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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...
CIT v Harsh Talwar (High Court of Delhi)- The Assessing Officer has gone on the presumption that the assessee himself agreed to the surrender on his own sweet will and consequently, penalty is leviable. This is not reason justifiable enough for the levy of penalty. The assessee might surrender an amount for taxation for various reasons best known to the assessee. The surrender of an amount to taxation in the course of assessment proceedings, no doubt is a good finding for initiation of penalty proceeding but is not strong enough for the levy of penalty especially when in the course of penalty proceedings the assessee is able to place evidences and explanation and where he is fully entitled to challenge the surrender and prove the surrender itself was not called for.
Indglonal Investment & Finance Ltd. v. ITO (Delhi HC)- Whether since in accordance with section 139(9) assessee had annexed statement of total income, computation of tax payable on total income and attachment of original TDS certificate to return of income, it could be held assessee had made a claim for refund – Held, yes – Whether therefore, revenue was to be directed to process claim on merits for refund to assessee – Held, yes
Bharti Cellular Ltd. v. ACIT (Calcutta HC) After selling all Sim cards and pre-paid coupons to retailers, franchisees were to make payment of sale proceeds to assessee after deducting a discount – Whether there was principal-agent relationship between assessee and franchisees and, therefore, receipt of discount by franchisee was, in real sense, commission paid to franchisees and same would attract provisions of section 194H – Held, yes
The Concluding Ceremony for 150 years of Income Tax in India was celebrated on 15-07-2011 at a solemn function graced by H.E. Smt. Pratibha Devi Singh Patil, President of India at Vigyan Bhawan, New Delhi. The first copy of a book titled ‘A Celebration through Art: 150 Years of Income Tax in India’ comprising of artworks on the theme of ‘Income Tax in Nation Building’, executed by some of India’s top artists and the artistically gifted personnel of the Income Tax Department in the course of celebration of 150 years, was presented to Mahamahim Pratibha Devisingh Patilji, President of India by Shri Pranab Mukherjee, Union Finance Minister after it was released in the presence of Honourable Shri S.S. Palanimanickam, Minister of State for Finance (Revenue), Honourable Shri Namo Narain Meena, Minister of State for Finance (Expenditure), Shri R.S. Gujral, Revenue Secretary, Shri Prakash Chandra, Chairman, CBDT, other Members of the CBDT and a distinguished audience. The preview of the film titled ‘150 years of Income Tax- A Journey Across Three Centuries’ was screened and an informative brochure, ‘A Journey across Three Centuries’, depicting the evolving role of Income Tax since 1860, was also released.
The Union Finance Minister Shri Pranab Mukherjee said that direct tax collections now account for more than 56 per cent of the total revenue collections of Central Government, making the tax system more progressive than it ever was in the history of independent India. The Finance Minister Shri Mukherjee said that direct tax collections have increased and have reached nearly Rupees four lakhs forty six thousand crores (Rs.4,46,000 crore) in 2010-11. He said that the Income Tax Department has matured into an organisation that has consistently mobilised the resources needed for financing the development of the country.
Though the reliefs claimed in these four writ petitions are different, the core issue raised in all these four writ petitions is, whether any income chargeable to tax in India has accrued or arisen or deemed to have accrued or arisen in India to New Cingular Wireless Services Inc
Vide Order No 122 of 2011 dated 15.7.2011 the CBDT has transferred and posted Deputy / Assistant Commissioners of Income-tax with immediate effect
The BM Munjal-promoted Hero Group has paid Rs 811 crore as capital gains tax for buying out erstwhile partner Honda from their joint venture — Hero Honda , Central Board of Direct Taxes (CBDT) today said. Hero has paid the entire tax amount of Rs 811 crore in two tranches, Rs 100 crore in March and Rs 711 crore in April, at the highest rate of 22%. They have not sought any concession, a CBDT spokesperson told PTI.
DCIT, Chennai Vs M/s Aban Offshore Ltd (ITAT Chennai) – Whether disallowance u/s 40(a)(ia) is warranted for deduction of tax @ 1% on subcontract where the sub-contract is entered into to fulfill the conditions of the main contract and the same is not independent to the main contract ?
Shri Prodip Kumar Bothra vs Commissioner of Income-Tax (Calcutta High Court)- A partnership firm cannot take advantage of the ownership of a property owned by its partner in his individual capacity for the purpose of getting benefit of taxation and in the same way, a partner also in his individual capacity cannot treat the right of possession exercised by the firm in any property as his own right of possession so as to get benefit of taxation.
