Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : ITAT Mumbai allowed Farrah Marker's appeal, deleting the Section 68 addition on share sale, questioning the AO's reliance on presu...
Income Tax : Mumbai ITAT dismisses tax additions on share sale gains and purchase cost, citing assessee's documentation and accepted source in ...
Income Tax : Kolkata ITAT rules documented share transactions through BSE and registered broker cannot be taxed as bogus based on suspicion; up...
Income Tax : Kolkata ITAT dismisses revenue's appeal, upholds CITA order favoring Shaleen Khemani on gifted share sale proceeds, citing lack of...
Income Tax : Kolkata ITAT rules in favor of Gautam Kumar Pincha, setting aside addition of share sale proceeds as undisclosed income due to lac...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
CIT Vs V. R.V. Breweries & Bottling Industries Ltd. (Delhi High Court)- The observation made in paragraph 58 at page 414 of the aforementioned judgement, on which reliance has been placed by the learned counsel for revenue seeks only to emphasise that the assessee in that case, had only acquired access to technology which was not related to any secret process or patent rights and thus in continuum it is mentioned that not even a right to use the trademark or brand name had inhered in the assessee.
The expenditure was incurred by the assessee on ad films in respect of an ongoing business and there was no enduring benefit on the same. Hence, it was asses-sable as revenue expenditure, An expenditure incurred on advertisements and websites for sales promotion is revenue in nature. Computer peripherals are entitled to depreciation at 60%.
DCIT Vs. M/S. Essar Oil Limited (ITAT Mumbai)- Whether the profits of Oman PE and the loss of Qatar PE of the taxpayer are to be excluded for tax purposes in India, as per Article 7 of respective DTAAs?
Jet Air (P) Ltd. Vs CIT (ITAT Mumbai)- The matter was remitted to the CIT(A) for disposal afresh since the CIT(A) had dismissed the assessee’s appeal without adjudicating upon the question as to whether the law to s 248, as amended with effect from 1 June 2007, was applicable or not merely on the ground that it had never approached the AO for a certificate under s 195(2) for the remittance of the amount without the deduction of tax.
Status Home and Enclaves (P) Ltd. Vs CIT (Calcutta High Court)- Whether the Tribunal was justified in law in withdrawing the relief granted by the Commissioner of Income Tax (Appeals) merely because the Development Agreement was not produced before the Assessing Officer when the said agreement was duly submitted before the considered by the Commissioner of Income Tax (Appeals) and no objection in that regard was raised by the Department either in the ground of appeal or in course of argument nor the Tribunal require production of the agreement?
Circular NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 of Central Board of Direct Taxes (CBDT) on refund procedure for excess tax deducted at source (TDS) on payments to residents.The new Circular is applicable for refunds pertaining to the period up to 31 March 2010. The procedure for refunds for the period from 1 April 2010 is governed by a specific provision in the Indian Tax Laws dealing with centralized processing of quarterly TDS statements. The refund for the period after 1 April 2010 will be granted based on data furnished in the statements, subject to rectification of apparent inconsistencies, without the requirement of a separate claim for refund.
International Business Machines Corp v Comm of Taxation (Federal Court of Australia)- SLA grants to IBMA such IP rights as are necessary for distribution of the relevant products by IBMA. It is not a distribution agreement which confers distribution rights independently of the grant of IP rights. The detail of the SLA concerns the definition of IP and IP rights. There is no such detail with respect to distribution rights. In the language of Article 12(4) of the Treaty, the Payments are either ‘consideration for… the right to use any copyright, patent, design or model, plan, secret formula or process, trademark or other like property or right’ within the meaning of Article 1 2(4)(a)(i) or, to the extent that the Payments do not fall within Article 1 2(4)(a)(i), the Payments are for either ‘technical… or commercial knowledge or information’ supplied by IBM (Article 12(4)(b)(i)) or for ‘the supply of any assistance of an ancillary and subsidiary nature’ to enable the application of the rights referred to in Article 1 2(4)(a)(i) or the knowledge/information referred to in Article 1 2(4)(b)(i) (Article 1 2(4)(b)(ii)). The rights/content granted by the SLA are, in each case, rights/content of a kind contemplated by Article 12(4).
ACIT Vs Anchor Health and Beauty Care Pvt Ltd (ITAT Mumbai)- Accreditation does not allow the accredited product to use, or have a right to use, a trademark, nor any information concerning industrial, commercial or scientific experience – or, for that purpose, use or right to use of anything falling in any other category of clause (a).
Under section 10(23AAA) of the Act, income of a fund set up by the employer for the welfare of employees (being members of such fund) in respect of the following notified purposes (subject to satisfaction of certain conditions) are exempt. Cash benefits to a member of the fund – on superannuation, or
It is not possible to accept the contention of the counsel for the assessee that interest earned even from third parties would be exempt from the charge of income-tax, in all types of transactions. The ratio therein is that, if an incorporated entity is engaged in trade, the profit from it, even if they are transactions with members, would be taxable and the principle of mutuality would have no application.
