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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...
Section 253 Of The Income-Tax Act, 1961 – Appellate Tribunal – Appeals To – Instructions Regarding Standard Operating Procedure On Filing Of Appeals To ITAT Under Section 253 And Related Matters. INSTRUCTION NO. 08/2011 [F NO. 279/MISC./M- 43/2011-ITJ], DATED 11-8-2011 With a view to streamline the process of filing appeals to ITAT and in suppression of the existing Instructions on the subject in general, and Instruction No. 1274 dated 10-8-1979, Instruction No. 1353 dated 9-9-1980, Instruction No. 1387 dated 3-3-1981, Instruction No. 1493 dated 18-11-1982, Instruction No. 1570 dated 4-7-1984, Instruction No. 1894 dated 16-6-1992, and Instruction No. 1921 dated 23-1-1995, in particular, the following Instructions are issued herewith for compliance by all concerned:
Statistics are displayed only for the software vendor where number of correction statements uploaded is more than 100. Software vendor wise percentages are computed on the total statements prepared using that software. Statistics of TANs registered at TIN website to download consolidated file, Form 16A, etc. are indicated in column % TAN registered at TIN. Correction statements with provisional receipt date greater than the date of request for TDS/TCS consolidated file from TIN, which are rejected at TIN central system are considered. The name of software vendor is in alphabetical order.
The government on Friday said that tax information received from overseas authorities is subject to confidentiality and cannot be made public or used for prosecution purposes without prior permission. Financial Intelligence Unit India receives, processes as well as disseminates information related to suspect financial transactions.
EIH Limited Vs CIT (Kolkata High Court)- The sale of food and beverages to the international airlines in sealed containers constitutes an export of goods out of India and the payment received from the said foreign airlines in India, in the form of rupees, could be treated as payment in convertible foreign exchange within the meaning of the provisions of s 80HHC.
Bee Pee Jay Finance Ltd. Vs CIT and Anr (Calcutta High Court)- By virtue of Section 11 5JA a legal fiction has been created by which if total income is found to be less than 30% of the book profit, the total income should be deemed to be 30% of the profit and in such a case, if charge ability of interest under Sections 234B and 234C are held applicable only in view of sub-Section (4) of Section 11 5JA, it would amount to adding another legal fiction to an existing legal fiction of Section 11 5JA( 1). According to Mr. Sen in case of a legal fiction, which has to be interpreted for giving its full logical coverage, another legal fiction cannot be added to the same and for the aforesaid proposition.
Jai Mica Supply Co Pvt Ltd Vs CIT (Kolkata High Court)- We do not find any substance in the contention of Mr. Khaitan that there were conflicting views on this point when the notice under Section 263 of the Act was issued.
Peico Electronics & Electricals Ltd Vs CIT (Kolkata High Court)- We are of the opinion that the term ‘loss’ as occurring in clause (b) of the proviso to Section 205 (1) of the Companies Act has to be understood and read as the amount arrived at after taking into account the depreciation. Then alone the formula prescribed in this clause would make sense and it would be consistent with the object sought to be achieved by enacting Section 115-J of the Income-tax Act, 1961. If loss were to be taken as pre-depreciation loss then the resultant computation will not be in conformity with the tenor of the provisions of Section 205. The language of clause (b) of the proviso to Section 205 (1) is clear.
When asked to recall the moment when he first became millionaire in real life, Big B said, ‘I don’t remember the time when I became a ‘crorepati’. I have never paid that much attention to it I was more focused on my work that is acting. But I guess officials from the income tax department might know about it.”
Notification No. 103/2011 – Income Tax [F.NO.V-27015/3/2011-SO(NAT.COM]/S.O.1882(E), DATED 11-8-2011 Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1462(E), dated 17th June, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961). the Central Government had notified at serial number 3, “Providing home for old aged persons and lonely children” by Mangal Jeevan Trust, At & PO: Sedrana, District Patan (North Gujarat), Post Box No. 16, Ahmedabad-227527, as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
Notification No. 102/2011 – Income Tax [F.NO.V-27015/3/2011-SO(NAT.COM]/S.O.1881(E), DATED 11-8-2011 Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E), dated 12th January, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 15, “Aadivasi Anna Arogya Shikshan Yojana (providing education, health & food for tribal & rural childrens)” by Shantilal Shanghvi Foundation, F.P. 145, Ram Mandir Road, Vile Parle (East), Mumbai -400057, Maharashtra, as an eligible project or scheme for a period of three years beginning with financial year 2008-09;
