Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
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 government has no proposal to lower the securities transaction tax (STT) for capital market transactions, SS Palanimanickam, Minister of State for Finance, told lawmakers. Traders have been lobbying for reducing the securities transaction tax, arguing that the move will help revive the lacklustre stock markets.
I am sure that by now you have read the OM F. No. 22/1/2011/AP/DOMS dated 21-11-2011 put up on irsofficersonline.gov.in on Results Framework Document. The RFD process is aimed at making quantum improvement in the Departmental performance, leading to a win-win situation for all the stakeholders, namely, the Nation, ‘the Taxpayers’ and the ‘Employees of the Department’. RFD is to be viewed as a tool for making our Vision 2020 a reality much before 2020.
Court has held that amendment made in section 40(a)(ia) by Finance Act, 2010 is retrospective in nature and would apply from 01.04.2005. The said amendment provides that no disallowance under section 40(a)(ia) could be made where the TDS has been paid before the due date of filing of return of income. This is first ruling of any High Court on this issue.
CIT Vs. Sumangal Overseas Ltd. (Delhi HC) – The Court held that where no appeal is preferred by the assessee against the quantum order, yet, while deciding the penalty appeal, it is open to the Tribunal to look into the transaction to see as to whether the claim was bona fide or it was bogus and result of falsehood. From that angle, when the Tribunal examined the matter, it found that on the facts of this case when advances given to the suppliers were not written off as irrecoverable, the same was allowable under Section 28 of the Act. A trading loss has a wider connotation than a bad debt. A bad debt may also be a trading loss, but a trading loss need not necessarily be a bad debt. There may be a bad debt which may not fall within the purview of Section 36(1)(vii) of the Act, but may well be regarded as one eligible for deduction incurred in the course of carrying on business will come under that category and will naturally enter into computing the net total income as the real profit chargeable to tax cannot be arrived at without setting off legitimate trading loss.
CIT Vs. Kas Movie Pvt. Ltd (Delhi HC) – For the purpose of claiming benefit under Section 80HHF of the Act, ownership of goods is not essential as held by the Supreme Court in the case of Sea Pearl Industries and Others Vs. Commissioner of Income Tax, 247 ITR 578. Thus, when two views were possible and the assessee made the claim on the basis of advice of the consultants, it was not a case where the penalty should have been imposed.
CIT vs. Moderate Leasing & Capital Services Ltd. (Delhi HC) – The Court, on the facts of the case held that where two portfolios are maintained by the assessee, i.e., investment portfolio and stock in trade, then, if the shares sold during the particular year pertains to investment portfolio and there happens to be loss, then such loss would be capital loss; and not the revenue loss.
Employee Pension Scheme – It is a a defined benefit plan and is also known as EPS. A part of the employer contribution at 542 per month, being 8.33% of the pay, is remitted towards the pension scheme. The pay for this purpose is limited to 6,500 per month. The central government adds in a contribution of 1.16% to the pension fund of the employee. To be eligible for pension, contributions should be made for a minimum period of 10 years.
The employer contributions (12% of pay less contribution to pension of 542 pm) is not considered taxable. The employee contributions (12% of pay) are entitled for a deduction of up to 1 lakh while computing the taxable income (under Section 80C). The interest on employer contributions at rates specified is not taxable to the extent the credit does not exceed government-specified rates (currently at 9.5% pa). The Interest on employee contributions is not taxable to the extent the credit does not exceed government-specified rates (currently at 9.5% pa). The withdrawal of the balance on retirement is not taxable if the employee has rendered continuous service of five years.
The Enforcement Directorate has issued foreign exchange violation notices to those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds. The Central Board of Direct Taxes (CBDT) has referred 17 cases to the ED in this connection as the Income Tax department has initiated prosecution action in these cases. The ED has initiated action against these account holders in Mumbai, Delhi and other cities.
Over a score of black money hoarders in the capital, most of them businessmen, will pay Rs80 crore as taxes to the Income Tax department on undisclosed income of about Rs500 crore following searches made across the city on the basis of a classified list of account holders in HSBC bank, Geneva. Sleuths of the enforcement and investigation wings of the I-T department carried out searches in the last two months on 22 individuals based in Delhi who have admitted to holding accounts and stashing funds in the foreign bank.
