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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...
Assessee is a company engaged in the business of manufacturing and sale of cycle chains, wheel and axles. Assessee its return of income for AY 1997-98 was filed disclosing loss of Rs. 27,09,520/- and income of Rs. 1,08,544/- under the provisions of Section 115J.
The contention of the assessee was that the tax effect in this appeal is less than Rs.4,00,000/-, therefore, the department ought not to have filed this appeal in view of the circular issued by the CBDT and the provisions contained in Section 268A of the Income Tax Act, 1961
Whether in absence of proper service of notice u/s 143 (2) assessment proceedings for relevant Assessment year can be validated.
The reassessment proceedings were invalid, inasmuch as, the notice under Section 148 was issued by the Income Tax Officer, Ward -3, Gurgaon, who is not vested with the jurisdiction over the appellant.
Notification No. 57/2015 – Income Tax Dated- 1st July, 2015 Central Government hereby appoints — (i) the 30th day of September, 2015 as the date on or before which a person may make a declaration in respect of an undisclosed asset located outside India; (ii) the 31st day of December, 2015 as the date on or before which a person shall pay the tax and penalty in respect of the undisclosed asset located outside India so declared,
Notification No. 56/2015 – Income Tax Dated- 1st July, 2015 Whereas the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) (hereinafter referred to as the Act) received the assent of the President on 26th May, 2015; And whereas sub-section (3) of section 1 of the Act provides that save as otherwise provided in the Act, the Act shall come into force on the 1st day of April, 2016;
Tax laws are getting complex day by day and also scope for simple tax planning is also getting narrower day by day. In this dynamic environment, knowledge of only tax laws will not help you to sustain the proper tax planning. Knowledge and better understanding of different laws is very much important.
Release of Return Preparation Software: Software for preparing ITR 1 & ITR 4S in Java, Excel & Online for AY 2015-16 are now available for e-Filing. ITR 1 & ITR 4S can also be filled and submitted online after logging to the e-Filing website. E-filing of ITRs 2 and 2A will be enabled shortly. ITR […]
The Hon’ble Tribunal held that the property in question was sold by assessee’s late husband before his death and the receipts out of the sale proceeds are deposited in a joint bank account that of assessee and her late husband. Once this is the position the entire receipts are to be assessed in the hands of late husband although through legal heirs by adopting the procedure prescribed u/s. 159 of the Act.
Under the project only product neutral training will be given except a short session on company’s profile and prixiucts. Further, the farmers benefitted under the project will have the privilege of supplying their produce to any other entity.
