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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...
Any salaried person would have heard of a term called HRA (House Rent Allowance). It not only gives benefit in the form of allowance but also gives an opportunity for tax exemption up to a certain limit. Almost every salaried employee takes this benefit. IT department also provides the facility of claiming tax benefit on HRA for […]
The government provides tax deduction benefit of upto INR 5,000 under Section 80D on account of preventive health check-up for self, spouse, dependent children and parents. However, this deduction benefit is inclusive of the overall deduction under Section 80 D (INR 15,000 per annum) for payment of health insurance premium. If one of your parents is a senior citizen, then the limit is enhanced to INR 20,000 per annum.
With zeal I filled in my Investment Plans for the year in the month of April last year, gleaming at the extra bucks that would come “In hand” every month. The “Plans” readily accepted by the HR Department and duly complied with in my monthly take home! In my zeal to meticulously spend those extra […]
The CBDT has vide Order No. 48 of 2014 dated 27.03.2014 promoted 18 officers in the grade of Chief Commissioner/Director General of Income Tax to the grade of Principal Chief Commissioner of Income Tax (CCIT) in the Pay Scale of Rs. 80,000/- with effect from the date of assumption of charge of the post and until further orders.
Dr. Sanjiv Agarwal March, being last month of any financial year is scary for the salaried assessees (employees) and all employers are found arguing with employees to get the proper and due income tax deducted at source (popularly called TDS). The impact is so much so that the cash budget of the employees gets disturbed […]
The forms used to file details of income taxes payable and Paid with Government are known as Income Tax Returns. Online Tax returns are set up in an excel worksheet & Java Formats, where the income figures are used to calculate the tax liability of persons. Tax returns must be filed every year for an individual or business that received taxable income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits.
The Financial Year 2013-14 closes on 31.3.2014. In view of closer of office on 29th and 30th of March being Saturday and Sunday, and also on 31st March at some stations being Gudi Padava, Ugadi etc., the field Income Tax Offices through-out India shall remain open and the receipts counters shall also work during normal office hours on 29th, 30th and 31st of March, 2014.
Notification No. 20/2014-Income Tax And, whereas, subsequently the Central Government (Ministry of Commerce and Industry) vide letter No.15/29/2005-IP&ID dated 3rd February, 2014 has withdrawn the said approval granted to the undertaking under the Scheme; Now, therefore, the Central Government, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Act read with section 21 of the General Clauses Act, 1897 (10 of 1897), hereby rescinds the said Notification No. S.O, 4700, dated 17th November, 2006, with effect from the 17th November, 2006.
Notification No. 19/2014-Income Tax CBDT has vide notification No. 19/2014 dated 26.03.2014 reduced the limit for issue of tax free bonds by Indian Railway Finance Corporation Limited (IRFC) to Rs, 8853 crore from earlier limit of Rs. 10,000 crore. The Notification Further Authorised IFCI Limited (formerly known as Industrial Finance Corporation of India) to issue tax free bonds up to Rs 430 crores.
In the case of Cardinal Drugs Pvt Ltd.Hon’ble ITAT has observed that there was no scope for the A.O. to have resorted to the provision of Section 154 of the Act for the purpose of enhancing the income of the assessee.by stating as under:- The A.O. on long drawn process of reasoning should not have passed the order under Section154 of the Act. The issue raised by the A.O. in proceeding under Section 154 of the Act is highly debatable which requires the issue to be reconsidered by the A.O.about applicability of the provision of Section 115JB of the Act which was notraised by the A.O. in assessment or appellate proceedings.
