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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...
ACIT Vs. Sagar Nitin Parikh (ITAT Mumbai) In the instant case, the assessee has constructed a house prior to the date of transfer of original house, in which case, the assessee is not entitled to claim deduction u/s 54 of the Act in respect of the cost of new flat.
Deccan Education Society Vs. Addl. CIT (ITAT Pune) Hon’ble ITAT observed that Merely because some of the donors stated that they have given the donation for admission will not disentitle the society from getting exemption which exists solely for educational purposes
The Electronic filing of Form 6 under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 has been enabled under the menu “e-File” after login. Taxpayers are requested to e-File Form 6 during the compliance window which ends on September 30, 2015.[Refer Notification No. 58/2015 dated 02/07/2015]
Restriction on the intellectual property in designs and drawings sold by the assessee for the purpose of setting up a plant in India does not change the character of the transaction from the sale of the product to the use of licence/know-how.
ITAT Chennai has held in In the case of Dishnet Wireless Limited vs. DCIT that No liability of TDS will arise if the amount of expense or payee is not ascertainable though year-end provisions are made by the Appellant.
The Central Board of Direct Taxes has vide Notification No. 41/2015 dated 15.04.2015 in cases of categories of ‘persons’ specified therein, has introduced Electronic Verification Code (‘EVC’) as one of the modes for validation of return of income which are filed electronically on or after 01.04.2015.
The losses occurring to an assessee due to dacoity, theft or embezzlement, etc., may be claimed as deductible while making the income chargeable to income-tax under the head profits and gains of business or profession under section 28. The loss by theft is not covered by section 10(2) (xv) of the Income Tax Act, 1922
In the case of M/s ONS Creations Private Limited Vs. ITO, it was held by ITAT Delhi that if additional evidence can not be produced before AO for a reasonable cause by assessee, the CIT (A) must admit the additional evidences and assessee must be given an afresh opportunity of being heard.
In the case of Ms. Meena Rani Vs. ACIT, It was held by ITAT Delhi that If no satisfaction note has been recorded in the records of the searched persons but in the records of the assessee, assessment cannot be done U/s 153C
The Supreme Court in the case CIT v. McDowell & Co. Ltd. [2009] 180 Taxman 514 (SC), has held, on the facts and circumstances of the case, that furnishing of bank guarantee cannot be equated with actual payment.
