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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...
Municipal Corporation has to carry out certain functions of obligatory and some of discretionary character. In carrying out such functions, it has powers granted under the Act. It can generate revenue and apply the same for the purpose of carrying out its functions.
Losses in Speculation Business The existing provisions of section 73 of the Act provide that losses incurred in respect of a speculation business cannot be set off or carried forward and set off except against the profits of any other speculation business. Explanation to section 73 provides that in case of a company deriving its […]
Click here for Highlights of UNION BUDGET – 2014 Click here for Clause by Clause Analysis on DIRECT TAX Click here for Clause by Clause Analysis on CUSTOM Non-Tariff
CA Srikant Agarwal We are uploading here Excel file containing Income Tax calculator as modified by Finance Bill 2014 presented on 10TH July 2014. The above Income Tax calculator contains the rate of tax for last 18 financial year (i.e Financial year 1997-98 to 2014-15) and income tax calculator for last 9 years (i.e Financial […]
Assessee alongwith his wife jointly owned bungalow. The bungalow was sold at Rs.3/ crores. With this sum, they bought three flats, one in the Assessee’s name, another in the name of Assessee and his wife and third in the name of the wife.
The existing provisions of section 12AA of the Act provide that the registration once granted to a trust or institution shall remain in force till it is cancelled by the Commissioner. The Commissioner can cancel the registration under two circumstances: (a) the activities of a trust or institution are not genuine, or; (b) the activities […]
FM Arun Jaitley said that Modi govt budget for middle class is committed to lower taxes and lower taxes gave people money to spend which in turn helps in economic growth. FM Hikes Income Tax exemption limit in personal income tax from Rs 2 lakh to 2.5 lakh, tax exemptions limit in investments under 80C from Rs 1 lakh to Rs 1.5 lakh and interest on housing loan from self occupied property from Rs 1.5 lakh to 2 lakh. Fm also raises limit for investment in PPF from Rs 1 lakh to Rs 1.5 lakh. These measures will help salaried class and middle class to do tax saving of upto Rs 39,655.
Impact of Budget (Income Tax Amendments) on your investments/personal finance strategy: There were few changes (amendments) of Income tax in the current budget. Major highlighted were Change in Tax Slab (from Rs. 2Lakhs to Rs. 2.5Lakhs for Individuals) Increase of limit U/s. 80C (savings) – from Rs. 1Lakh to Rs. 1.5Lakh Increase in deduction of […]
The existing provisions contained in section 139 of the Act provide that every person being a company or a firm or being a person, other than a company or firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous […]
It is true that the reasons for initiating re-assessment proceedings do in fact state that there was a failure on the part of the Petitioner to disclose fully and truly all material facts necessary for its assessment.
