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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...
Union Finance Minister Shri Pranab Mukherjee will inaugurate two day high level International Seminar on “Adopting Tax System and International Tax Rules to the New Global Environment: A Shared Challenge for India and the OECD” tomorrow at Vigyan Bhawan. In the two day International Seminar , discussions would be held in separate sessions on the issues pertaining to transfer pricing, global trends in tax reform, implications for international tax arrangements, international dispute resolution and elimination of double taxation among others. This is for the first time that such high level international seminar is being held in India in association with Organisation for Economic Cooperation and Development (OECD). About 150 representatives from about 30 member countries of OECD along with those of International Monetary Fund(IMF), World Bank and tax officials from India are expected to participate in this two day international seminar.
Union Finance Minister Calls for Strong Measures to Reverse the Ongoing Trend of Illicit Outflows from Developing Countries and Exploitation of their Natural Resources Through Abusive Transfer Pricing Schemes; Inaugurates two Day High Level International Seminar on ‘Adopting Tax System and International Tax Rules to the New Global Environment: a Shared Challenge for India and the Oecd’; India Oecd to Strengthen Ongoing Cooperation on Tax Related Issues Through three Year Partnership Programme.
Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. We have developed a toolbox… We have enabled ourselves to declare (tax havens) as non-cooperating jurisdiction and countries as and when the situation arises. We will take appropriate steps, Finance Minister Pranab Mukherjee told reporters here today.
Tamil Nadu State Transport Corporation (Kum Div I) Limited Vs JCIT (ITAT Chennai)- The Tribunal has held that the assessee-company has discharged its interest liability and instead of making payment in cash it has issued share capital to the Government as per the G.O. in question. Hence, the provisions of section 41(1)(a) of the Act are not attracted at all. Therefore, the conversion of the payment in the share capital has to be treated as proper discharge of interest payments. This decision is applicable to the facts of this case mutatis mutandis. In view of the above decision, we are of the considered opinion that this issue stands allowed in favour of the assessees in all these appeals.
India will introduce a bill in the monsoon session of parliament that will enable confiscation of illegal money stashed in India by foreigners, Finance Minister Pranab Mukherjee said Monday. We will introduce the bill in monsoon session,’ Mukherjee said while addressing a joint press conference with Organisation for Economic Cooperation and Development (OECD) secretary general Angel Gurria.
At a time when the government is accelerating efforts to strengthen the country’s taxation system , India and rich countries’ club OECD will deliberate on challenges to international tax rules on Monday. Co-operation in global tax matters have gained prominence , especially after the G-20 crackdown on tax havens, which are being used to park unaccounted money worth billions of dollars. Finance Minister Pranab Mukherjee will address a seminar on ‘Adapting Tax Systems and International Tax Rules to the New Global Environment: A Shared Challenge for India and OECD’ .
Pune Income Tax Appellate Tribunal on the issue of deductibility of portfolio management fees in computing ‘capital gains’ under the Indian Tax Laws (ITL) held that such fees was directly connected to the acquisition and sale of securities and was incurred in the normal course of the investment activity. It was held that the payments would be allowed as a deduction in computation of capital gains under the ITL.
Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But ‘if it is a tax evasion alone, it is a civil offence,’ the official said. He, however, asserted that ‘if there is an element of illegality about the source of income or if funds are used for illegal purpose…we can think of classifying these as criminal tax offences’.
M/s Total Securities Ltd Vs DCIT (ITAT Mumbai) – Whether penalty paid by a registered broker is not a fine for any infringement of law and hence allowable – Whether admission fee paid by the assessee to stock exchange for acquiring membership is revenue – Whether salary paid to directors can be disallowed on the ground that the assessee has failed to prove the genuineness of services rendered when similar payments have been allowed in subsequent years – Whether payments made to arbitragers and jobbers is covered by 194C and hence the same is not allowable if TDS is not deducted.
M/s. Perfetti India Ltd. Vs. ACIT (ITAT Delhi) Considering all the aspects and principle of consistency propounded by the Hon’ble Supreme Court in the case of Radha Swami Satsand vs. ITO reported in 193 ITR 321, we are of the opinion that loss suffered by the assessee on account of exchange rate fluctuation is allowable expenditure in this year also. The assessee may not be able to produce evidence of the utilisation of the capital before the AO but from the orders of the AO in earlier years and in subsequent years impliedly, it is ascertainable that it is used for the working capital which is in a revenue account.
