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Income Tax : Section 44ADA of Income Tax Act, 1961 offers a presumptive taxation scheme for professionals, simplifying tax compliance by allowi...
Income Tax : Compare tax on ₹12 lakh income in FY 2024-25 and FY 2025-26. See new tax slabs, rebates, and savings introduced in Budget 2025 f...
Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
Income Tax : Budget 2025 introduces new income tax amendments, including changes in tax slabs, TDS limits, and rebates under sections 115BAC an...
Income Tax : The faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : M.M. Patel Charitable Trust Vs PCIT (Central) (ITAT Pune) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune h...
Income Tax : ITAT, by going through established precedents, held that AO had not recorded any dissatisfaction with assessee’s voluntary disal...
Income Tax : ITAT Delhi modifies the net profit addition after book rejection, limiting the increase to ₹1 lakh instead of ₹4 lakh for AY 2...
Income Tax : Delhi HC rules AO functus officio post-assessment, quashing reassessment notice against Vivo India for lack of due process and vio...
Income Tax : ITAT Ahmedabad ruled that mere suspicion cannot justify tax additions, deleting an Rs. 18 lakh addition in a property investment d...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Synergy Entrepreneur Solutions Pvt Ltd vs. DCIT (ITAT Mumbai)- The reason given for the revision in the s. 263 order (that the AO has not verified the issue) is different from the reason set out in the show-cause notice (that speculation loss cannot be set-off against other income). If a ground of revision is not mentioned in the show-cause notice, it cannot be made the basis of the order for the reason that the assessee would have had no opportunity to meet the point (Maxpack Investments 13 SOT 67 (Del), G.K. Kabra 211 ITR 336 (AP) & Jagadhri Electric Supply 140 ITR 490 (P&H) followed);
ORDER NO.59 OF 2011- The following officers in the grade of Joint / Additional Commissioner of Income Tax are hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and Transfer Pricing with immediate effect and untill further orders:
The post of Income ‘Tax Ombudsman is in the HAG Pay Scale of Rs. 75500-80000/-. Therefore, it is requested that names of suitable officers fulfilling the eligibility criteria mentioned in the Income Tax Ombudsman Guidelines, 2010 (copy enclosed) indicating their preferred locations may be sent by 29.04.2011 to enable selection of Income ‘fax Ombudsmen. In case no preference of locations is indicated, it would be presumed that he/she is willing to be posted in any of the locations, The applications received after the clue dale will not be considered and ate liable to be rejected. The nominations should be accompanied with Cadre clearance, History of postings, Vigilance clearance and ACR dossiers.
From the desk of Chairman,CBDT- CIT wise details of AY10-11 paper refund Returns entered into the system but not processed is given herein below. These lists, however, do not give the true and complete picture of pending refunds, as the Systems does not have any visibility of paper refund Returns not entered onto the system. On the basis of the statistics available for earlier years, CBDT estimates the said paper refund Returns not entered onto the system so far at around 8 lacs, a large number of which pertain to Mumbai & Delhi. Today April 03 morning, CCITs (CCA) of Mumbai & Delhi have been sensitized by the Chairman personally about the need to issue all refunds by April 10 2011. All officers, especially those posted at Delhi & Mumbai, are once again advised to rise to the occasion & issue all refunds by this date.
Select Holiday Resorts Pvt. Ltd. [52 DTR 14] – Section 79 (Section) which contains provisions restricting carry forward of past year losses under the Income Tax Laws (ITL) ruled that the Section has no applicability to a case of amalgamation of 98% shareholder company with the Taxpayer where the amalgamated and the amalgamating companies are held by the same set of shareholders with whom control of the taxpayer continues to remain. The ITAT further held that since the amalgamating company ceased to exist post amalgamation, a change in shareholding upon amalgamation can be regarded as a change arising in a situation akin to death of a shareholder which is specifically excluded from applicability of the Section.
The Finance Bill, 2011 contains some international tax proposals that are focused on anti-tax avoidance, transfer pricing (TP), tax enforcement and provisions to encourage Indian companies to repatriate profits back from their foreign subsidiaries. The Finance Minister also reinforced the intent of the Government of India (GOI) to enact the Direct Taxes Code, 2011 (DTC) with effect from 1 April 2012. Here we have highlighted the key international tax provisions contained in the Finance Bill, 2011.
CIT V. Govind Nagar Sugar Ltd. (ITA No. 164 of 2008) (Del)- Taxpayer filed its return of income for the assessment year 2001-02 on 31 March 2003 declaring a loss. The due date of filing the return of loss in terms of provisions of section 139(3) of the Income Tax Act,1 961 (the Act) was 31 October 2001. In the assessment order, the Assessing Officer (the AO) did not allow the carry forward of unabsorbed loss including the unabsorbed depreciation. The Commissioner (Appeals) confirmed the AO’s order and held that the taxpayer was not allowed to carry forward the losses by virtue of section 80 of the Act. On appeal, the Income Tax Appellate Tribunal (the Tribunal) allowed the carry forward of unabsorbed depreciation for the assessment years 2000-0 1 and 2001-02. Aggrieved by the order of the Tribunal, the tax authorities filed an appeal before the High Court.
Mahindra Satyam today said it will submit to tax authorities about Rs 617 crore demanded by I-T Department under the foreign tax credit liability. “The company shall submit a banker’s cheque for Rs 350 crore and an unconditional bank guarantee for Rs 267 crore, upon which the Additional Commissioner of Income Tax shall withdraw the garnishee orders issued and defreeze the company bank accounts,” Satyam Computer Services (now Mahindra Satyam) informed the Bombay Stock Exchange.
Vide Order No. 54 of 2001 dated 31.3.2011, the CBDT has announced the promotion of Commissioners & Directors of Income-tax as Chief Commissioners and the posting & transfer of the Chief Commissioners & Director Generals of Income-tax. Copy of order is attached below for your reference. Order No. 54 of 2001 related to Promotion, Posting & Transfer Of Chief Commissioners of Income-tax & DGs
INSTRUCTION No. 5/2011 [F.No. 225/61/2011-IT(A-II)], dated 30-3-2011- The Hon’ble Supreme Court has made the following observations in an order dated 12-8-2010 in the case of CIT, Delhi v. Bharti Cellular Ltd. [2010] 193 Taxman 97 (SC): “We are directing CBDT to issue directions to all its Officers, that in such cases, the Department need not proceed only by the contracts placed before the officers. With the emergence of our country as one of the BRIC countries and with the technological advancement matters such as present one will keep on recurring and hence time has come when Department should examine technical experts so that the matters could be disposed of expeditiously and further it would enable the appellate Forums, including this Court, to decide legal issues based on the factual foundation. We do not know the constraints of the Department but time has come when the Department should understand that when the case involves revenue running into crores, technical evidence would help the Tribunals and courts to decide matters expeditiously based on factual foundation.”
