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Income Tax : Learn about different types of income tax notices, letters, and orders issued by the Income Tax Department to individual taxpayers...
Income Tax : The Finance Act (No. 2), 2024, has brought a significant change by imposing a time limit on TDS correction statements. Until now, ...
Income Tax : Budget 2025 highlights income tax changes, revised tax slabs, TDS amendments, IFSC incentives, updated return filing limits, and d...
Income Tax : The Income Tax Bill 2025, set to replace the 1961 Act, redefines the role of Chartered Accountants in tax compliance and represent...
Income Tax : Explore the key takeaways of the New Income Tax Bill 2025, including structural changes, simplified provisions, and updates in tax...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Income Tax : DCIT Vs Triton Hotels and Resorts Private Limited (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated appeals ...
Income Tax : ITAT Pune rules that an ITI substantially funded by the government qualifies for tax exemption under Section 10(23C)(iiiab), even ...
Income Tax : ITAT Rajkot remanded the matter as lower authority has not exercised their power to enquiry in section 131 and 133(6) of the Act t...
Income Tax : ITAT Bangalore upholds CIT(A)'s decision, stating that belated filing of Form 10 is a procedural lapse and doesn't disqualify an i...
Income Tax : It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differ...
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...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Non-resident individuals and organisations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department.
The AAR held that the ‘source of income’ for hire charges of a vessel is to be determined having regard to the place where the agreement for hire was executed and the place where the vessel was delivered/situated at the time of entering into the agreement. In the present case, since at the time of renewal of the agreements the vessels were situated in India, the hire charges pertaining to that period are taxable in India.
The Tribunal while upholding the order of the CIT(A) and after relying on the decision of the AAR in the case of Brown and Root Inc. held that since an installation project was not carried on for more than six months, as per Article 5(2)(k) of the tax treaty the taxpayer did not create PE in India.
Taxpayers will now have to procure a ‘new number’ for filing returns and making any communication with the Income Tax department. The unique Document identification number (DIN), on the lines of numbers like PAN and TAN, will be quoted on “every” inc
Recently, the Mumbai Tribunal held that the consideration received by the taxpayer for providing strategic consulting services cannot be considered as Fees for Technical Services (FTS) or Royalty within the provisions of the India-Switzerland tax treaty (See Note 1 at the bottom).
Mumbai bench of the Income-tax Appellate Tribunal held that the supply of software does not amount to any transfer of copyright but only transfer of copyrighted article. Further, payment received for sale of copyrighted article does not amount to income from royalty within the meaning of the India-Israel tax treaty. Further, the Tribunal held that payment received from sale of software copy does not amount to income from royalty under the tax treaty.
Recently, the Mumbai bench of the Income-tax Appellate Tribunal held that the payment received by the taxpayer company towards the sale of copyright article does not amount to royalty within the provisions of Article 12(3) of the India-USA tax treaty (tax treaty).
In this case Special Bench of the Income-tax Appellate Tribunal dealt with the issue of allowability of losses on account of unmatured forward contracts in foreign exchange entered into by the taxpayer. The Special Bench while dismissing the contentions of the tax department held that the loss on unmatured forward contracts is in the nature of anticipated losses and not a contingent loss. The Special Bench observed that a binding obligation (although not fully ascertainable) arose against the taxpayer the moment it entered into forward foreign exchange contract. The Special Bench has relied on the recent decision of the Supreme Court in the case of CIT v. Woodward Governor of India [2009] 312 ITR 254 (SC) wherein the Supreme Court had held that exchange fluctuation loss arising on mark- to-market restatement of liability which is revenue in nature is an allowable loss. The Special Bench further observed that where profits were being taxed by the tax department in respect of such unmatured foreign exchange contracts then there was no reason to disallow the loss on such contracts.
Recently, the Delhi bench of the Income-tax Appellate Tribunal dealt with the issue of taxability on sale of shares under India-Mauritius tax treaty (tax treaty). The Tribunal asked for either third party evidence or evidence by any government agency either situated in Mauritius or in India to be brought on record to substantiate taxpayer’s claim regarding holding board meetings in Mauritius. The Tribunal held that the documents placed on record needed examination regarding their authenticity and relevance, accordingly restored the case back to the Assessing Officer (AO) to decide the same afresh.
The Bombay High Court held that expression “order” for the purposes of section 264 of the Income-tax Act, 1961 (the Act) has a wide connotation. The words used under section 264(1) of the Act are ‘any order other than order under section 263’. Hence, the rejection of an application by the Assessing Officer (AO) for lower withholding rate under section 197 (See Note-1 Below) of the act is an ‘order’ eligible for revision by the Commissioner of Income-tax (CIT) under section 264 of the Act.
