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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 rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
Income Tax : ITAT Mumbai upholds treating Ratnakar Pujari's share sale proceeds as unexplained cash credit due to a previously established bogu...
Income Tax : ITAT Delhi hears Shikha Dhawan's appeal against LTCG denial on penny stock sale, deemed unexplained income. Accommodation entry al...
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...
The government today created an email id for public to send their ideas and inputs to tackle issues arising out of blackmoney. The email — bm-feedback@nic.in — has been created on the server of the National Informatics Centre and the public can send their responses on the subject with immediate effect, a senior Finance Ministry officer said.
Organisation for Economic Cooperation and Development (OECD) has appreciated the action taken by India in handling tax evasion and black money issues. During the two day high level Seminar held on 13th and 14th June on “Adopting Tax System and International Tax Rules to the New Global Environment : a Shared Challenge for India and the OECD” at Vigyan Bhavan in New Delhi, both OECD and India decided to enhance their cooperation in dealing with issues relating to transfer pricing and promote better tax compliance and measures to improve the prevention and regulation of cross border dispute.
In a bonanza for the loss making telecom PSU, state-run MTNL today received over Rs 177 crore as income tax refund for the year 2010-11. MTNL has received a refund order amounting to Rs 177.76 crore from the Income Tax Department pertaining to Assessment Year 2010-11, MTNL said in a filing to the Bombay Stock Exchange.
Vishal Tools & Forgings Private Limited v CIT (ITAT Amritsar)- DEPB is an incentive. It is given under Duty Exemption Remission Scheme. Essentially, it is an export incentive. No doubt, the object behind DEPB is to neutralize the incidence of customs duty payment on the import content of export product. This neutralization is provided for by credit to customs duty against export product. Under DEPB, an exporter may apply for credit as percentage of FOB value of exports made in freely convertible currency. Credit is available only against the export product and at rates specified by DGFT for import of raw materials, components etc..
The Central Bureau of Investigation has registered a case against an Addl. Commissioner (IRS-90) of Income Tax, working in the office of Commissioner of Income Tax Guntur for allegedly amassing disproportionate assets approx Rs.4.56 crore. It was alleged that the Addl. Commissioner of Income Tax while working as public servant during the period 2000-2007 acquired assets in his name and in the name of his family members which were disproportionate to his known sources of income to the tune of Rs.4,56,63,105/-(approx).
In a bid to tackle tax evasion and check generation of illicit money, the government is considering classifying earnings from illegitimate sources like bribery and corruption as criminal offences under the income tax laws. ‘The income earned from illegitimate means could be classified as a criminal offence in the Income Tax Act’, said a senior Finance Ministry official.
Notification No. 52/2011 – Income Tax Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 135(E), dated the 3rd February, 2006, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 9, “National Centre for Adolescents” by Urivi Vikram Charitable Trust
Notification No. 51/2011 – Income Tax Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.708(E), dated the 25th May, 2005, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 15, “Project for capacity building of voluntary sector” by SOSVA Training
NC Notification No. 78/2011 – Income Tax WHEREAS by Notification of the Government of India, in the Ministry of Finance (Department of Revenue) Number S.O.739(E), dated the 10th September, 1999, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 7, ‘Provision of artificial limbs and other rehabilitation aids to amputees, polio-affected disabled persons, hard of hearing, medicines and special shoes to persons suffering from leprosy, various types of financial aids and other support for self-employment and rehabilitation of handicapped persons at Jaipur, Rajasthan’
NC Notification No. 77/2011 – Income Tax WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O.998(E), dated the 5th July, 2006, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial Number 7, ” “Muktangan” Balwadi and school project for children of slum dwellers and factory workers” by Paragon Charitable Trust, I-11/12, Paragon Condominium, Pandurang Budhkar Marg, Worli, Mumbai-400 013, as an eligible project or scheme for a period of two years beginning with assessment year 2006-07 and which was extended further vide Notification Number S.O.1471(E), dated 17th June, 2008 for a further period of three years beginning with the financial year 2008-09;
