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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 Income Tax Department has invited fresh bid for setting up centralised processing centres (CPCs) for bulk processing of I-T returns at Manesar and Pune, as the earlier tender received no interest. Two new CPCs, announced in the Budget 2011-12, were supposed to become operational by May. Another proposed I-T return processing centre at Kolkota was supposed to become operational in 2012-13.
Automated Tax Calculation with Form-16 for Central Government Employees F. Y. 2011-2012 / A. Y. 2012-13
DCIT v. Bharat Aluminium Company Ltd (ITAT Delhi)- The Delhi Tribunal in this case has held that interest for deferment of advance tax is leviable under Section 234C of the Act where there is a shortfall in payment of advance tax while computing ‘book profit’ under the existing MAT provision under Section 115JB of the Act.
The government today said it paid Rs 68,994 crore as income tax refunds till November this fiscal as compared to Rs 75,160 crore for the entire 2010-11. In a written reply to Lok Sabha, Minister of State for Finance S S Palanimanickam also said the number of refund claims pending as on October 1 stood at 19.41 lakh.
India successfully hosted the three day 4th International Tax Dialogue Conference on Tax and Inequality. The conference was inaugurated by the Finance Minister of India Mr Pranab Mukherjee on 7th December.
. These three pertain to the same assessee. While in one appeal, the assessee has challenged correctness of the revision order dated 19th October 2007, passed by the learned CIT under section 263 r.w.s. 143(3) of the Income Tax Act, 1961 for the assessment year 2003-04, the remaining two appeals are cross appeals against CIT(A)’s appellate order in the matter of assessment framed to give effect to learned CIT’s revision order. As these appeals involve somewhat interconnected issues arising out of common set of facts and as these three appeals were heard together, all the three appeals are being disposed of by way of this consolidated order.
Telecom company GTL Infrastructure has admitted undisclosed income of more than Rs 500 crore to the Income Tax department, Parliament was informed today. In consequence to a search action conducted in 2010, a group (GTL Infrastructure) had admitted undisclosed income of Rs 500.65 crore, Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply today.
In the instant case, the assessee is a Co-operative Bank. Clause 5 of sub-section (3) of Section 194A expressly exempts the Bank from deducting the tax at source on interest payable by the Bank to its members and other Co-operative Societies. As stated by the assessee, they did not properly construe this provision. By misconstruing this provision they also did not deduct tax from the interest payable to non-members.
A former Los Angeles resident drew an 18-month federal prison sentence Monday for filing fraudulent income tax returns involving 20 nonexistent children, all with the same birthday. Norma Coronel, 40, an illegal immigrant who now lives in Livermore, was ordered by U.S. District Judge Manuel Real to pay $302,186 in restitution to the Internal Revenue Service.
DCIT Vs. M/s. Aditya Music (I) Ltd. (ITAT Hyderabad)- Facts of the case in brief are that the assessee company is a manufacturer and seller of pre-recorded audio cassettes and CDs. In Profit and Loss A/c. for the years under consideration, the assessee-company claimed the expenditure of copyrights used for manufacturing at Rs. 4,49,95,728 for A.Y. 2006-07 and Rs. 6,34,20,231 for A.Y. 2007-08 as revenue expenditure. The Assessing Officer completed the assessment by making addition of the above expenditure treating it as capital expenditure and allowed depreciation on the same.
