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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
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 : The Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the a...
Income Tax : Assessment orders passed pursuant to express liberty granted by the High Court during pendency of settlement-related litigation re...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : The Tribunal held that when sales are accepted and books of account are not rejected, the entire amount of disputed purchases cann...
Income Tax : The ITAT Pune held that the CIT(A)/NFAC cannot dismiss an appeal merely for non-prosecution without adjudicating the issues on mer...
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...
The requirement of recording of reasons and communication thereof has been read as an integral part of the concept of fair procedure and safeguard to ensure observance of the rule of law. We may point out that a ‘decision’ does not merely mean the ‘conclusion’. It embraces within its fold the reasons forming basis for the conclusion.[Mukhtiar Singh Vs. State of Punjab,(1995)1SCC 760(SC)].
Ultimately the assessing officer was of the opinion that a firm, which had the capacity to lend an amount of Rs. 71,50,000/- that too, to one of its partners or others is reasonably presumed to have the taxable income and if the assessee had never disclosed its expenditure or otherwise earlier and in such circumstances, if the officer records that he has reason to believe that assessee had taxable income and a non-filing of the return is not merely suspicion and therefore in bringing to tax such amount by re-opening.
Investigating tax-effective arrangements is a guide to help you recognise some of the common types of tax avoidance schemes so you can reject them and avoid the negative consequences associated with them. You should read this guide if you are considering entering into a tax-effective arrangement that will affect your tax liability.
Who can use this Return Form -This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form. Download Return Preparation Software
July is the month when most of us in the tax bracket need to file income tax returns, more so in case of individual assessees and where audit is not required. 31st July is the last date for filing income tax returns by all individuals, firms, HUFs, etc. whose books of accounts are not subject to audit under any law including income tax. This generally covers all individual assessees including salaried persons, professionals etc.
The AO has simply mentioned in the asstt. Order that on enquiry some of the vehicles shown to have been involved in the supply of seeds have been found to be two-wheelers and cars and not trucks & metadors, but has not given any specific instance. Therefore, the charge made by the AO to this extent cannot be verified by this office. Even otherwise, it is a fact that the vehicle Nos. are being mentioned at the gate-passes by the security staff who are not highly literate and who may write an alphabet of insurance in such a way that any person may read it to be some other alphabet. For example it is quite possible that the gate-keeper writes the alphabets OD on the gate pass which the next record may read as OO or DO or DD for the simple reason that the first person might have written the two alphabets in a near similar fashion. Therefore, no adverse inference can be derived only for the reason of discrepancy in the vehicle numbers
The monies held in the account must be regarded as being at the joint disposal of Mr and Mrs Pflum which means when the mandate is such that either party can draw on them, that either party is free to withdraw and spend them as he or she wishes. In practice most withdrawals were made by Mrs Pflum without reference to Mr Pflum. Thus when she withdrew sums in the UK using the debit card, the cash so withdrawn would be her own money and she was drawing on an asset which was just as much her own asset as it was Mr Pflum’s. That is the essence of a joint bank account held by the holders as joint tenants. We therefore reject Mrs Teggart’s submission that because the monies were derived from Mr Pflum’s earnings he was to be regarded as not having alienated them, in the absence of clear evidence of an intention to sever the joint tenancy and confer beneficial ownership on Mrs Pflum. The application of this principle also leads to the same conclusion in relation to purchases made through use of the debit card in the UK.
After going through the above provisions of law, it is clear that the Act has not provided for any cut off date up-to which only the information available in public domain has to be taken into consideration by the TPO, while making the transfer pricing adjustments and arriving at arm’s length price. The assessee as well as the Revenue is both bound by the Act and the rules there-under and, therefore, as provided under the Act and rules, they are supposed to be taking into consideration, the contemporaneous data relevant to the previous year in which the transaction has taken place.
Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase of 3.48 percent and stood at Rs. 70,594 crore as against Rs. 68,223 crore in the same period during last year.
Notification No. 26/2012-Income Tax Whereas, an Agreement between the Government of the Republic of India and the Government of Jersey for the exchange of information and assistance in collection with respect to taxes was signed at London on the 3rd day of November, 2011 (hereinafter referred to as the said Agreement)
