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Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Receiving an income tax notice can be disconcerting, particularly for individuals who are not well-versed with tax laws and compli...
Income Tax : Discover key highlights of India's Income Tax Bill 2025, effective April 2026, featuring simplified tax structures, revised slabs,...
Income Tax : Supreme Court clarifies the applicability of TOLA to reassessment notices under the Income Tax Act, addressing the interplay with ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material ...
Income Tax : ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value...
Income Tax : ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting prope...
Income Tax : ITAT Bangalore upheld CIT(A)'s acceptance of additional evidence in local language, dismissing AO's addition under Section 69A. Re...
Income Tax : ITAT Bangalore set aside penalty orders under Section 271B due to improper notice delivery to an unrelated email ID and failure to...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Income Tax : CBDT notifies the Income-tax (Seventh Amendment) Rules, 2025, updating Forms 26Q and 27Q to include Section 194T on payments to fi...
The assessee manufactured cars using the brand name Maruti. It entered into an agreement with Suzuki, Japan, pursuant to which it began manufacturing cars using the brand name Suzuki. The TPO issued a show-cause notice in which he alleged that the substitution of the brand name Maruti for the name Suzuki meant that the assessee had soldthe Maruti brand to Suzuki. On that basis, he determined the arms length sale proceeds at Rs. 4,420 crores.
The income tax authorities have asked Rajasthan Royals, Kolkata Knight Riders and Kings XI Punjab-the three IPL teams co-owned by cine stars Shilpa Shetty, Shahrukh Khan and Preity Zinta, respectively-for information on the sources of their funding and ownership details.
The solitary issue urged in these two appeals is that Whether the Learned CIT(A) is right in law in confirming the action of the Assessing Officer in invoking the provisions of section 50C in the case of both the assessees.
The income-tax department has narrowed down its probe into the Indian Premier League to three franchisees Rajasthan Royals, Kolkata Knight Riders and Kings XI Punjab after initial findings. The department has also written to tax authorities in Mauritius, Bahamas, Cayman and British Virgin Islands seeking details of companies registered there that have invested in these […]
Order No. 3/FT&TR-II/2010 In exercise of powers conferred under section 144C of the Income-tax Act, 1961 and in supersession of Order No. 1/FT&TR/2010 dated 10th February, 2010 the Board hereby constitutes the Dispute Resolution Panel (DRP-II, Mumbai) comprising of three Commissioners of Income-tax/Directors of Income-tax as members of DRP at the place(s) given below with immediate effect and until further orders.
The assessee, a division of Technical Resources Prt. Ltd. Australia, had entered into contracts with Rio Tinto India Pvt. Ltd. (RTIPL) for evaluation of coal deposits in Maharashtra and Orissa and for corresponding feasibility studies for transporting the same.
The Tribunal concluded that the sale of rig was precursor to the process of cessation of PE, termination of the contract and movement of equipment in international waters. The rig was situated in India when the process of sale had commenced and substantially completed. The deferral of receipt of part sale consideration and postponement of handing over of the rig was immaterial, so far as tax liability in connection with the sale of PE or its assets are concerned.
Till AY 1996-97 unabsorbed depreciation could be set off against income under any head. From AY 1997-98 to 2001-2002 unabsorbed depreciation could be set off only against business income. From AY 2002-2003 onwards unabsorbed depreciation could again be set off against income under any head of income.
The cost of doing business in India could come down if the dividend distribution tax (DDT) levied on foreign shareholders is replaced with a withholding tax as under the current system, apex chamber Ficci has said. According to the chamber, foreign shareholders are unable to claim credit in the home country for DDT paid in India, resulting in a higher effective tax rate.
The assessee has taken on lease a theatre complex consisting of five cinema theatres from M/s Satyam Sayi Corporation (P) Ltd,. During the assessment year under consideration, the assessee has incurred substantial amounts towards consultation charges, interior design, modernization, changing of floor tiles, false ceiling, landscaping, chairs, earth filling etc. According to the learned departmental representative, these expenditures were incurred by the assessee for obta
