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Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
Income Tax : Learn how taxpayers can set off losses against taxable income and carry forward unadjusted losses under the Income-tax Act. The FA...
Income Tax : Learn when the Income-tax Act requires another person's income to be included in your taxable income. The FAQs explain clubbing pr...
Income Tax : Learn how rental income is taxed, who is treated as the owner, and how deductions under Section 24 are computed. The guidance also...
Income Tax : Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, t...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The ITAT Delhi held that a single satisfaction note covering multiple assessment years without identifying year-wise incriminating...
Income Tax : The ITAT Delhi held that a single consolidated satisfaction note covering multiple assessment years without year-wise incriminatin...
Income Tax : The ITAT held that Section 68 could not be applied to sale proceeds received from investments already recorded in the books in an ...
Income Tax : Bangalore ITAT held that customer deposits representing sale proceeds could not be taxed in full as unexplained money under Sectio...
Income Tax : Bangalore ITAT deleted the addition under Section 69A after holding that the assessee had satisfactorily explained the source of c...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
It is abundantly clear that the very basis of the penalty proceedings was set aside by the Tribunal in an appeal against the assessment order. There was no addition of income. On the contrary, the case of the assessee, which was negated by the assessing officer of carrying on the business of draft discounting, is accepted by the Tribunal. Explanation 1 to section 271(1)(c) of the Act, in the facts and circumstances of the present case, would not arise.
Order No. 196 of 2017- President is pleased to appoint following Income Tax Officers, presently posted in region shown against their names, in the grade of Assistant Commissioner of Income Tax (ACIT) on ad-hoc basis for the vacancy year 2016-17 in the Level 10 in the pay matrix Rs. 56100-177500/-
Annual value of a house could be taken as nil only when either the house is occupied for own residence or could not be occupied by the owner, if he is residing in a building not owned by him at other place due to his employment, business or profession carried out at other place.
The Income Tax Act, in particular Section 90 thereof, does not speak of the concept of a PE. This is a creation only of the DTAA. By virtue of Article 7(1) of the DTAA, the business income of companies which are incorporated in the US will be taxable only in the US, unless it is found that they were PEs in India
Anything which can properly be described as income is taxable under the Act unless expressly exempted. Following the above principle, Court held that interest earned by Assessee is clearly its income and unless it can be shown that any provision like Section 10 has exempted it from tax, it will be taxable.
Court is satisfied that no error was committed by the ITAT in holding that the value declared in the tax return filed by the Assessees under WTA cannot be taken to be the cost of acquisition in the hands of the Assessees.
The Income Tax Appellate Tribunal (Mumbai) has held that, Income from Capital Asset is Capital Gain and not business Income even if Assessee was regularly booking Flats and Selling the same. Any kind of Income from Capital Assets held by the Assessee whether or not connected with his business of profession earned must be treated as capital gain.
The challenge in this writ petition is to an order dated 21-12-2016 passed by the Principal Commissioner (PCIT) rejecting the Petitioners application under section 264 of the Income Tax Act, 1961 (Act) on the ground of limitation.
Receipt of grant from US Aid through ICICI to create an institutional environment for technological innovations could not be regarded as meeting of cost of specific asset by Central Government or State Government or any authority established by any law in India or any other person, so as to cause Explanation 10 to section 43(1) get attracted to assessee’s case.
Receipts towards amenities are to be considered as part of rental income. However, the expenses incurred towards security service and pantry services are not connected to the rental income and hence, they should be deducted from the receipts from amenities.
