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Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
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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 : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
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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 ...
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Addl. CIT v Weizmann Ltd. ITAT, Mumbai * As long as the assessee has sufficient interest free funds, the presumption to be taken is that the investments are made out of such interest free funds. Mere fact of allowing interest free advance at a rate lower than the rate on which borrowings are made, cannot justify the disallowance of interest on borrowed funds. The CIT(A) was justified in making ad-hoc disallowance on account of foreign travelling expenses since the complete details of expenses were not provided by the assessee.
Rajaswa Bhawan, the proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg here, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today. “I hope we will stick to the schedule,” Mukherjee said while giving aways prizes to the successful architects in the National Architectural Design Competition.
Vide Order No. 67 of 2011 dated 16.04.2011 issued by the CBDT, officers in the grade of Additional Commissioner / Additional Director of Income-tax have been promoted to the grade of Commissioner of Income-tax. Promotion from Addl.Commissioner Of Income Tax(Addl.CIT) to Commissioner Of Income Tax (CIT), ORDER NO. 67 OF 2011 Ad.VI
From the desk of Chairman,CBDT S.N. 35/April 15 ,2011. CBDT compliments one & all for their profound sincerity & deep commitment in issuing record number of refunds in the first 14 days of April 2011 & is confident that the remaining refunds would be issued by 20th April 2011. Status of refunds issued from April 1 to 14 2011
At the moment field formations are preparing around 30 statistical/ progress reports. CBDT realizes that substantial time is consumed in preparing these reports. It is, therefore, decided to reduce the number of these reports to two or three. For the same a Committee comprising of officers from Directorates of O&MS, Systems & the Board under the Chairmanship of Mr. Anjani Kumar CCIT (Central) Delhi has been appointed. The Committee would give its report by April 20, 2011.
Direct Taxes Committee of ICAI is compiling the difficulties faced by the assessees in claiming credit of Tax deducted at source. I request you to kindly send the issues, if any, being faced by your goodself or by members or by any assessees of your region/branch in claiming TDS credit. The issues so received will be compiled and considered by the Committee for making appropriate representation to the Central Board of Direct Taxes.
Ramesh Babu Rao vs. ACIT (ITAT Mumbai) – Considering the fact that assessee is not a broker or sub-broker and also not having any office establishment and also on the fact that all the shares as available on 0 1.04.2005 were sold mostly by the end of May and few shares at the end of September, assessee has intended to be an investor subsequent to the change in the scheme of tax by the Finance Act 2005. On these facts, we see no reason to interfere with the findings of the CIT(A) in holding that the assessee’s transactions are to be treated as capital gains, short term or long term depending on the period of holding.
We have uploaded below ITR 1- Sahaj, ITR 2, ITR 3, ITR-4, SUGAM (ITR-4S), ITR 5, ITR-6 and ITR-7 in Pdf Format applicable for Assessment year 2011-12 and Financial Year 2010-11. In addition to these we have also uploaded ITR 2, ITR 3, ITR-4 and ITR 5, ITR 6 and ITR 7 in Word Format. We will soon upload all the ITR and acknowledgement in Excel Format also.
Transfers of Income Tax Appellate Tribunal (ITAT) Members (April 2011) – In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names.
The Supreme Court today directed Mahindra Satyam to make its presentation before the Central Board of Direct Taxes (CBDT) relating to its tax dispute within two weeks, and also asked it to furnish a bank guarantee of Rs 617 crore by April 25. “Within two weeks the petitioner company (Mahindra Satyam) would file a comprehensive petition making its representation before CBDT giving all requisite information for re-assessment of income for year 2003-2004 to 2008-09,”, the bench said.
