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...
ITO Vs Gay Loard Industries Ltd (Ahmedabad ITAT)- Once the existence of the investor is proved, there is no further burden on the assessee to prove whether that person itself has invested the said money or some other person has made investment in the name of that person. Thus majority of the courts are of the View that once the shareholders are identified, no addition can be made for unexplained share capital.
Shri Pranab Mukherjee Hon’bl Finance Minister Govt of India inaugurated the Residential Quarter-cum-Guest House ‘Aayakar Abasan’ at Siliguri West Bengal on 13.08.2011 in the August presence of Shri M.C.Joshi Chairman CBDT and B.S.Sondhi Chief Commissioner of Income Tax (CCA) Kolkata other senior officer of the Department and local administration, as well as eminent citizen and taxpayer attended the function.
Notification No. 43/2011 – Income Tax [F. NO. 187/01-2011-ITA.I], DATED 19-8-2011 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 further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 732(E), dated the 3rd July, 2001, namely:-
Notification No. 42/2011 – Income Tax- Section 120(1) and (2) Of the Income-Tax Act, 1961 – Income-Tax Authorities – Jurisdiction of Director General/Director (Intelligence & Criminal Investigation) – Supersession of Notification Nos. S.O. 883(E), Dated 14-9-2001; S.O. 494(E), Dated 13-3-2008; S.O. 855(E) and S.O. 856(E), Both Dated 31-5-2007.
Notification No.41/2011 – Income Tax [F.NO. 187/11 /2009-ITA.I], DATED 19-8-2011 – In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 62/2010, dated 27-7-2010 bearing S.O. 1843(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 27th July, 2010, in the Schedule for Serial number 112 at column No. 6(b)
Society For The Small & Medium Exporters Vs DIT (ITAT Delhi)- In a case where the objects of the society may be charitable, but, in the absence of carrying on those activities despite the fact that the activities which were carried on were for the purpose of generating income, the society is not entitled for registration for that year. Therefore, it is held that for assessment year 2008-09 and for subsequent years in which the assessee does not carry out charitable activity, the assessee has been rightly refused to get benefit of registration as charitable institution. The only activity which has been carried out is for the purpose of generating income, which is not a charitable activity in itself. Therefore, it is held that learned DIT (E) has rightly refused to grant registration to the assessee and his order is upheld.
As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the Income Tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches. The Reserve Bank of India has advised income tax assesses to take advantage of these standing arrangements made for their convenience.
The government has been directed by the Central Administrative Tribunal to forthwith release the pension and other post-retirement benefits of a former I-T assistant commissioner, withheld on the alleged ground of a corruption case pending against him. The New Delhi-based principal bench of CAT ordered release of V B Bansal”s pension pointing out to the Centre that the CBI, which had lodged an FIR against him for owning assets exceeding his legal income, had subsequently moved the court seeking permission to cancel it.
During the past few days, I had extensive deliberations and meaningful discussions in the Board with my colleagues in the CBDT on the way forward. The mandate before us is for a substantive improvement in all areas of common concern coupled with use of technology and innovation to boost revenue resources and to take the department forward towards the realization of our Vision Statement. Our Revenue Collection target for the present fiscal stands at over Rs. 5.32 lakh crores which has been increased by 10% by the Hon’ble FM. I would like to call upon every member of the Aayakar Parivar to take on the call of duty and put in their best efforts for the attainment of the revised target. I know it is difficult, however nothing is impossible and I am confident that the officers will rise to the occasion.
ACIT Vs Bank Of India (ITAT Mumbai)- As per the provisions of section 115JAA(2), the amount of tax credit of MAT to be carried forward is determined and it is not provided therein that first the taxes paid are to be adjusted and then credit of MAT is to be given. In the case of Chemplast Sanmar, cited supra, the Chennai Bench of the Tribunal has held while deciding he issue u/s.234B and 234C that the tax credit u/s.115JA(2) is advance tax retained by the Department for being set off against the tax liability of future years. We are in agreement with the ld. CIT that the assessee is entitled for interest u/s.244A on the refund given to it. We are also of the view that it was a mistake which could be rectified u/s. 154. So from this is is clear that MAT credit has to be given right at the beginning and if ultimately the calculation leads to a refund, then such interest has to be paid u/s.244A.
