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Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...
Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...
Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...
Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...
Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...
Income Tax : ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual ...
Income Tax : ITAT Ahmedabad held that assessment order passed u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Henc...
Income Tax : During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Com...
Income Tax : Bombay High Court held that exercising extraordinary jurisdiction under Article 226 of the Constitution of India not justified as ...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
ITO, TDS-II Vs The Thane Janata Sahakari Bank Ltd. (ITAT) – The short controversy is that the assessee did not quote PAN number in TDS ereturn while uploading the e-returns. In our opinion, it is a reasonable cause. What we find that as admittedly the new system of filing e-TDS-returns is introduced. Being a new system, having a some problems with software and for that the assesse bank can not be held responsible. No where is denied by the A.O. that as claimed by the Assesse, there system error. In our opinion, it is a reasonable cause for not quoting PAN numbers in e-return of TDS. We further find that the assessee thereafter immediately filed the revised TDS ereturn and also have furnished Form no.60. n our opinion, there is a reasonable cause on the part of the assessee for not quoting the PAN numbers in e-TDS return and no penalty is leviable. Accordingly, all the grounds in the revenue’s appeal are dismissed and the cross objection filed by the assesse is allowed and we delete the penalty sustained by the Ld. CIT (A).
In April 2010, CBI arrested Subrato Banerjee and his wife an Additional Commissioner of Income Tax (I-T) Sumitra Banerjee for accepting Rs 1.5 crore from a Thane builder.Central Bureau of Investigation today filed chargesheet against a former Additional Commissioner of Income Tax, her husband, and her former subordinate in a bribery case in the court […]
The Supreme Court will on Friday pronounce its judgement on Vodafone International Holdings’ appeal challenging the income tax demand of Rs 11,000 crore on the overseas deal between Vodafone and Hutchison. Vodafone had moved the apex court challenging the Bombay High Court judgement of September 8, 2010 which had held that Indian IT department had jurisdiction over the deal.
Vide Order No. 17 of 2012 dated 19.01.2012 the CBDT has stated that three IRS officers have been selected as Accountant Members of the Tribunal and that their services are placed at the disposal of the Department of Legal Affairs, Ministry of Law & Justice, with effect from the date of assumption of charge or until further orders.
Notification No. F.7/9/2008-NS.II In pursuance of clause (b) of paragraph 2 of the Public Provident Fund Scheme, 1968 and of sub-clause (ii) of clause (e) of rule 2 of Senior Citizens Savings Scheme Rules, 2004, the Central Government hereby further auhorises the following 111 branches of Central Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens
Salient features of the proposed bond issue- 1. The Bonds are issued in the form of tax-free, secured, redeemable, non-convertible Debentures and the interest on the Bonds will not form part of the total income. 2. In case of over-subscription; allotment shall be on first cum first serve basis up to the date falling 1 day prior to the date of oversubscription and on proportionate basis on the date of oversubscription, in the manner specified in the Tranche Prospectus. 3. CARE has assigned a rating of ‘CARE AA+’ to the Bonds. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Fitch has assigned a rating of ‘Fitch AA+ (ind)’ to the Bonds.
DCIT Vs. Kesoram Industries Ltd. (ITAT Kolkata) – In the assessment order the A.O. did not accept this claim of the assessee on the ground that for the assessment years 2001-02 to 2005-06 the department had gone in appeal before the Hon’ble High Court against the decisions of Hon’ble ITAT, Kolkata in this matter. Thus the A.O. disallowed an amount of Rs.l,35,87,876/- as excess depreciation claimed. On appeal ld. CIT(A ) after taking into consideration of the various documents filed by assessee before him and following the decisions of the ITAT, Kolkata from 2001-02 to 2005-06 deleted the disallowance of Rs. 1,35,87,876/- made by AO. It is further observed that the filing of appeal before the Hon’ble High Court against the decision of this Tribunal for A.Yrs.2001-02 to 2005-06 will not have any effect since the Hon’ble High Court has neither set aside the orders of the Tribunal nor granted any stay. Respectfully following the same we dismiss the appeal of the revenue.
Base year for calculation of index cost of acquisition of the shares in terms of Explanation (iii) to Section 48 of the Act, acquired by the assessee by way of inheritance (one of the modes specified in Section 49(1) of the Act) should be taken as financial year 1981-82 when such shares were acquired by the previous owner prior to 1st April, 1981. As decided by bobbay high court also in the case of CIT vs. Manjula J. Shah.
The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors / depositors / spenders.
The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions.
