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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 has found instances of alleged tax evasion and multiple routing of undeclared wealth in the 2G spectrum allocation scam and will file its first status report on the probe in the case in the Supreme Court tomorrow. The department, according to officials, has reportedly traced instances of tax evasion by various Telecom firms that have been named by the CBI and the ED in their charge sheets.
A Delhi court today remanded sacked CWG Organising Committee Chairman Suresh Kalmadi and two others, arrested on charges of cheating, conspiracy and corruption in the award of Games related contracts, in 14 days judicial custody. Special Judge Dharmesh Sharma sent Kalmadi, OC Joint Director General (Sport) A S V Prasad and OC Deputy Director General (Procurement) Surjit Lal to judicial custody till May 18 after the CBI said that some important witnesses are yet to be examined.
The taxpayer was engaged in share trading. During the assessment year 2004-05, the taxpayer had set off the indexed long term capital loss against non-indexed long term capital gains. The Assessing Officer did not allow the set off of indexed long term capital loss against non-indexed long term capital gains. Vipul A. Shah v. ACIT (ITA No 3190/Mum/2010) Mumbai ITAT dated 8 April 2011
The Central Board of Direct Taxes has issued circular prescribing the procedure regulating refund of amount paid in excess of tax deducted and/or deductible in respect of payments to residents as covered under sections 192 to 194LA of the Income-tax Act. The Circular will be applicable for claim of refunds for the period upto 31 March 2010.
IDFC today said it has learnt right lessons on issuing retail tax-saving infra bonds and will be hitting the market in second quarter of FY 12 with a fresh issue, hoping to improve on the Rs 1,400-crore it had mopped up last year. We have learnt the lessons as to how to place these things (the bond issue) on the market…last year we did Rs 1,400-crore in three tranches and this year we expect to do better than that, the company’s Managing Director and Chief Executive, Rajiv Lall, told reporters here.
ITAT Mumbai in the case of Manali Investments v. ACIT held that the short term capital gains arising from the transfer of depreciable assets held for more than 36 months under Section 50(2) of the Income-tax Act, 1961 (the Act) can be set-off against the brought forward long term capital losses under Section 74 of the Act.
The Income Tax chief recently made surprise visits to some offices in the department and found to his dismay their poor maintenance and the indifferent attitude of senior officers towards their juniors. During his visit to have a first hand feel of the condition in the I-T offices, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra was shocked to see obsolete furniture, dilapidated coolers, broken tubelights — all covered under thick layers of dust.
ORDER NO. 76 OF 2011 – The following local transfers/postings in the grade of Commissioner/Director of Income Tax are hereby ordered with immediate effect and until further orders:
The Income Tax department will file its first status report on investigation into tax evasion in the 2G spectrum allocation scam on Tuesday in the Supreme Court. The department, according to sources, has reportedly traced instances of tax evasion in allocation of the new Unified Access Services (UAS) licenses and subsequent allocation of the 2G spectrum.
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) have to furnish Income Tax Return in ITR 7 and Format of the same for A.Y. 2011-12 is as give below:- ITR 7 in excel format for A.Y. 2011-12- Financial Year 2010-11
