To facilitate the taxpayers and to provide end-to-end e-enabled services, the Income Tax Return for A.Y. 2015-16 can now be verified electronically. CBDT vide Notification No. 2/2015 dated 13th July 2015 introduced e-verification of ITRs. The same can be downloaded from the below link:
As per section 14A, expenditure incurred in relation to any exempt income is not allowed as deduction. However, if the Assessing Officer is not satisfied with the correctness of the claim of the assessee in respect of expenditure in relation to exempt income, or the claim made by the assessee that no expenditure has been incurred in relation to exempt income for such previous year, he shall determine the amount of expenditure in relation to such income in the manner provided in Rule 8D.
Delhi High Court has held in the case of DIT vs. M/s Lufthansa Cargo India that Retrospective amendments seeking to tax income of non-residents does not affect the source rule’. The amendment makes no any difference to the non-taxability of payments made to foreign companies if the income accrues abroad – Section 9.
Dear Professional Colleague, Sub: Extension of due date for filing Income Tax Returns – Soliciting views/ suggestions reg. As you are kindly aware, the CBDT has notified the ITR forms vide Notification No 49/2015, dated 22nd June, 2015 and Notification No 61/2015, dated 29th July, 2015. With regard to the same, as the due date of […]
