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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...
Gap between PAN card holders and number of taxpayers PAN has been allotted to around 17 crore entities while I-T returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per cent […]
Justice Wendell Homes once said ‘With taxes, I buy civilisation, ’It means that taxes are the cost paid for living in a society and for being part of civilisation. Taxes also need to be utilised to meet basic functions of the state like defence, law, justice, public services and good governance. Unfortunately, people take taxes only as a burden on their income and treat the filing of returns as a mere formality.
The effective rate of taxation in the case of companies could be defined as the ratio of tax payable to the total profit before tax, expressed as a percentage. The difference between the effective rates of taxation and statutory rate of taxation is mainly on account of various direct tax incentives.
Improving the empirical basis for any decision on taxation – policy or administrative – through an analysis of its impact is a key function of a modern tax administration that aims to improve the process of decision making. Decision-making based on an empirical analysis of the positive and negative effects of a proposed measure or regulation helps ensure that the benefits of a tax action justify the cost of compliance imposed on taxpayers and the cost of administering such a tax.
The assessee entered into an agreement with an Export House M/s Rajnikant & Bros. As per the terms of the agreement M/s Rajnikan & Bros imported consignment of “Almonds in Shell” at Madras Port. This import was actually for one of the nominee of the assessee M/s Peanut Products
CA Sagar Kakkad WHY AN HUF? Because you can save up to INR 5 Million in Present Value Terms !! Assumptions Your current age is 30 years and your life expectancy is 70 years Government increases the basic exemption limit by average INR 25 k per year and deductions by average INR 5 k per […]
Notification No. 81/2014-Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O. 2752(E), dated the 22nd October, 2014, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii),
Assessee engaged in the business of real estate and construction had filed its return for AY; 2009-10 declaring an income of Rs.55,45,092/-and for AY: 2010-11 and an income of Rs.8,07,253/-. During the course of assessment proceedings
The facts, in brief, are that the assessee declared net wealth of Rs.2,75,28,460/- in his wealth tax return. The ld. Assessing Officer accepted the wealth declared by the assessee by passing an order u/s 16(3) of the Wealth Tax Act, 1957.
Concept of Retrospective Taxation Retrospective taxation means bringing changes in the legislation which impact the tax consequences of certain actions undertaken before the enactment of such legislation. The policy of the Government in respect of retrospective taxation has been spelt out in the speech of the Finance Minister while present the Finance (No.2) Bill, 2014 […]
