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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...
Author in this articles discusses recent decision of ITAT – Ahmedabad holding that: 1. an eligible assessee cannot be declined the Treaty protection under section 90(2) of the Income Tax Act, 1961 [the Act] on the ground that the said assessee has not been able to furnish a Tax Residency Certificate [TRC] in the prescribed form as required by the section 90(4).
No interest under the provisions of section 234A, 234B or 234C or penalty under the provisions of clause (c) of sub-section (1) of Section 271 or section 271A or section 271B shall be levied or imposed upon the assessee in respect of the undisclosed income determined in the block assessments
The CBDT has vide Order No. 89 of 2015 dated 19.06.2015 ordered the transfer and posting of 59 officers in the grade of Additional and Joint Commissioners of Income Tax in the Directorates/ International Taxation & Transfer Pricing and CBDT with immediate
Background-: 1. This is in relation to FY 2014-15. One may be aware that, there is a change in the law relating to taxation of Capital arising out of sale of soft assets like shares. Securities, mutual funds etc. Audience-: 2. Especially for those who handle their investment portfolio and tax matters themselves and visit […]
The assessment proceedings and penalty proceedings are two separate and distinct proceedings. The fact that certain additions were made in the assessment proceedings would not automatically justify for imposition of penalty u/s 271(1)(c) of the Act.
The assessee company is engaged in real estate business. It paid cash advance for purchasing a plot and reflected it in balance sheet under loans and advances given. The AO made addition of 20 % of amount paid as advance, invoking the provisions of Section 40A(3) of the Income Tax Act, 1961.
Download Simple Income tax Calculator in Excel Format for Salaried Persons for Financial year 2014-15 / Assessment Year 2015-16. This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government. Download Simple Income tax calculator […]
Appeal of the revenue stands allowed and only the cost of theland has to be considered for calculating exemption u/s 54B no other expenses will be taken into account. So ITAT disallowed the expenses of leveling and filing of land and set aside the order of CIT(A) and restore that of A.O on this issue.
CBDT has lately noticed that terms of Instruction No. 20/2003, dated 23.12.2003(copy enclosed) on the subject mentioned above are not being adhered to. The operative part of the Instruction is reproduced below for ready reference;
Discover 8 online services provided by the Income Tax Department for e-filing returns. View your filing history, refund status, and outstanding tax demand.
