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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...
Salient features of this multilateral convention are – It is based on international standard of transparency and exchange of information. – This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consistent application of provisions leaving limited scope for deviation.
CIT Vs. Jai Drinks (P.) Ltd. (Delhi HC)- In the instant case, it was held that since the agreement between the assessee and the distributor clearly stated that the agreement was on principal-to-principal basis, payments made by the assessee to the distributor were incentives and discounts and were not to be treated as commission liable for deduction of tax at source under section 194H of the Act.
Echjay Forgings Ltd. Vs. ACIT (2010) 328 ITR 286 (Bombay High Court)- Can expenditure incurred by a company on higher studies of the director’s son abroad be claimed as business expenditure under section 37 on the contention that he was appointed as a trainee in the company under “apprentice training scheme”, where there was no proof of existence of such scheme?
Iskraemeco Regent Ltd. v. CIT (Madras High Court) The assessee company, engaged in the business of development, manufacturing and marketing of electro-mechanical and static energy meters, took a bank loan for purchase of capital assets. The grant of bank loan for purchase of a capital asset is a capital receipt and not a trading receipt. The provisions of section 41(1) are attracted only in case of remission of a trading liability. Since the loan was taken for purchase of capital assets, waiver of a portion of principal would not amount to remission of a trading liability to attract the provisions of section 41(1). Further, such waiver cannot be treated as a benefit arising out of business and consequently, section 28(iv) will not apply in respect of such loan transaction.
Joseph George and Co. Vs. ITO (2010) 328 ITR 161 (Kerala High Court)- On the above issue, it was decided that while lodging is a business, however, letting out of building to the bank on long-term lease could not be treated as business. Therefore, the rental income from bank has to be assessed as income from house property.
Praveen Soni vs Commissioner Of Income Tax (Delhi HC) – On the above issue, the Delhi High Court held that the provisions of section 80-IB nowhere stipulated a condition that the claim for deduction under this section had to be made from the first year of qualification of deduction failing which the claim will not be allowed in the remaining years of eligibility. Therefore, the deduction under section 80-IB should be allowed to the assessee for the remaining years up to the period for which his entitlement would accrue, provided the conditions mentioned under section 80-IB are fulfilled.
CIT v. Smt. K. G. Rukminiamma – Can exemption under section 54 be claimed in respect of more than one residential flat acquired by the assessee under a joint development agreement with a builder, wherein the property owned by the assessee was developed by the builder who constructed eight residential flats in the said property, four of which were given to the assessee?
Download Income tax Calculator for Individuals having Income from Salary and Interest Income for A.Y. 2012-13. The calculator Calculates taxable Income, tax Liability , Amount of HRA Exempt etc. In addition to that calculator automatically fills Form 16, ITR 1 Sahaj (Assuming No change in Format of A.Y. 2011-12) and automatically prepares Computation of Tax.Calculator also generates acknowledgement of Your Income tax Return.
In this calculator which is in excel format you only have to mention the Date of Purchase, Date of sales, Purchase Value, Sales Value, Number of Shares and name of the script. The calculator will calculate the Long Term and Short term Capital gain on Sale of Shares automatically and provides a total at the bottom of Total Short Term Capital Gain, Total Long term Capital Gain and Total Capital Gain on Sale of Shares.
Income tax Calculator for A.Y. 2012-13 -This Calculator calculates Income Tax Liability of you in very simple way. You Just have to mention your date of birth as per PAN card then You have to select you category in which you fall. If you are aged less then sixty then you have to choose from the category Male or Female. If you are aged above sixty then you have to choose the category from senior citizen and Very Senior Citizen. Those who attained the age of Sixty year during the period from 01.04.2011 to 31.03.2012 or before are Senior Citizen and those who attained the age of 80 Years during the period from 01.04.2011 to 31.03.2012 or before are very senior citizens. Maximum Income exempt for A.Y. 2012-13 for senior Citizens is Rs. 2,40,000/- but the same is Rs. 5,00,000/- for very senior citizens.
