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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 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 Telangana High Court held that Section 254(2) of the Income-tax Act is confined to rectifying mistakes apparent from the recor...
Income Tax : The Telangana High Court held that reassessment proceedings initiated under Sections 148A and 148 by the Jurisdictional Assessing ...
Income Tax : The Tribunal held that section 50 merely prescribes a special method for computing gains on depreciable assets and does not conver...
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 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...
Honourable President of India has Given its Assent to Finance Bill 2012 or Budget 2012-13 on 28.05.2012. The Finance Bill 2012 already received the assent of Lok Sabha & Rajya Sabha. You can also download Finance Bill 2012, We have provided link for the same at the bottom of the post.
Assessee has maintained quantitative records wherein full details of newsprint purchased and used are given. The assessee has also explained the reason for excessive wastage before the Assessing Officer. The Assessing Officer, however, without rejecting the contentions of the assessee, relied on the report of the Registrar of Newspapers of India, called for by him u/s 133(6) of the Act. The CIT(A), though accepted that assessee had maintained quantitative records of wastage etc., applied the wastage rate of 7%. On the facts and circumstances of the case we accept the contention of the assessee that the Registrar of Newspaper of India is an authority, entrusted with the job of allotment of quota of foreign newsprint and the actual wastage cannot be compared with fixed standard because of various factors.
The Income Tax department has initiated a special country-wide exercise to engage a battery of lawyers for fighting black money cases and filing prosecution in a host of other tax evasion cases. Finance Minister Pranab Mukherjee, in his white paper on black money tabled during the recently concluded Parliament session, had said that “to facilitate the launch of prosecution in cases of evasion of taxes and speedy trial and early conclusion, provisions for constitution of special courts, summons trials, and appointment of public prosecutors have been included” as part of the multi-pronged strategy to combat the menace.
Automated Form 16 Preparation Software which can prepare at Form 16 of 50 Employees from the details of 24Q Annual Return Form. Master Form-16 New Financial Year 2012-13 / Assessment Year 2013-14 Master Form-16 New Financial Year 2011-12 / Assessment Year 2012-13
Procedure for Download of File Merge Utility (in case file is split) and Merging Split Quarterly Consolidated TDS/TCS statement. A. Procedure for Download of File Merging Utility 1) Download ‘File Merge Utility’ from TIN website (www.tin-nsdl.com ) under the option ‘TAN Registration’ in download section. FMU can be downloaded at the desired location for example desktop (see Fig 1.1 below).
Instruction No. 4/2012 (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. Five thousands, the TDS claim may be accepted without verification. (ii) Where there is zero TDS matching, TDS credit shall be allowed only after due verification.
What is prohibited and barred is application of income or use of the property of the institution directly or indirectly for benefit of a person mentioned in Section 13(3) i.e. he is paid beyond what is reasonable, adequate, commensurate and justified for the services rendered or goods supplied. The said person should not profit at the expense of the trust/institution. Charity should not become the primary or important source of business profits and a façade to promote business interest or secure advantage, for persons mentioned in Section 13(3) in the name of charity. The word “benefit” need not be restricted to direct material benefit, but is of wide significance comprehending whatever would be beneficial in any respect, materially or otherwise. Benefit can be pecuniary or non pecuniary. This would be the correct legislative intent.
Assessee was a tax resident of Singapore. The applicant sought a ruling on taxability of subscription fee received from users in India to access the online information database maintained by it. AAR was of the view that the market intelligence services provided by the applicant on online portal was taxable as Royalty as per Clause (iv) of Explanation 2 to Section 9(1) (vi) of the Income Tax Act, 1961 The same was also taxable as Royalty as per Article 12(2) of India -Singapore Double Taxation Avoidance Agreement.
Transfer Pricing Officer recomputed the expenditure relating to reimbursement of business promotion expenses by Assessee to its associated enterprise based in Cyprus. The TPO had compared the said expense with the average of promotional expenditure incurred by 17 pharmaceutical companies, to compute arm’s length price (ALP) using Transaction Net Margin Method (TNMM). The Honourable Mumbai Tribunal held that the TPO had adopted an adhoc method and not TNMM to disallow the said expenses under the guise of Transfer Pricing provisions; hence the addition on account of disallowance was deleted.
In the case of a salaried taxpayer, entire tax liability is discharged by the employer through deduction of tax at source. Complete details of such taxpayers are also reported by the employer through Tax Deduction at Source (TDS) statements. Therefore, in cases where there is no other source of income, filing of a return is a duplication of existing information.
