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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...
Leela Bhagwansing Advani Vs Union of India (Mumbai High Court)- Argument of the petitioners is that under Section 12(2) of the Land Acquisition Act, the compensation was payable to the petitioners immediately after the Award dated 30th May 1995.
DCIT, Kolkata Vs Rajesh Kumar Drolia- (ITAT Kolkata)- The assessee is earning job work charges as well as repairs and maintenance, which are included in job work charges, no doubt it is established that there is commercial connection between profits earned on account of repairs and maintenance and the industrial undertaking but for that source of profit is not directly from industrial undertaking. The business of industrial undertaking had directly to yield that profit to claim deduction u/s. 80-IB of the Act.
PSB Industries India Pvt. Ltd. Vs CIT (Delhi High Court)- Section 22 of the Act makes “income from house property” as chargeable to income tax. After excluding such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income tax.
CIT Vs Industrial Finance Corporation Of India Ltd. (Delhi High Court)- During the Assessment Year 2000-01, in which the issue arises, the assessee had returned Rs. 144 Crores receivable from Non-Performing Assets in accordance with the guidelines by reversing its income accounted for and offered for tax in earlier years.
Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. The statistics for AY 2009-10, AY 2010-11 and 2011-12 are (as of 7th September,2011)- AY09-10 AY10-11 AY11-12 No. of returns processed (Nos lakhs) 43.5 71.9 5.2 No. of refunds generated (Nos lakhs) 12.4 26.4 1.4 Refund reprocessing requests processed (Nos.) 56,707 […]
Income tax on Lottery winnings are specified under the Income Tax Act, 1961. It stipulates that an individual’s income tax on lottery winnings and other sources of income like crossword puzzles or races like horse racing that are of gambling or betting nature games will be taxed according to the following norms. 1. The earning […]
ORDER NO. 8/FT&TR/2011 [F.NO. 500/15/2011-FT&TR-I], DATED 16-9-2011 -In partial modification of Order No. 4/FT&TR/2011, dated 23-5-2011 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP-I, Mumbai, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
Anjani Synthetics Ltd Vs Dy CIT (ITAT Ahemdabad)- The assessee’s Counsel did not dispute the Directors’ Report which states that the installed capacity of current and previous year is not ascertainable. It would, therefore, show that the management was aware of the fact that the installed capacity has not been enhanced even if some plant and machinery were purchased.
DCIT Vs M/s Intel Technology India Ltd. (ITAT Bangalore)- Assessing Officer has by referring to clause (iv) of Explanation 2 to section 10A of the Act, reduced telecommunication expenses/ lease lines charges from the export turnover but did not reduced such charges from the total turnover.
The Indian Hume Pipe Co. Ltd. Vs DCIT (ITAT Mumbai)- Composite water supply which includes manufacturing, supplying, laying, joining of pipeline and includes construction of pump house, delivery, commissioning of turbine pump sets, installation of booster mains, branch mains and elevator reservoirs cannot be termed as development of infrastructure facility as defined in explanation (c) to Section 80IA(4).
