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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 document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
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 : ITAT Delhi held that consolidated approvals granted without application of mind under Section 153D were invalid. Consequently, the...
Income Tax : The Delhi ITAT held that receipts from sale and restricted use of standard cybersecurity software could not be taxed as Fees for T...
Income Tax : The Supreme Court refused to interfere with the High Court's ruling that reassessment under Section 147 lacked a valid basis. The ...
Income Tax : The Calcutta High Court upheld the Tribunal's order after finding that the reopening of assessment proceeded on incorrect facts re...
Income Tax : The Delhi ITAT held that reassessment notices issued beyond four years were invalid as the Assessing Officer failed to record 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...
In the present case the ITAT has recorded that it is undisputed that the two aircrafts were used by the Assessee for its business. Since this is the undisputed factual position, the same would be exempt from wealth tax.
The question as to whether the expenditure incurred on replacement of machinery is revenue or capital expenditure, particularly in the nature of replacements of parts, thus rests on the nature of expenditure incurred, vis-a-vis the benefit that the assessee derives.
Notification No. 66/2013 – Income Tax S.O. 2642(E) – In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Karnataka State AIDS Prevention Society a body constituted by the Government of Karnataka in respect of the following specified income arising to that Society, namely:— “Amount received in the form of grants-in-aid from the Government of India and State Government”
The dispute relates to a point as to whether TDS is to be deducted on the amount payable on account of service tax or not? The Tribunal has considered the agreement and recorded a finding that as per the term of contract, the amount of service tax was to be paid separately, therefore, the same was not subject to TDS.
Recently in the finance Act 2013, TDS @ 1% was introduced u/s 194-IA which got effective from 1.6.2013. It is not clear from the said provision whether this provision is applicable to the property under development / construction or not as till the date construction is complete, even the respective unit/flat is not identifiable unit and till some point of time even it is not in existence.
This Note deals with the intimations issued by the Centralized Processing Centre (CPC), under section 143(1) of the Income-Tax Act, 1961 (the Act), in respect of returns of income electronically filed. It has been observed that many of the intimations under section 143(1) of the Act, contain a number of errors which cause un-called for harassment and inconvenience to the assessees.
In exercise of powers conferred by clause (a) of sub-section (15) of Section 144C of the Income-tax Act, 1961 (43 of 1961) r/w Income-tax (Dispute Resolution Panel) Rules. 2009, as amended by Notification No. 33/2012 (F.No. 133/13/2012-SO(TPL)/SO 1967 (E), dated 24-08-2012, and in partial modification to Order No.l/FT&TR/2013 dated 13.08.2013, the Central Board of Direct Taxes hereby constitutes the Dispute Resolution Panel at the areas of Jurisdiction given under column (2) of the Table below comprising of three Commissioners of Income-tax as Members of the Panel
The facts, in brief, are that a survey u/s 133A of the Act was carried out at the business premises of the assessee. As per the Revenue, an amount of Rs. 20 lacs was accepted as undisclosed income by the assessee on account of shortage of gold ornaments weighing 758.475 gms and excess stock of silver at 91.134 kms.
In our view, offering of the so called service to a particular section as in the instant case to members of the assessee organization only does not in any way lead to a charitable activity for the purpose of sec.2(15) of the Act.
In exercise of the power conferred under section 92CB read with section 295 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-. ‘Safe Harbour Rules’
