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Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
The existing restriction in exemption u/s. 54EC is clearly an attempt to prevent home owners from fully enjoying the benefits. The treatment of long-term capital gains (LTCG) has been a contentious issue in recent years. Section 54EC of the Income-tax Act, 1961, exempts from taxation capital gains arising from transfer of a long term capital asset, provided the assessee invests the whole or part of the capital gains in long term specified assets for three years.
The Income Tax Department achieved another milestone in Tax Payers’ Services when SHRI PRANAB MUKHERJEE HON’BLE UNION FINANCE MINISTER inaugurated and dedicated the AAYAKAR SAMPARK KENDRA (Call Centre Services) to the Nation at Jangipur, Murshidabad, West Bengal on 14th April 2012.
As per the notification, individuals having taxable income exceeding Rs. 10 lakh and, domestic and expatriate resident individuals with assets located overseas have to mandatorily file their returns through the electronic mode.
Assessee has produced valuation report at the time of purchase as well as sale. In Remand, Assessing Officer has not pointed out any lacunae in the same. Moreover, the cost of land so bifurcated was being already reflected in the books of accounts and no depreciation was claimed on that account. In the case of C.I.T. vs. D.C. Ramachandra Rao 236 ITR 51, Hon’ble Madras High Court has held that it is possible to bifurcate the capital gain arising out of sell of land and building, even if, they are sold as one unit. Land is an independent and identifiable capital asset and it continues to remain so, even after construction of building thereon
Provisions of sec.40(a)(ia) would apply only to the expenditure which remain payable as at the end of the relevant financial year. Assessee entitled to claim deduction of expenses if the TDS deducted there on is remitted before the due date for filing the return of income.
Provisions of section 23(2) make it clear that benefits of relief in respect of self-occupied property is available only to owner who can reside in his own residence, that means, benefit of relief is available to self-occupied property only to an individual assessee and not to an imaginary assessable entity/fictional entity such as a partnership firm. Various High Court decisions denying relief under section 23(2) to partnership firms cannot be invoked to deny relief to a HUF since unlike a firm which is a fictional entity and cannot physically reside and so cannot claim benefit of provision, HUF cannot be held to be a fictional entity.
the Authority for Advance Rulings (AAR) in the case of Z (A.A.R. No.1048 of 2011) held that income from sale of Compulsory Convertible Debentures (CCDs) by the applicant is taxable in India as ‘Interest’ under Section 2(28A) of Income-tax Act,1961 (the Act) and Article 11 of India-Mauritius tax treaty (tax treaty). Further the AAR held that sale of Indian company shares by a Mauritius company is not exempt under the tax treaty.
ORDER NO. 67 OF 2012 -The following Assistant Commissioners of Income Tax (Probationers) in the pay scale of Rs. 15,600-39,100 (Plus Grade pay of Rs. 5.400 in PB-3), on completion of training at National Academy of Direct Taxes, Nagpur. are hereby posted in the Region of CCIT/CCA/Station/Charge indicated against each with immediate effect and until further orders:-
Instruction No. 3/2012, dated 11-4-2012 With a view to improve the quality of representation and to streamline the process of engagement of Standing Counsels for the Department to represent before various High Courts and other judicial forums and in supersession of the existing Instructions of the Board on the subject in general, and Board’s letter in F. No. 20/20/67-ITJ (1) dated 08.01.1968, Board’s letter in F. No. 20/20/67-ITJ (4) dated 11.01.1968, Board’s letter in F. No. 20/20/67-ITJ (13) dated 07.03.1968, Instruction No. 1/273 dated 03.03.1971, Instruction No. 1828 dated 13.09.1989, Instruction No. 1806 dated 03.02.1989/ Instruction No. 1986 dated 03.07.2000 and Instruction No. 8 of 2007 dated 30.08.2007, in particular, the following Instructions are issued herewith for compliance by all concerned:
Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12 During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income exceeding Rs.9,200 crore was detected. Number of search warrants executed in FY 2011-12 was 5,132 as against 4,852 warrants executed in FY 2010-11. Unaccounted assets of the value of Rs.880 crore (including cash amounting to Rs.500 crore) were seized in FY 2011-12 as against assets of the value of Rs.775 crore (including cash amounting to Rs.440 crore) seized in FY 2010-11.
