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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...
The existing provisions of section 12A of the Act provide that a trust or an institution can claim exemption under sections 11 and 12 only after registration under section 12AA has been granted. In case of trusts or institutions which apply for registration after 1st June, 2007, the registration shall be effective only prospectively.
The existing provisions of section 271 G of the Act provide that if any person who has entered into an international transaction or specified domestic transaction fails to furnish any such document or information as required by sub-section (3) of section 92D, then such person shall be liable to a penalty which may be levied […]
The existing provisions of section 92B of the Act define ‘International transaction’ as a transaction in the nature of purchase, sale, lease, provision of services, etc. between two or more associated enterprises, either or both of whom are non-residents. Sub-section (2) of the said section extends the scope of the definition of international transaction by […]
Anonymous donations under section 115BBC The existing provisions of section 115BBC of the Act provide for levy of tax at the rate of 30 per cent. in case of certain assessees, being university, hospital, charitable organisation, etc. on the amount of aggregate anonymous donations exceeding five per cent of the total donations received by the […]
Cost Inflation Index The existing provisions contained in section 48 prescribe the mode of computation of income chargeable under the head “Capital gains”. Clause (v) of the Explanation to the said section defines the term “Cost Inflation Index” (CII) which in relation to a previous year means such index as may be notified by the […]
Considering the erosion in the real values of the amount of specified presumptive income due to inflation over the years and also in order to simplify this presumptive taxation scheme, it is proposed to provide for a uniform amount of presumptive income of Rs.7,500 for every month (or part of a month) for all types of goods carriage without any distinction between HGV and vehicle other than HGV.
The existing provisions contained in section 45 provide for charging of any profits or gains arising from transfer of a capital asset. Sub-section (5) of the said section provides for dealing with capital gains arising from transfer by way of compulsory acquisition where the compensation is enhanced or further enhanced by the court, Tribunal or […]
The Special Undertaking of the Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. SUUTI is the successor of UTI. The mandate of SUUTI is to liquidate Government liabilities on account of the erstwhile UTI.
The existing provisions contained in clause (5) of section 43 define the term speculative transaction. The proviso to the said clause (5) excludes certain category of transactions as speculative transactions. Finance Act, 2013 made a provision for levy of commodities transaction tax on commodity derivatives in respect of commodities other than agricultural commodities. As a […]
Budget 2014- Transfer of Government Security by one non-resident to another non-resident The existing provision contained in section 47 of the Act provides that certain transactions shall not be considered as transfer for the purpose of charging of capital gains. With a view to facilitate listing and trading of Government securities outside India, it is […]
