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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...
CIT Vs Splender Construction (Delhi High Court)- When the land which was held as stock in trade for several years is converted into investment just before the sale, it can be said that the assessee did so to pay lesser taxes, and it amounts to furnishing inaccurate particulars, warring levy of penalty . If Merits Successively Rejected, Issue “Not Debatable.
Shri Homi K. Bhabha Vs ITO (ITAT Mumbai)- Ordinarily neither the assessee nor the Revenue can be allowed to re argue the same issue over and over again, when it has already been decided by a coordinate bench of the tribunal.
ACIT Vs. Punjab State Coop & Marketing (ITAT Chandigarh)- The assessee has placed on record the details of investment along with the amount of investment in shares in five companies made by the assessee. On perusal of the said details reveal that majority of the investments were made prior to 1994 and on the said investments
Notification No. 53/2011 – Income Tax It is hereby notified for general information that the organization Council of Scientific & Industrial Research (CSIR), New Delhi 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 ‘Other Institution’, partly
Secondary market transactions of Rs 10 lakh or more in a year, insurance premium of above Rs 1 lakh, debit card payments above Rs 2 lakh, fixed deposits and recurring deposits of over Rs 10 lakh each, and cash deposits of Rs 20 lakh in current accounts are likely to be added to the AIR list, which currently comprises eight items. High-value sales and purchases of property are taken as two items.
ADIT (International Taxation)-3(1) Vs. ICICI Bank Ltd. (ITAT Mumbai)- The issue in this appeals is with reference to the capital gains arising to various persons of Indian origin or non-resident Indians residing in UAE, who are clients of the Bank. These clients have invested in Government of India T-Bills, which has a tenure of 364 days. The T-Bills are also transferable before maturity. The clients purchased and sold these T-Bills during the year for which Bank, according to the guidelines of the RBI has opened a second subsidiary general ledger in their own name on behalf of their constituents/investors as required by the guidelines.
Penalty u/s 271B is imposed on two grounds i.e for not getting the books of accounts audited within due date and for not furnishing the audit report within due date of filling of return of income. Now as per above circular furnishing of audit report has been done away with after the introduction of annexure less forms. The only thing that is required is to obtain the audit report within due date and fill the relevant audit columns of the ITR, if it is done no penalty can be initiated u/s 271B.
Ansal Housing & Construction Ltd. Vs DCIT The Assessing Officer disallowed the expenses on the ground that the payment was made prior to commencement of the hospitality business and had resulted into acquisition of technical know-how and franchise from the professional consultants and hence was capital in nature.
CIT Vs ABC Bearing Limited (Bombay High Court)- The taxpayer was engaged in the business of advancing loans. Interest received from inter-corporate deposits was offered to tax as business income and accepted by the Assessing Officer in earlier years.
To enable eligible Entities verify Permanent Account Numbers (PANs), Income Tax Department (ITD) has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PANs by authorized entities.
