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Income Tax : Understand the taxation on ESOPs, including when options are exercised and shares are sold, and related TDS provisions for employe...
Income Tax : PAN 2.0 के बारे में जानें, पुराने PAN धारकों के लिए आवश्य�...
Income Tax : Accurate disclosure of foreign assets and income in ITR is essential to avoid penalties. Revised returns can be filed by December ...
Income Tax : Struggling with the Upload a Standard Document error in PAN/TAN applications? Learn the file format, size, and DPI requirements to...
Income Tax : Summary: As per the Finance Act 2024, the long-term capital gains (LTCG) tax on listed securities has been raised from 10% to 12.5...
Income Tax : State-wise details of women income tax filers from 2019 to 2024 show a steady increase in participation across India....
Income Tax : KSCAA raises concerns over errors in CPC processing of returns and defective notices, requesting corrective actions for smoother t...
Income Tax : Comprehensive list of 29 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
Income Tax : The PAN 2.0 Project simplifies PAN/TAN management with a unified platform, paperless processes, and faster services. Approved by C...
Income Tax : Cabinet approves PAN 2.0 project to enhance taxpayer registration services through technology-driven transformation, improving ser...
Income Tax : ITAT Mumbai held that Goods and Services Tax (GST) amount while computing presumptive income under section 44B of the Income Tax A...
Income Tax : Appellant has preferred the present appeal. The solitary issue that is raised is whether CIT(A) is justified in confirming the add...
Income Tax : ITAT Mumbai deleted additions made under section 43CA of the Income Tax Act by considering the stamp duty value on the date of reg...
Income Tax : We have to examine delay as excessive or inordinate based on whether there is a reasonable cause for not filing the appeal on time...
Income Tax : It is important to note here that CIT(A) had dismissed the appeal of the assessee in limine without adjudicating on merits. The CI...
Income Tax : Notification under section 10(46) of the Income Tax Act, 1961 for National Aviation Security Fee Trust, covering specific income e...
Income Tax : Notification on income tax exemption for Haryana's District Legal Service Authorities under Section 10(46) for specified incomes a...
Income Tax : The Ministry of Finance has notified the transfer of capital assets from NLCIL to NIRL under the Income-tax Act, effective from th...
Income Tax : 26.11.2024 Due date for online Filing of Audited Accounts with the Office of the Charity Commissioner, Maharashtra stands extended...
Income Tax : CBDT grants SKAN Research Trust approval as a research association for scientific research under Section 35 of the Income Tax Act,...
In the present case, the dispute relates to the special deduction allowable under Section 80-IA contained in Chapter VI-A. Relevant provisions contained in Chapter VI-A including Section 80-IA (to the extent relevant),read as follows :-
The question raised before us is with regard to the taxability of the discount allotted to the subscribers of the chit, which as per the counsel for the appellant is in the nature of interest in the hands of such subscribers and not dividend
The Hon’ble Apex Court in the case of CIT v. P V A L Kulandagan Chettiar 267 ITR 654 had an occasion to consider the impact of double taxation avoidance agreement provisions of Income Tax Act. The Hon’ble Apex Court held that where liability to tax arises under the local enactment, the provisions of sections 4 and 5 of the Act provide for taxation of globle income of an assessee chargeable to tax thereunder
The anti-corruption wing of Central Bureau of Investigation (CBI) conducted seven raids, including four in Vidarbha, after they arrested a retired income tax officer in Mumbai for his alleged involvement in raising fund for his NGO misusing his official powers while serving as I-T commissioner between 2001 and 2009.
Long-term life insurance policies are expected to grow in popularity if the EET (exempt exempt tax) regime under the proposed Direct Tax Code comes into force by 2011.According to Mr G.V. Nageswara Rao, Managing Director and CEO, IDBI Fortis Life Insurance, customers would choose long-term policies if the Government decides to tax the final lump sum of matured policies.
This is perhaps the first time an officer arrested for corruption went to office on release from custody—an act considered as violation of rules. On October 25, income tax commissioner Ajoy Kumar Singh was arrested on corruption charges and on October 30, a day after his release on bail, he reported to work at his Nagpur office.
The Minister of State for Finance, Shri S. S. Palanimanickam, gave the below information in written reply to a question raised in Lok Sabha.The Income Tax Department, assisted by the Enforcement Directorate, has conducted searches and seizure operation recently in various States of the country. Various lockers, bank accounts and premises are under propitiatory orders as per the provisions of the Income Tax Act, 1961. The seized documents/materials are being further investigated.
Two days after TOI reported about the distorted Indian maps in wallpapers on laptops supplied to the income-tax department, the supplier (Lenovo) has started removing it. The systems department of the income-tax department has informed its officials about the time and day of the company’s visit. “In some laptops, they have already removed it. In the next few days, the entire exercise should be over,” an incometax official said.
This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on capital account, its subsequent waiver too was on capital account. Hence, the loan waived was not liable to be taxed as profits and gains from its business (business income) under the provisions of the Indian Tax Law (ITL). The ITAT also held that waiver would not be taxable as business income if a taxpayer was not allowed deduction of the loan amount earlier.
As per section 17 of the Indian Registration Act, 1908 any documents related to immovable property exceeding worth Rs.100/- needs to be compulsorily registered. This being a central Act and is being implemented by the state government as per the special power given to the state government. Further, the state government is also empowered to levy the registration fees by issuing necessary notifications. The registration fee is charged as a service charge and not as a part of taxes to increase the revenue.
