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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...
Union Finance Minister, Shri Pranab Mukherjee has said that it is desirable to have a periodic international dialogue on economic concerns that affects lives in all our countries. He was inaugurating the 4th International Tax Dialogue Global Conference on “Tax and Inequality”. Shri Mukherjee said that the present phase of globalization has brought us closer to each other, than any point in the history of human civilization. Our opportunities are getting increasingly tied together and so are solutions to many of our common problems, he said. The Finance Minister said that the multifaceted integration of societies has created a collective destiny, unifying many of our development concerns.
Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. The proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to come into force from the next financial year, he said while addressing an international conference on Tax and Equality’.
In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 (43 of 1961) the Central Government has authorised Power Finance Corporation Ltd. to issue during the FY 2011-12, Tax Free Secured Redeemable Non-Convertible Bonds of face value of Rs. 1,000 each aggregating upto Rs 5,000 crores. The income by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act.
NJP Surya Cold Storage Pvt Ltd. Vs ITO (ITAT Hyderabad)- In this case, it is on record that in earlier years, returns were non est. returns and the interest claimed cannot be considered as allowed to the assessee in the earlier years. This being so, interest waived in the present assessment year cannot be considered as income of the assessee. Reliance placed by the assessee in the case of Rayala Corporation (P) Limited vs. ACIT cited supra supports our view on this issue. In view of the above, we allow the ground raised by the assessee.
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/11/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 30th NOVEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1 ITR-1 14,85,923 33,83,904 127.73% 2 ITR-2 5,91,305 11,08,047 87.39% 3 ITR-3 1,52,845 2,43,307 59.19% 4 ITR-4 […]
Shri Rajeev Kumar Jain Vs ITO (ITAT Kolkata)- Assessee stated that the assessee during the year under consideration took loan of Rs. 3,00,000/- from one Shri Amit Kr. Jain, a close relative, by account payee demand draft. The assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement for FY 2006-07 relevant to Assessment Year 2007-08 along with confirmation from Shri Amit Kr. Jain.
.P.G. Ramasamy Nadar & Sons Vs. ACIT (ITAT Chennai) – The ground raised by the assessee is that the Commissioner of Income Tax(Appeals) has erred in confirming that cash assistance is taxable in the hands of the assessee. It is the case of the assessee that the Commissioner of Income Tax(Appeals) himself has allowed the claim of the assessee for the earlier assessment year and he is taking inconsistent view as far as the impugned assessment year is concerned. It is also the grievance of the assessee that the alternative plea that cash assistance is not to be taxed under the head “business” as it represented a capital asset which had no cost.
State-owned Indian Oil Corp (IOC) has sought a two-year extension of tax breaks available for refineries so that its delayed Rs 29,777 crore Paradip refinery can avail of the benefit. Exemption or holiday, under section 80IB(9) of Income Tax Act, from payment of income tax on revenues earned from refining of crude oil is available to units that are commissioned by March 2012.
NEW DELHI: The high-level Finance Ministry committee on curbing the menace of blackmoney has received more than 3,000 comments from general public suggesting ways to curb the generation of illicit funds. The committee, headed by Chairman of the Central Board of Direct Taxes (CBDT), has received close to 3,300 suggestions through e-mail and the panel […]
V.Swaminatha Iyer & Co. Vs. DCIT (ITAT Chennai) – On going through the facts of the case and the grounds of appeal placed before us, we find that the assessee is aggrieved on two counts namely disallowance of interest to loan creditors and disallowance of salary paid to lady partners. The issue of interest to loan creditors is specifically reflected only in the statement of facts whereas the issue of salary paid to lady partners is reflected only in the grounds of appeal. We are also constrained to state that the amount of interest agitated by the assessee as interest to loan creditors at Rs. 49,534/- is not confirmed as the correct amount at the time of hearing. As a lot of such missing links are here, we remit back the file to assessing authority for de novo consideration after hearing the assessee. The issues agitated may be re-examined by the assessing authority specially taking into consideration the fact that loan credits are brought down from earlier assessment year on which the assessee has been claiming interest in a consistent manner.
