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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...
Concerned over low tax-GDP ratio, Home Minister P Chidambaram has pitched for higher taxes on luxury products and imposing inheritance tax. Chidambaram, who is a former finance minister, had expressed these views at the full Planning Commission meeting headed by Prime Minister Manmohan Singh last month.
Notification No. 30/2011 – Income Tax FT&TR-II [F.NO.501/152/2000-FT&TR-II], dated 31-5-2011 – Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of Mozambique for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 30th day of September, 2010 shall come into force on the 28th day of February, 2011, being the date of the later of the notifications after completion of the procedures as required by the respective laws for the entry into force of this Agreement, in accordance with Article 30 of the said Agreement.
New Directorate of Income Tax (Criminal Investigation) Created; to be Headed by an Officer of the Rank of Chief Commissioner of Income Tax; to Look into Criminal Matters Having any Financial Impliaction Punishable as an Offence Under any Direct Tax Law. The DCI will perform functions in respect of criminal matters having any financial implication punishable as an offence under any direct tax law including, inter alia –(i) Chapter XXII of the Income Tax Act 1961 (Act 43 of 1961); and (ii) Chapter VIII of the Wealth Tax Act 1957 (Act 27 of 1957).
Tax defaulters beware! With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the whereabouts of defaulters, the Income Tax(I-T) department is working on plans to publish their names in newspapers. The problem has been further compounded with several of the tax defaulters having created ‘benami’ assets to escape the dragnet.
DCIT vs. Nalwa Investments Ltd (ITAT Delhi)- Though the computation of s. 14A disallowance was not made, the figures of dividend and interest were stated in the P&L A/c. Even the tax auditors did not state that s. 14A disallowance should be made. As there is no allegation by the AO that there was collusion between the auditor and the assessee to ignore s. 14A, it cannot be said that the explanation was not bona fide. Further, as Rule 8D was not enacted at the time, segregation of expenditure relatable to tax-free income would be disputable and lead to bona fide difference in opinion. So, penalty u/s 271(1)(c) cannot be levied.
From the desk of Chairman,- CBDT S.N. 50 /May 31,2011 With profound humility, I bow in reverence & express my gratitude to each & every member of Ayakar Pariwar for their good wishes & support in my humble attempt to serve our great Nation. Even a small gesture of concern and care from me towards my Pariwar members has invariably elicited an overwhelmingly loving response, leaving me mesmerized, speechless & making me more & more humble.
The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the United Republic of Tanzania for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th May, 2011 at Dar-es-Salaam. The Agreement was signed by Shri K V Bhagirath, High Commissioner of India on behalf of the Government of India and by Mr Pereira Ame Silima, Deputy Minister of Finance on behalf of the United Republic of Tanzania in the presence of the Prime Minister, Dr Manmohan Singh and the President of Tanzania Mr Kikwete.
The expenditure is to be fully allowed in the year in which the same is incurred provided it fulfills the test laid down under s 37, and only in exceptional cases can the expenditure be allowed to be spread over, that too, when the assessee chooses to do so as held by Delhi High Court in CIT v Citi Financial Consumer Finance Ltd — In favour of : The Assessee ; ITA Nos. 1820, 1974/2010 and 5/2011.
The provisions of section 153C are analogous to section 158BD and, therefore, decisions rendered with reference to the provisions of section 158BD would apply with reference to the cases falling u/s 153C unless the context requires otherwise. The Apex Court in the case of Manish Maheshwari (supra) after considering the provisions of section 158BD held that:
In an effort to curb the use of black money in the electoral process, the Election Commission now plans to ask political parties to conduct their finances in a corporate fashion by getting their accounts audited and publishing their audited finance sheets annually. The EC has received a host of such recommendations from the country’s auditing regulator — the Institute of Chartered Accountants of India (ICAI) — and will notify the official guidelines to political parties and financial enforcement agencies like the Income Tax department and the Enforcement Directorate (ED) soon.
