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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...
The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan’s Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan, accused of siphoning off $8 billion to an unreported Swiss bank account. Along with the statement of Khan, the I-T department has also asked ED to part with a copy of the statement of Kashinath Tapuria, brother of Priyamvada Birla and a business associate of Khan.
The Income Tax Department has been ordered by a road mishap tribunal to pay over Rs six lakhs as compensation to a photographer who suffered permanent disability after being hit by a department’s vehicle. Motor Accident Claims Tribunal ( MACT )) judge Rajiv Mehra ordered the IT department to pay damages to photographer Vijay Singh , saying ‘driver of the offending vehicle is the main tortfeasor (wrongdoer). A careless driving of the vehicle on his part has made the petitioner crippled for whole life.’
Symantec software Solutions Pvt Ltd vs. ACIT (ITAT Mumbai)- The Mumbai bench of the Income Tax Appellate Tribunal (Tribunal) recently pronounced its ruling in the case of Symantec Software Solutions Private Limited, Mumbai (Taxpayer), on transfer pricing issues arising from provision of marketing support and consulting services by the Taxpayer to its Associated enterprise (AE). The Tribunal ruled in the favour of the Revenue for all issues except one issue which was decided in the favour of the Taxpayer.
The first installment of advance tax for the financial year 2012-13 is due this month. The deadline for payment of this installment of the advance tax is Tuesday 15th. According to the Income Tax Act, assessees are required to pay tax in advance in a previous year if their tax liability for the year is likely to be Rs 10,000 or more.
CIT v Radhey Shyam Bansal and Others (Delhi HC) In the instant case, the referring AO has not recorded satisfaction that any undisclosed income belongs to the assessee. In the letter/communication dated 15 July 2003 by the referring AO to the AO of the assessee, there is no allegation that the assessee was provided with accommodation book entries or the amounts belong to the respondent-assessee. Book entries were provided to third parties. Though the referring AO wrote a letter to the assessee’s AO informing him that the assessee was providing bogus accommodation book entries and the quantum of transactions was given as per the Annexures, the Annexures were missing from the file. Thus, the appellant-revenue has not discharged the onus that there was valid satisfaction as required under s 158 BD. Therefore, the irresistible conclusion is the prerequisite of “satisfaction” as engrafted under s 158B for the purpose of the initiation of the block assessment proceeding is non-existent or absent.
The Tata Power Co. Ltd. Vs Addl. CIT(ITAT Mumbai) – The stage at which set off of carried forward long term capital loss is to be given is subsequent to the stage at which income under the head capital gains is computed and deduction under section 54EC is to be given in the course of the latter. In this view of the matter, the question of setting off brought forward long term capital loss arises only after the income under the head capital gains is computed and that the processing in computing the income under the head capital gains must also taken into account section 54EC as well.
The government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results. The income tax department, sources said, has detected unaccounted income of Rs 18,750 crore in the last two financial years and collected an additional Rs 22,697 crore as taxes by stepping up vigil on cross border transactions.
National Mission for Justice Delivery and Legal Reforms: The Government has ‘in principle’ approved setting up of National Mission for Justice Delivery and Legal Reforms. The National Mission would help implementing the two major goals of (i) increasing access by reducing delays and arrears in the system (ii) enhancing accountability at all levels through structural changes and setting performance standards and facilitating enhancement of capacities for achieving such performance standards.
The Maharashtra Government today made it illegal for anyone below 25 years of age to consume or purchase alcohol. As of now, the legal drinking age in the state is 21. A meeting of the state cabinet here today, however, approved fixing the minimum age for drinking or purchasing beer at 21.
The Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders. The step comes in the backdrop of the government initiating various steps to curb generation of black money in the country and also recently notifying the creation of the first-ever Criminal Investigation (CI) unit in the I-T Department.
