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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 Universal Associates (ITAT Ahemedabad)- Considering the facts of the case in the light of the above decisions, we are of the view that the at least the assessee has been able to explain reasonable cause for failure to comply with the provisions of law. The ex-partners have introduced their capital in the assessee firm and on retirement they were given their amount back through bearer cheques and, therefore, the assessee is able to prove that it had reasonable cause for failure to comply with the provisions of law.
Procter & Gamble Distribution Co. Ltd. Vs JCIT (ITAT Mumbai)- Whether the non-competition fee paid to the assessee is allowable as revenue expenditure– Whether the amount paid for licence fee is revenue expenditure for the rights granted which are non-exclusive rights to use the trademarks
Gross direct tax collections during the first four months of the current fiscal (April – July 2011) were up by 26.63 percent at Rs.132,542 crore as against Rs.104,668 crore. While gross collection of corporate taxes was up 29.56 percent (Rs.85,222 crore against Rs.65,776 crore last year), gross collection of personal income tax was up by 21.64 percent (Rs.47,2 14 crore against Rs.38,816 crore last year).
The government today said there was unwillingness on the part of Mauritius to revise its double tax avoidance treaty with India, but the two countries have now agreed to hold further talks on the issue. In a written reply to a query in the Rajya Sabha, Minister of State for Finance SS Palanimanickam said the government has proposed to review the India-Mauritius Double Taxation Avoidance Convention (DTAC).
A report of Global Financial Integrity (GFI) has estimated the total value of illicit money that has flown out of India at USD 462 billion (about Rs 20.92 lakh crore), Parliament was informed today. The present value of India’s total illicit financial flows, as per the (GFI) report is USD 462 billion, Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha.
Circular No.05/2011-Income Tax Instructions for deduction of TDS from salary for financial year 2011-2012 under section 192 of the Income Tax Act, 1961. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2011-2012 and explains certain related provisions of the Income-tax Act. CIRCULAR NO. 05/2011 [F.NO. 275/192/2011-IT(B)], DATED 16-8-2011
Common Mistakes That Are Noticed By the CPC, Adjustment Of Old Demands Against Refunds Processed By CPC. Request Made By CPC To The CA Fraternity.- o encourage tax payers to file returns electronically instead of physically to make processing of tax returns more efficient.To encourage tax payers to obtain Digital Signature Certificates and to sign the e-returns electronically to minimize use of paper and logistics efforts.
Western Geco International Limited Vs. DDIT (International Taxation), Dehradun (Advance Ruling Authority)- Even if part of the income falls under ‘Royalties’ or ‘Fees for technical Services’, there is no scope to assess such receipts under these heads, once it is held that the income is from its oil exploration and production activities as envisaged under section 44BB. We are of the view that if the applicant desires to know the answers to the two issues, then it has to first exercise the option to get its income computed under section 44BB(3). In view thereof, we answer the Question No.2 by saying that the entire mobilization/demobilization revenues received by the applicant with respect to seismic data acquisition and/or processing would be taxable in India at an effective rate of 4.223%.
Krishna Murthy Vallu Vs ITO (ITAT Visakhapatnam)- If land which is sold is situated in an area which is comprised within the jurisdiction of a municipality, etc, then the said land is squarely covered by clause (a) of section 2(14)(iii) and would fall in the category of ‘Capital assets’ even if it is held to be agricultural land. However, the assessee would be entitled for an exemption under section 54B on the reinvestment made by him in the purchase of another agricultural land subject to fulfilment of certain conditions.
Hero Honda Motors Ltd. Vs. DCIT (ITAT Delhi)- In our considered opinion, the stand taken by the assessee at the time of filing of return of income was a possible and plausible view and therefore, the penalty is not justified. The judgement of Honourable Apex Court rendered in the case of CIT v. Reliance Petroproducts Ltd. reported in 327 ITR 158 also supports the case of the assessee because in that case, it was held by Hon’ble Apex Court that mere making of a claim by itself will not amount to furnishing of inaccurate particulars regarding the income of the assessee and such a claim made in the return of income cannot amount to concealment of income or furnishing of inaccurate particulars of income unless it is found that any details supplied by the assessee in this return were found to be incorrect or erroneous or false. In our considered opinion, this judgement of Honourable Apex Court supports the case of the assessee in the present case and respectfully following this judgement, we delete the penalty.
