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Income Tax : The article analyses whether declaring profits below presumptive rates automatically triggers tax audit under the Income-tax Act, ...
Income Tax : The revised ITR forms for AY 2026-27 introduce new tax slabs, expanded ITR eligibility, and enhanced disclosure requirements. Unde...
Income Tax : The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not mer...
Income Tax : Judicial authorities have held that Foreign Tax Credit is a substantive right and cannot be denied merely due to procedural delays...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
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 : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : Sanand Properties P. Ltd. Vs Jt. Commr. of I.T. Range 6 And Ors. (Supreme Court of India) Reopening of Assessment Valid Because Su...
Income Tax : The Tribunal held that rebate under section 87A could not be denied merely because LTCG exceeded Rs.1 lakh. It ruled that the rele...
Income Tax : The Delhi ITAT sustained the addition arising from the sale of listed shares after finding discrepancies in purchase records, incl...
Income Tax : ITAT Lucknow held that derivative losses incurred by a spouse using funds gifted by the assessee can be clubbed and set off under ...
Income Tax : While recognising that earlier judgments had invalidated JAO-issued notices, the Court avoided passing orders that would make the ...
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...
Notification No. 74/2014-Income Tax S.O.3015 (E).- In exercise of the powers conferred by section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules 1962, namely:-
Check your Current Jurisdiction before filing your income Tax Return for the A. Y. 2014-15 & Subsequent years. Due to the current Restructuring in the Income Tax Department, your Jurisdiction may have changed. It is advisable that you check your current jurisdiction. Those who have not yet filed their Income Tax Return and are yet […]
Notification No. 73/2014-Income Tax In exercise of the powers conferred by sub-clause (iia) of clause (b) of section 245N of the Income-tax Act; 1961 (43 of 1961), the Central Government hereby specifies a resident, in relation to his tax liability arising out of one or more transactions valuing rupees one hundred crore or more in total which has been undertaken or proposed
In exercise of the powers conferred by 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, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee
Bombay High Court has held that depreciation is not allowable on toll road constructed under the BOT basis though after the clarification by the CBDT and the decision of other Courts and Tribunal the cost of construction on development should be amortized evenly over the period of the concessionaire agreement after excluding the time taken for creation of such facility.
The issue is no longer res integra as it has been held by Hon’ble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TDS) [ITA No. 7315/Mum/2008] pronounced on 12-11-2014 wherein the assesse (Times of India) has entered into an agreement with M/s FERAG AG for supply of heavy plant and machinery along […]
On Appeal Honourable high court has held that in view of the decision of the Hon’ble Apex Court in the case of Dr. T.A. Quereshi Vs. Commissioner of Income-tax, Bhopal reported in 287 Income Tax Reports 547, the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the loss suffered by the assessee.
Notification No. 72/2014-Income Tax In the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O.2915(E), dated the 13th November, 2014, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 13th November, 2014, in Schedule-II,
In the Judgment of Aurionpro Solutions Ltd. vs. ACIT, Range – 4(3), Mumbai, ITA No. 7872 (Mum.) of 2011, ITAT Mumbai has held that for purpose of determination of Arm’s Length Price, tested party is always assessee and not its Associate Enterprise (AE), LIBOR is acceptable for benchmarking loans given by Indian company to its foreign AEs, instead of interest rates prevailing in India.
It is settled law that that frequency and magnitude of transaction are also important factor to decide whether the transaction is business transaction or investment transaction. Now in our considered opinion, the magnitude of share transaction in this case does call for any enquiry
