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Income Tax : Explains how timing, family LRS limits, and NRO remittances can legally prevent the 20% TCS on foreign transfers. Highlights compl...
Income Tax : Tribunal ruled that massive companies like Infosys and TCS cannot be used as comparables when the assessee’s turnover is small, ...
Income Tax : Explains proper disclosure of foreign custodial accounts, RSUs, MMFs, and dividends. Key takeaway: each income type requires separ...
Income Tax : A clear guide on how US dividends are taxed under the India–US DTAA. Key takeaway: US withholding is capped at 25%, but India ta...
Income Tax : India’s upcoming tax law changes could redefine resident status for high-income diaspora. Learn how this reform increases global...
Income Tax : Net direct tax collections grew by 7% year-on-year, driven by higher corporate and non-corporate tax inflows and a reduction in re...
Income Tax : ICAI proposes tax reforms for Union Budget 2026-27 to enhance ease of doing business and sustainability. Suggestions cover reducin...
Income Tax : CBDT extends the due date for furnishing the Income Tax Return for AY 2025-26 to Dec 10, 2025, and the audit report due date to No...
Income Tax : CBDT’s 2025 Search & Seizure Manual guides tax officers on lawful, tech-driven investigations under Sections 132–132B of the I...
Income Tax : CBDT’s 2024-25 APA report details 174 new agreements, including record bilateral deals, advancing tax certainty and reducing cro...
Income Tax : ITAT Chandigarh held that a Section 148 notice issued by the Jurisdictional AO instead of Faceless AO violated statutory provisi...
Income Tax : Explains when co-operative societies providing credit to members can claim full deductions under section 80P(2)(a)(i) despite havi...
Income Tax : The tribunal ruled that Section 54 benefits apply to property purchased abroad before AY 2015-16, reversing the prior disallowance...
Income Tax : Tribunal reviewed onion cultivation expenses claimed at 21% of gross receipts and found CIT(A)’s 35% estimate excessive. Net agr...
Income Tax : ITAT restored penalties under Sections 271AAC and 270A after noting CIT(A) dismissed appeal without hearing assessee. Case highl...
Income Tax : The notification grants five-year approval for eligible scientific research activities under Section 35(1)(iia). It confirms retro...
Income Tax : The Finance Ministry notifies the India-Belgium protocol amending the 1993 tax treaty, effective June 26, 2025, updating definitio...
Income Tax : CBDT notifies Ayodhya Vikas Pradhikaran as exempt under Section 10(46A) of the Income Tax Act, effective from AY 2024-25, with ret...
Income Tax : CBDT grants tax exemption to Haryana Building and Other Construction Workers Welfare Board for specific income types under Section...
Income Tax : Notification 157/2025 sets 1% tolerance for wholesale trading and 3% for all other cases for Arm's Length Price variation for AY 2...
Notification No. 33/2009 – Income Tax Whereas the annexed Agreement and Protocol between the Government of the Republic of India and the Government of the Syrian Arab Republic for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 18th day of June, 2008 shall come into force on the 10th day of November, 2008, being the date of receipt of later of
Income tax department sleuths detected unaccounted cash worth over Rs 8 crore during the survey carried out on three business establishments in Chandigarh. Survey started on Thursday completed on Friday afternoon. Income tax sleuths carried out the survey in the premises of Compact Disc (CD) India Limited, Manimajra, office of A-I Meters Private Limited, Industrial […]
In commercial sense, even tax losses are valued assets and hence need to be carefully evaluated at the time of acquisition. Recently, the Pune Tribunal in case of DaimlerChrysler India (DIPL) examined the provision relating to carry forward and set-off of losses under Section 79 of the Income Tax Act, 1961 in the backdrop of […]
Circular No. 1/2009-Income Tax 1. Introduction 1.1 The Finance Act, 2008 (hereafter referred to as “the Act”) as passed by the Parliament, received the assent of the President on the 10th day of May, 2008 and has been enacted as Act No. 18 of 2008. This circular explains the substance of the provisions of the Act relating to direct taxes.
Circular No.. 1/ 2009 – Income Tax 16.1 In 1992, the Government allowed established Indian companies to issue foreign currency convertible bonds (FCCB), with special tax regime for non-resident investors, so as to encourage the flow of foreign exchange to India
Notification No. 32/2009 – Income tax The CBDT has notified new Income Tax Forms for F.Y. 2008-09 & A.Y. 2009-10 vide notification No. 32/2009 ( Income Tax 9th Amendments) Rules, 2009
From the above provision, it is clear that the authorities mentioned in the definition of AO in section 2(7A) of the Income-tax Act, 1961, must be assigned the jurisdiction to any authorities mentioned in the definition by the CBDT under the provisions of section 120 of the Income-tax Act, 1961, to act as an Assessing Officer. Only in that circumstances that Assistant Commissioner or Dy. Director of Income-tax, other authorities mentioned in the definition u/s 2(7A) of the Income-tax Act, 1961, can act as fee Assessing Officer) In this case, the Dy. Director of Income-tax (Investigation II
Circular No. 1/2009 – Income Tax 10.1 In order to encourage the outsourcing of scientific research, a new clause (iia) in sub-section (1) of section 35 of the Income-tax Act has been inserted to allow a weighted deduction of 125 per cent of the amount paid by a person to an approved company to be used for scientific research subject to prescribed conditions. To avoid multiple claims of deduction by a company approved to receive such
Circular No.1/2009 – Income Tax 12.1 As per the provisions of sub-clause (ia) of clause (a) of section 40, any interest, commission, brokerage, fees for professional services, fees for technical service payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work, rent and royalty on which tax is deductible at source and such tax has not been deducted or, after deduction
Circular No. 1/2009 – Income Tax 11.1 Section 35D provides for deduction of certain specified preliminary expenses. After the commencement of business, the deduction was being allowed to only an industrial undertaking or unit. In order to provide a level playing field to the services sector, the section has been amended to provide the benefit of amortization to all assessees after commencement of his business, in connection with the
