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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...
Forum Chaired by Dr. Parthasarathi Shome for Exchange of Views Between Industry Groups and Government on Tax Related Issues Identifies 29 Issues in Direct Taxes and 47 Issues in Indirect Taxes that Merited Removal of the Obstacles and Issue of Clarifications or Amendment of Procedures. The Finance Minister Shri P. Chidambaram, in his Press Statement […]
a. The PMS Agreement in this case was a mere agreement of agency and cannot be used to infer any intention to make profit. b. The intention of an assessee must be inferred holistically, from the conduct of the assessee, the circumstances of the transactions, and not just from the seeming motive at the time of depositing the money
The tendency not to accept any adverse verdict on facts results in frivolous Appeals being filed in this Court. That causes huge loss to the public exchequer and results in wastage of precious judicial time of this Court.
Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is legally justified in cancelling the penalty levied under Section 271(1)(c) inspite of the fact that the assessee did not furnish any explanation either before the Assessing officer
There is no provision in the Income Tax Act, 1961 which permits withdrawal of an appeal, once it is filed, and registered. In other words, once right of appeal is exhausted, by party concerned, and the appeal is filed before appropriate Appellate Authority, who after receiving same has registered it, I find no provision in the statute permitting withdrawal thereof.
46 Countries under the auspices of OECD adopts a Declaration regarding Automatic Exchange of Information in Tax matters Statement by the Union Finance Minister. May 12, 2014 On May 6, 2014, 46 countries, including India, besides the European Union, meeting under the auspices of the OECD, adopted a Declaration on Automatic Exchange of Information in […]
To facilitate improved TDS administration, CPC(TDS) starts the feature of “Aggregated TDS Compliance” at PAN level for all TANs associated with the referenced PAN. Following are additional details related to the new feature.
So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee
Kaushal Agrawal Revise, Understand and learn following topics. 1. Tax on Special Income 2. Tax on casual income 3. Tax on Normal Income 4. Surcharge 5. Education cess 6. Slab Rate 7. Basic Exemption whether available from special Income 8. Rebate u/s 87A
CIRCULAR NO. 10/2014-Income Tax i) Enterprise carrying on the business of developing or operating & maintaining or developing, operating & maintaining infrastructure facilities [ref: 80IA(4)(i)] ii) undertaking providing basic or cellular telecommunication services [ref: 80IA(4)(ii)]; iii) undertaking which develops, develops & operates or maintains & operates an industrial park or SEZ [ref: 80IA (4)(iii)];
