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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...
Hon’ble Gujarat HC has held in the case of Dineshchandra Bhailalbhai Gandhi VS. TRO has held that deposits in PPF Account are immune from attachment for recovery of tax dues and Rule 10 of Schedule II of the I-T Act exempts all such properties from attachment or sale.
CBDT Circular No. 07/2014 All Chief Commissioners of Income-tax All Directors General of Income-tax Sub: Ex-post facto extension of due date for filing TDS/TCS statements for FYs 2012-13 and 2013-14 – regarding The Central Board of Direct Taxes (‘the Board’) has received several petitions from deductors/collectors, being an office of the Government (‘Government deductors’), regarding delay in filing of TDS/TCS statements due to late furnishing of the Book Identification Number (BIN) by the Principal Accounts Officers (PAO) / District Treasury Office (DTO) / Cheque Drawing and Disbursing Office (CDDO). This has resulted in consequential levy of fees under section 234E of the Income-Tax Act, 1961(‘the Act’).
CPC (TDS) has introduced the convenience of online facility of PAN Verification on TRACES. With this feature, we will be able to validate the PANs with confidence for the purpose of recording and reporting your transactions in the TDS statements correctly.
The President of India is pleased to appoint: Shri R.K.Tewari, IRS (IT:76), Member, Central Board of Direct Taxes, as Chairperson of the Central Board of Direct Taxes (CBDT) in the Department. of Revenue, Ministry of Finance in the pay scale of Rs. 80,000/- (fixed) with the status of Special Secretary to the Government of India against the vacancy arose due to superannuation of Ms. Sudha Sharma on 28.02.2014, from the date of his taking charge of the post, until further orders or his superannuation, whichever is earlier.
It is undisputed that the vehicles were registered in the name of the respective customers. However, in the registration certificate a remark in terms of agreement was to be recorded to the effect that vehicle is held by the registered owner under a hire purchase agreement with the respondent assessee.
The share applicants’ lack of resources, the assessee’s position vis-à-vis share amounts received and its commercial condition all pointed to the amount received by it falling within the mischief of Section 68 as unexplained amounts. That the AO or ITAT chose to treat the amount, as bogus share capital, is a matter of inference which the Court would be loath to interfere with.
Finance Act 2013 has changed the meaning of urban area in relation to agricultural land. The definition of urban area is reflected at 2 places in Income tax act. 1. Capital Asset. Where it says that agricultural land not situated in urban area is not a capital asset. Hence no capital gain can arise.
Agra ITAT in the case of ACIT Vs. Shri Yogendra Kumar Singhal has held that Quality & lavishness of construction is not incriminating material. Reference cannot be made to the Valuation Officer in the absence of incriminating material/document found during the course of search
Hon’ble ITAT Agra in the case of ACIT V/s. Kalyani Chaturvedi held that Re-appreciation of seized material in subsequent proceedings by the AO is unjustified and quashed the Re-assessment Order. Hon’ble ITAT has held as under
Condition of limiting commercial establishment/shops to 2000 sq.ft, which has come into force w.e.f. 1.4.2005 would be applicable for the project approved on or after 1.4.2005 and where the approval of the project was prior to 31.3.2005, the amended provision would have no application for those projects.
