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Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Budget 2025-26 focuses on growth, tax relief, and investment. GDP projected at 6.3-6.8%, new tax slabs ease burden on middle class...
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
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 : 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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
CBI traps additional commissioner of Income Tax Andasu Ravindra for receipt of Rs 50 lakh bribe and also arrested P Kishore, managing director of Chennai-based tech-based education provider Everonn Education, on charges of bribing an Income Tax official with Rs 50 lakh. A third person, said to have abetted the crime, is also under the CBI custody . The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyderabad and Bangalore after traps additional commissioner of Income Tax in Chennai. The CBI officials lunched a hunt for entire network behind the bribe matter.
As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs. 651.82 crore, Rs. 1,000.40 crore, Rs.1.387.02 crore and Rs. 1,666.84 crore respectively IPL is a part of BCCI and has no separate legal status.
Bhura Exports Ltd Vs ITO (Calcutta High Court, Decided on August 30, 2011)- When the limitation provided earlier in Section 231 of the Act for taking action u/s 201 has been omitted with effect from April 1, 1989 and was re-introduced by way of addition of sub-Section (3) of Section 201 with effect from April 1, 2010, there is no bar of the period of limitation for taking action under Section 201 of the Act.
Instruction No. 09/2011 It has come to the notice of the Board that at the time of transfer of an officer/official, detailed Handing Over Note indicating the confidential records and documents, including documents relating to survey and search and seizure, pending important and time bound matters such as audit objections, appeals, revision matters, approvals for retaining impounded/seized documents, reopening of assessments, pending search and survey assessments etc. is not given to the successor. In the absence of a proper handing over of records, important documents get misplaced and even lost in some cases.
The CBI today arrested Income Tax Commissioner Daya Shankar in Mumbai for allegedly accepting a bribe of Rs2 lakh from a private company for passing a favourable order in an appeal matter. Daya Shankar, Commissioner IT (Appeals), was arrested this morning from his office in Bandra for demanding and accepting bribe for settling and issuing a favourable order in an appeal matter pending before him, CBI Joint Director (Western Region) Rishiraj Singh told reporters.
Commissioner of Income Tax Vs M/s Khemchand Motilal Jain (Madhya Pradesh High Court)- In the present case, Sukhnandan Jain was on business tour and was staying at Govt. Rest House, Sagar from where he was kidnapped.
Notification No. 45/2011 – Income Tax DATED 26-8-2011 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, number S.O. 733(E), dated the 31st July, 2001, namely:-
Notification No. 44/2011 – Income Tax DATED 26-8-2011 In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Additional Commissioner of Income-tax, (Central Range) Chandigarh shall be subordinate to Commissioner of Income-tax (Central) Gurgaon.
Central Board of Direct Taxes, Ministry of Finance, Department of Revenue has released the revised proforma for monthly report of disposal of appeals by CIT(A).
Download Section 89(1) Automatic Arrears Relief Calculator for West Bengal Govt Employees alongwith Form 10E and its annexures in excel format.
