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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...
Notification No. 59/2011 – Income Tax It is hereby notified for general information that the organization Institute of Seismological Research (ISR), Gandhinagar has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), From assessment year 2010-11 and onwards in the category of Scientific Research Association, engaged in research activities subject to the following conditions namely :—
Department of Administrative Reforms and Public Grievances has prepared a Draft Bill called “Citizens Right to Grievance Redress Bill, 2011”. This is a comprehensive rights based bill for the citizens of the country, providing statutory backing for getting timely services and goods specified in citizens charters of public authorities from Gram Panchayat, Block, District, State […]
Key Team Anna member Arvind Kejriwal, Thursday, sent a cheque of Rs 9.27 lakh – to clear his dues – to Prime Minister Manmohan Singh so that his resignation from the Indian Revenue Service is accepted. In a letter enclosed with the cheque, Kejriwal said that his move to clear the dues does not imply that he was guilty in anyway and that he was clearing the dues in protest. Ideally he should have sent the cheque to the Income Tax department.
Shri Ram S Sarda Vs DCIT (ITAT Rajkot)- ITAT, Mumbai Bench in the case of Sudhakar M Shetty vs ACIT held that the department has to adjust the seized amount towards the advance-tax from the date when it was seized and accordingly directed the assessing officer to adjust the seized cash from the date of seizure. In the case under consideration we find that the assessee claimed adjustment of seized cash in the return of income filed by the assessee.
The Special Judge for CBI cases, Delhi has sentenced Sh. Pramod Kumar Jain, the then Income Tax Inspector working in the Directorate of Income Tax(Exemption), Laxmi Nagar, District Centre, Delhi to undergo four years rigorous imprisonment with a fine of Rs.Four lakh and his wife Smt. Asha Rani Jain to undergo two years rigorous imprisonment with a fine of Rs.Two lakh in a disproportionate assets case. The Court has also ordered forfeiture of disproportionate assets to the tune of Rs.1,04,45,122/- to the State.
Following is the text of the clarification issued by Central Board of Direct Taxes, Department of Revenue, Ministry of Finance: “A section of the press has reported today that some investigations relating to banking information received from overseas have been referred to the Directorate of Criminal Investigation by the Central Board of Direct Taxes for […]
In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same.
Income Tax Rate Slabs for Assessment year 2001-2002,2002-2003, 2003-2004, 2004-2005, 2005-2006, 2006-2007, 2007-2008, 2008-2009, 2009-2010, 2010-2011 amd A.Y. 2012-2013 for Individual, Hindu undivided Family (HUF), Women Other Than Senior Citizen.
New Delhi: The Income Tax Department introduces a separate permanent account number (PAN)application form for non-residents in which NRIs, PIOs and entities having interest in India will have to provide additional information to the Central Board of Direct Taxes (CBDT). The new form–49AA— will help the department gather information on non-Indian entities and individuals, like […]
The revenue department is opposed to abolition of Securities Transaction Tax (STT) as the levy helps keep a tab on investments in markets and track flow of unaccounted funds. STT helps in overall regulation and keep a check on cost involved. The stock exchanges have been asking the Finance Ministry to abolish STT arguing that such a step would help in boosting investments in stock markets and promote equity culture in the country.
