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Income Tax : The article breaks down salary components such as basic salary, allowances, and perquisites. It highlights which parts are fully t...
Income Tax : This calendar lists all major statutory filings due in January 2026 across GST, Income Tax, SEBI, FEMA, ESI, PF, and Companies Act...
Income Tax : This article explains how courts assess unexplained cash credits and why proper proof of identity, capacity, and genuineness can l...
Income Tax : From FY 2025–26, partnership firms must deduct 10% TDS on specified payments to partners once the ₹20,000 threshold is crossed...
Income Tax : Explore the legal and technical hurdles in filing Updated Returns under Section 139(8A), including Excel utility dependencies and ...
Income Tax : Bogus Donation Claims Detected—Opportunity Given to Fix Returns: Analytics spotted questionable donation deductions and other ex...
Income Tax : This explainer breaks down how Section 80G deductions work and who can claim them. It highlights deduction categories, qualifying ...
Income Tax : While gross collections rose modestly, higher corporate tax inflows boosted net direct tax collections. The figures underline the ...
Income Tax : The NUDGE campaign targets fraudulent claims under sections 80G and 80GGC, helping taxpayers voluntarily revise returns and avoid ...
Income Tax : West Bengal’s ITR filings rose to 52.99 lakh in AY 2024-25, with significant increases in middle- and higher-income brackets. Th...
Income Tax : ITAT Pune held that disallowance of interest paid on housing loan is upheld since assessee has failed to provide documentary evide...
Income Tax : Delhi High Court held that outsourcing solutions including transaction processing services and Internet/voice-based customer care ...
Income Tax : The issue concerned a large Schedule BP deduction disallowed under section 37. The Tribunal held that prima facie the amounts were...
Income Tax : The issue was rejection of charitable registration for alleged non-compliance. The Tribunal held that an ex parte rejection withou...
Income Tax : The issue was whether a reassessment notice issued in July 2022 for AY 2015-16 was valid. The Tribunal held it to be barred by lim...
Income Tax : The notification grants statutory approval for scientific research under section 35, enabling tax deductions for eligible donation...
Income Tax : The government has notified approval under Section 35(1)(ii), allowing donors to claim income-tax deductions for eligible scientif...
Income Tax : The government has approved an institution for scientific research under Section 35(1)(ii), allowing eligible tax deductions for d...
Income Tax : This notification clarifies the conditions under which a development authority qualifies for tax exemption. The ruling highlights ...
Income Tax : This notification addresses whether statutory development authorities qualify for income-tax exemption under section 10(46). The k...
CIRCULAR NO. 5/2009 In supersession to all circulars and instructions of the Central Board of Direct Taxes (CBDT) issued on the above subject, the CBDT prescribes the following procedure to be followed before the Board for Industrial and Financial reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) in respect of granting Income tax reliefs/concessions to be given to sick companies for its rehabilitation under the Sick Industrial Companies (SICA) Act, 1985.
The Madras High Court has ruled that tax planning as opposed to tax evasion has legal sanction, and if a dealer plans his transactions in such a manner that he pays less tax, it is not open to the revenue to subject him to a conscience audit or moral assessment. The power to lift the veil has to be exercised with great care and caution. Justice V Ramasubramanian on Friday allowing petitions by a registered dealer
DTC/2009-10/ Rep-3 Dated: 27th June, 2009Shri. S.S.N.Moorthy, Chairman, Central Board of Direct Taxes , Ministry of Finance, Government of India, North Block, Delhi-110 001Respected Sir,Re: Request to consider genuine hardships and practical difficulties faced in getting a Certificate for lower deduction or non-deduction of tax at source.This has reference to section 197 which authorizes the Assessing Officer to grant certificate of lower […]
The government is considering to re-introduce one-pager ‘Saral form for filing income tax return. The form was discontinued in 2007-08 and instead of that ITR-1, ITR-2, ITR-3 and ITR-4 were introduced for individual taxpayers.
The government is likely to extend the tax benefits on exports earnings of the information technology (IT) units, operating from the Software Technology Parks of India (STPI), to March 31, 2010 in Budget. The scheme was expired in March 2009. Under the STPI scheme, export incomes are exempted from tax under Section 10(A) for the […]
Form 15CA should be used for furnishing information of remittances in e-mode in accordance with the provisions of section 195 (6) of the Income-tax Act, 1961. The information should be furnished after obtaining a certificate in Form 15CB from an accountant as defined in the Explanation to section 288 of the Income-tax Act, 1961.
20. It seems to us that the revenue functions in the same manner as other departments of administration, wherein the accepted norm is, to shift the responsibility of decision making to the judiciary. In sum and substance, the judiciary not only adjudicates upon legitimate controversies between quarreling parties, but also discharges the executive function of decision making
Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from such projects if it commenced the project on or after 1.10.1998 and completes the construction within four years from the financial year in which the housing […]
The government is considering a proposal to disallow the depreciation allowance that charitable organisations claim, following a recommendation by the income-tax department. Officials close to the development said the I-T department’s suggestion is to amend Section 11, which specifies the manner in which income from charitable bodies is exempt from income tax. The I-T department has […]
The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting for some news about the Unique Transaction Numbers that are required to be generated with effect from 1st July, 2009.
