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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...
CBDT has revised format of Tax Report Format wef 25.07.2014 vide its notification no. 33/2014 and accordingly it has revised the format of Form No. 3CA, Form No. 3CB and Form No. 3CD. We have uploaded form No. 3CA, 3CD and 3Cd in Excel and word format for ready reference of our readers :- Download […]
Our immediate challenging tasks include reaching the not so easy’ target for Revenue collection without undue harassment and high handedness; improving the overall image of our department as a friendly, professional, non adversarial and competent organization focused on Revenue collection, tax payers services and ensuring strict compliance with direct tax laws.
The Assessing Officer made two additions. Firstly, benefit under Section 54F of the Act was denied and capital gains of Rs.51,71, 994/- was brought to tax. The second addition made by the Assessing Officer of Rs.19,75,410/-
There is no dispute about the right of our lawmakers (here the CBDT) to draft these formats and ask the information which in their opinion is required for the task in hand but the timing of introduction of these changes is not only crucial and sudden but irritating also.
In the case of the assessee, summons issued by the Assessing Officer to the shareholder companies were duly served upon them and the shareholder companies responded to the Assessing Officer by affirming the investment made
Tribunal has come to the conclusion that for the purpose of imposition of penalty u/s 271(1)(c) as a result of search assessments made u /s 153A, original return of income filed u/s 139 cannot be considered. It was held that concealment of income has to be seen with reference to additional income brought to tax over and above the income returned by the assesee in response to notice issued u/s 153A
At present, the General Anti-Avoidance Regulations (GAAR) in India are set to kick in effective April 1, 2015. The Budget 2014 which was expected to recast and defer GAAR has remained silent. However, the subsequent announcement by the Finance Minister to revisit GAAR provisions in its current form and the effective date of its implementation […]
Grossing up of Dividend for distribution tax – increase in effective Dividend Distribution tax rate of 3.47% The Finance (No.2) Bill, 2014 proposes to levy dividend distribution tax by grossing up the dividend payable for the purpose of computing liability towards dividend distribution tax. As per the existing provision of Section 115-O dividend distribution tax […]
Section 15C of the Indian Income-tax Act 1922, which deals with exemption from tax of newly established industrial undertakings, provides in sub-s. 2(i) that the section applies, among others, to any industrial undertaking which is not formed by the splitting up, or the reconstruction of business already in existence.
If the production of cinematograph film amounts to manufacture of an article or goods within the meaning of section 104(4)(a) as it then stood, it follows that the said activity must be treated as an industrial undertaking within the purview of section 80J of the Income-tax Act, 1961. Apart from the circular, we are satisfied that, even on a common sense view, “film production” will have to be considered as a manufacturing activity and the undertaking will have to be considered as an industrial undertaking.
