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...
Advance ruling has been internationally recognized as A more or less binding statement from the revenue authorities upon the voluntary request of a private person, concerning the treatment and consequence of one or series of contemplated future actions or transactions.
Salary in common parlance means any amount paid by an employer to his employees in lieu of services rendered by them. However income tax act 1961 defines the term salary u/s 17(1) to include the following monetary as well as non monetary payments
STATUTORY AND TAX COMPLIANCE CALENDAR – YEAR 2020 Heading on to the new year 2020, you need to fill your calendar with a few important dates. As when it comes to a business and corporate management, compliance refers to the company obeying all of the legal laws and regulations in regards to how they manage […]
Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2019-20 (relevant to Assessment Year 2020-21) for Resident Individual (Below 60 Years Old), HUF and AOP/BOI/Artificial juridical person, Senior Citizens (60 Years Or More […]
The Festival of Holi is unthinkable without colours. The use of colours by way of different devices like pichkaris, balloons, pumps, and even buckets, constitutes an essential ingredient of a vibrant, joyful and blissful Holi. However, in Income Tax Act, the expression, colourable device, is being looked at, in an altogether different manner.And with the advent of GAAR, there will be a paradigm shift in taxation regime.
Everyone is aware that income is earned in Year 1 and assessed to tax only after the completion of Year 1 i.e. in the next Year (in Year 2). That’s why Income Tax Department uses the term Assessment Year almost everywhere. But few cases are exceptions to this basic rule of Income Tax. They are […]
Article explains What are Carbon Credits, Why is there need for Carbon Credits, Certified Emission Certificate, Whether Certified Emission Certificate (CER) are tradable, Taxability of Carbon Credits and contains text of Section 115BBG : Tax on income from transfer of carbon credits. What are Carbon Credits? Carbon Credits is an incentive given to an industrial […]
CBDT has notified revised FORM NO. 10DA (Report under section 80JJAA of the Income-tax Act, 1961) under rule 19AB of Income Tax Rules vide Notification No. 104/2019 dated 18th December, 2019.
Examiners (State Legislated Technological Universities) becoming Examinees before Income Tax Department in light of Rule 2BBB of Income Tax Rules 1962 Government Funded Technological Universities legislated by an ACT of State Legislature are receiving demand notices from Income Tax Department which are posing serious challenges to the existence and survival of the Higher Education System […]
There are various provisions in the Act which give exemptions and deductions with the sole intention of promoting Social Development & Scientific Research which contributes in the overall growth of the Nation. Section 35(1)(ii) of the IT Act is one of such provision. This article is a small effort to explain how these provisions are being mis- utilised and frauds committed and the state is deprived of its genuine taxes. This information will guide the Assessing Officers when they come across any such Cases.
