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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...
ITO Vs M/s Asian Paints Ltd (Mumbai High Court)- Once the authorised agent of the Central Government collects the tax by debiting the bank account of the assessee, the payment of tax to the Central Government would be complete. The fact that there is delay on the part of the authorized agent to credit that amount to the account of the Central Government, it cannot be said that the payment of tax is not made by the assessee, till the amount of tax is credited to the account of the Central Government. For calculating interest under Section 244A(1)(b) of the Act the relevant date is the date of payment of tax and not the date on which the amount of tax collected is credited to the account of the Central Government by the agent of the Central Government.
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. We have found instances where banks are running multiple accounts of certain customers for the purpose of hiding black money, a senior official of Central Board of Direct Taxes (CBDT) said, although refusing to name the banks.
The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament. The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the Table of the House, Minister of State for Finance SS Palanimanickam said in a written reply in the Lok Sabha.
Explanation 3.—For the purpose of assessment or reassessment under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, notwithstanding that the reasons for such issue have not been included in the reasons recorded under sub-section (2) of section 148.
ORDER NO.6/FT&TR/2011 In partial modification of Order No. 4/FT&TR/2011 and in supersession of Order No. 5/FT&TR/2011, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panels (DRPs) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRP – I & II at Delhi, DRP-II at Mumbai, DRP at Bangalore, Chennai and Kolkata, who shall perform such duties in addition to their regular duties with immediate effect and until further order
Notification No. 46/2011 – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, number S.O. 734(E), dated the 31st July, 2001, namely:-
A notice under section 158BC cannot be equated with that of notice under section 148. A notice under section 158BC provides for a procedure to be adopted for block assessment under which, the Assessing Officer shall serve a notice requiring the assessee to furnish his return within such time not being less than 15 days but not more than 45 days as specified in the notice. Therefore, the time to be granted to the assessee in terms of section 158BC is a minimum of 15 days and a maximum of 45 days.
The Taipei Economic and Cultural Center in New Delhi has signed a DTAA with the India – Taipei Association in Taipei. Taiwan’s Ministry of Finance (MOF) on August 17 announced that Taiwan’s income tax agreement and protocol with India entered into force on August 12 and will apply to income derived from Taiwan on or after January 1, 2012, and to income derived from India on or after April 1, 2012. The agreement has been entered under section 90A of the Income-tax Act, 1961 wherein any “specified association” in India may enter into a DTAA with any “specified association” in a “specified territory” outside India. The Taipei Economic and Cultural Center in New Delhi and India – Taipei Association in Taipei have been notified as “specified associations” and “the territory in which the taxation law administered by the Ministry of Finance in Taipei is applied”, has been notified as the “specified territory” for the purpose of Section 90A.
Download New ITR- 1 (Sahaj) for the Financial Year 2010-11 or Assessment year 2011-12 with Auto tax Calculation and Acknowledgement
In a first of its kind action in the state, the Income Tax department has conducted surveys in small districts and unearthed tax evasion to the tune of close to Rs 18 crore. The department recently conducted a special drive and conducted raids at the business premises of firms in Tikamgarh district and found Rs 8 crore of undisclosed income. In another such action in the coal-rich belt of Singrauli district, the department unearthed undue tax evasions worth Rs 9.5 crore.
