Income Tax : The Income Tax Act, 2025 replaces old reassessment provisions with Sections 279 to 286 and increases reopening timelines in certai...
Finance : The amended Finance Bill 2026 abolishes the Tax Recovery Officer’s power to arrest and detain taxpayers for recovery of dues. Th...
Income Tax : The article explains why advertisement expenses for brand building remain deductible under Section 37. Courts have consistently ru...
Income Tax : The article explains how Section 115BAE offers newly established co-operative societies a concessional 15% tax rate for manufactur...
Income Tax : The Income-tax Act, 2025 replaces old Sections 68 to 69D with a simplified sequential structure under Sections 102 to 106. The cha...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : The government informed Parliament that taxpayer-specific details of income tax searches cannot be disclosed due to confidentialit...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
Income Tax : The representation highlights large-scale pendency and administrative bottlenecks under Sections 12AB and 80G, urging immediate re...
Income Tax : ITAT Delhi held that the assessee was covered under the search proceedings even though its name did not specifically appear in the...
Income Tax : Bangalore ITAT ruled that only solar days and not cumulative man-days should be considered while determining the existence of a Pe...
Income Tax : SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue ...
Income Tax : The Rajasthan High Court held that the benefit of Section 115BAA could not be denied when Form 10-IC was filed within the period p...
Income Tax : The Court held that the petitioner had no connection with the entities or individuals from whose devices the disputed material was...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The government enforced a tax collection assistance agreement with Japan effective from 8 July 2025. The notification enables cros...
Income Tax : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The CBDT introduced Form ITR-U to allow taxpayers to update previously filed returns. The amendment promotes voluntary compliance ...
Income Tax : The CBDT has substituted the ITR-V form to strengthen verification of electronically filed returns. The amendment enhances accurac...
Workflow in ITBA for Withholding of Refund under Sec. 241A of the I. T. Act’ 1961 or Release of Refund determined while Processing of Returns of Income for the cases selected for Scrutiny — Regarding
Cryptocurrency, Nonfungible tokens (NFT) or legally known as Digital Assets are the new and the fastest upcoming modes of investment which have taken the world by storm. During the past few years there are multiple platforms from which one can invest in such digital assets in India and everyone is attracted towards this new form […]
This tip strives to give clarity on which tense shall be used while discussing the law, Legal Precedents and the facts of the case. Let us take an example of a transaction which was held as bogus by the Assessing Officer and against which the assessee is in appeal. 1. Use the Present tense for […]
CITATIONS & ABBREVIATIONS IN DRAFTING This tip clarifies strives to give clarity on: A) How to read or quote citations; B) How to use abbreviations in the text of a legal document. 1. Citations: A legal citation is the practice of referring to the authoritative documents & sources. It is used for citing a reference […]
Direct taxes are taxes where the incidence and impact of taxation falls on the same entity. For instance, income tax, corporation tax, wealth tax and gift tax are direct taxes. Conversely, an indirect tax is not directly levied on the taxpayers. This tax is levied on goods/services and the person on which the burden falls and the person who pays the tax are different.
There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, the Government has introduced a Section 115BBH under the Income Tax Act, 1961, which provides that any […]
Unlock the secrets of taxability of income on shares. Understand the three-tier tax structure and how it affects your investments.
What Is Advance Tax? As we already know that the income-tax is payable on the income earned during the previous year and it is assessed or charges in the immediate succeeding assessment year (e.g.: I earned income in year 2021-22 will be assessed in next year i.e., 2022-23. In this case, my previous year would […]
Bechtel France SAS Vs DCIT (ITAT Mumbai) Facts: The taxpayer is a company incorporated in France and engaged in the business of procurement and construction. It had set up a project office at Mumbai with site offices at other locations in India to build certain refinery and certain complex. The Commissioner of Income-tax observed that there […]
Understanding the concept of set off and carry forward of loss under the Income Tax Act, 1961. Learn how to adjust losses against profits and maximize tax benefits.
