Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
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 has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to see if they are linked, a revenue official said.
The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money laundering, and in extreme cases, terror funding. The Directorate would be notified within this month, a Finance Ministry official told PTI.
The government may consider bringing in a legislation to make anti-glare technology in automobiles mandatory in an effort to reduce night accidents caused due to blinding by lights of oncoming vehicles. The government has been supporting the development of an automotive anti-glare technology by the International Centre for Automotive Technology (ICAT), which is has reached demonstration stage.
The Central Board of Direct Taxes (CBDT) will continue to enjoy the power of telephone tapping despite a strong recommendation by a Committee of Secretaries against it following a controversy in the wake of the Niira Radia episode. “The CBDT will continue to have the power of phone tapping subject to certain conditions,” an official said.
Recently ITAT Mumbai in the case of Standard Chartered Bank (Taxpayer) (ITA No. 3827/ MUM/ 2006) on the issue whether data processing charges paid by the Taxpayer would constitute ‘royalty’ under the Indian Tax Laws (ITL) and the India – Singapore Tax Treaty (Tax Treaty) held that the payments were made for use of a facility and not any process. Furthermore, in the absence of control or physical access to any equipment, it cannot be said that the payment was made for any use or right to use the equipment. Hence, payment would not amount to ‘royalty’ under the ITL and the Tax Treaty and would be business income not chargeable to tax in absence of PE.
Income Tax department on 20.05.2011 releases official downloadable Online Income Tax Return Preparation / Filing Software- ITR-4 and ITR 4-5 Applicable for Assessment year 2011-12 / Financial Year 2010-11. Income Tax Department has already released software in repsct of IT -1, ITr-2 and ITR-3. Download ITR 4 and ITR-4S Excel Utility for A.Y. 2011-12
Download Form 16A and form 16 (Salary Certificate as applicable for A.Y. 2011-12 F.Y. 2010-11) and onwards in Excel Format alongwith Annexures for Government and non Government Employers.
CBDT has recently vide Circular No. 3/2011 [F.No. 275/34/2011-IT(B)] (Circular) dated 13 May 2011 permitted issue of certificate for tax deducted at source (TDS certificate) with digital signature for TDS from income other than salary income (non-salary TDS) in Form 16A. The extant rules provide an option to persons withholding tax (deductors) to issue TDS certificate with digital signature only for TDS from salary income (in Form 16). Non-salary TDS certificates in Form 16A are required to be issued in hard copy format with authentication by manual signature. The Circular now extends the option of digital signature to Form 16A also. The deductors exercising this option need to download Form 16A from the Tax Information Network (TIN) website.
HLS India Ltd. (2011) 11 taxmann.com 83 (Delhi) – The wireline logging and perforation services provided to oil companies amount to manufacturing and production of article or thing and therefore provider of such services will be regarded as industrial undertaking for the purposes of section 32A, 80-IA and 80-IB. The wireline logging and perforation equipment employed by taxpayer is eligible for 100% depreciation even though the service provider is not itself producing any oil nor is engaged in the activity of oil drilling.
The Delhi bench of the Income-tax Appellate Tribunal recently pronounced its ruling in the case of Haworth (India) Private Limited v. DCITwherein it upheld Revenue’s contention that arm’s length price can be determined under transactional net margin method even with one comparable company. Besides, the decision also deals with several other important aspects of the manner of application of TNMM, viz. method of making adjustments to the results, use of current year data, benefit of +/- 5% range and functional comparability.
