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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 finance ministry today introduced “Sahaj” and “Sugam” forms to make the process of filing income tax returns simpler, user-friendly and to reduce compliance burden on salaried persons and small businessmen. “Sahaj and Sugam are major steps towards simplification of income tax return filing,” said Sudhir Chandra, chairman of the Central Board of Direct Taxes. He also said efforts were being made to facilitate electronic filing through Sahaj and Sugam I-T return forms.
Sugam – Presumptive Business Income tax Return- SUGAM (ITR-4S) for A.Y. 2011-12 Financial year 2010-11. Indian Individual Income tax Return for those who are not having Income from Business but having Income from Salary – ITR-1 SAHAJ for A.Y 2011-12 Financial Year 2010-11. ITR –V Acknowledgement for ITR-1 SAHAJ, ITR- 2, ITR-3, SUGAM (ITR-4S), ITR-4, ITR 5 and ITR 6- ITR-V-ACKNOWLEDGEMENT for ITR 1 to 7.
The issue is whether the payments made to the parent company on account of reimbursement of salaries in relation to services rendered by the personnel on deputation to the JV attract the liability of TDS. The Counsel for the assessee and the DR made a contradictory statement with respect to the fact that the details have been furnished before the AO. In these circumstances, it is appropriate to set aside the issue to the file of the AO to verify the details of expenditure and examine whether the payments were actual reimbursement of expenses pertaining to personnel deputed with the assessee company. However the AO shall restrict himself to the evidences which have been submitted before the CIT(A) while deciding the issue in accordance with the law.
ITO v Murlidharan G Pillai – Neither the deposits are proved by the assessee nor the claim of peak is established by him. In fact assessee has also failed to show real destination of the money through bank draft so purchased by him out of the cash deposited in the bank account thereby suppressing material facts in understanding the nature of cash inflow and its destination. Entire transaction of deposits in the bank account remained under crowd of secrecy and, therefore, the explanation furnished by the assessee remained unsatisfactory. Even the benefit of withdrawal through ATM mentioned as above cannot be given importance because they are apparently for household purposes and cannot be said to be available for redeposit in absence of any other evidence of meeting out household expenditure by the assessee. We apparently uphold the contentions of Revenue that entire sum of Rs.17,48,500/- deserves to be confirmed. As a result, we uphold the order of AO setting aside the order of ld. CIT(A). Appeal filed by the Revenue is allowed whereas the Cross Objection filed by the assessee is dismissed.
Nayan Builders & Developers Pvt Ltd vs. ITO (ITAT Mumbai)- When the High Court admits substantial question of law on an addition, it becomes apparent that the addition is certainly debatable. In such circumstances penalty cannot be levied u!s 271(1)(c) as has been held in several cases including Rupam Mercantile Vs. DCIT [(2004) 91 ITD 237 (Ahd) (TM)] and Smt.Ramila Ratilal Shah Vs. ACIT [(1998) 60 TTJ (Ahd) 171].
The assessee, hired Millers and Rollers, for the purpose of carrying out his road contract works. According to the revenue, since in the case on hand, the hire charges in respect of both the Millers and Rollers hired by the assessee contained a portion of labour charges incurred by the respective owners of the concerned vehicles/machineries towards operation of the respective vehicles/machineries along with labour and consequently, the relevant provision applicable for effecting TDS was section 194C and not 194-I of the Income Tax Act.
New reports by the Global Forum on Transparency and Exchange of Information for Tax purposes assess its members ability to stop international tax evasion. Reports on Aruba, The Bahamas, Belgium, Estonia and Ghana evaluate their legal and regulatory frameworks for the exchange of information. Reports on Canada and Germany assess both the legal frameworks and their implementation in practice. The Global Forum, hosted by the OECD, has published reports on 25 of its members and will complete another 35 by November for the Cannes G20 Summit.
At a time when the Central Board of Direct Taxes is asking taxpayers to use online platform to file returns, there is a problem that might haunt the assessees. “The data in the online system directly goes to the Central Processing Centre in Bangalore and the entire work is to done by them. Hence, say there is any delay in refund the local IT officer has nothing to do and for the ombudsman it is an issue of jurisdiction,” Income Tax Ombudsman (East) Manoj Mishra told PTI.
Facing tax liability and penalty of around Rs 9,000 crore, Vodafone today accused the Indian tax authorities of interpreting the law in a new way and said there was no example of such taxes being imposed on overseas share transfer like the way it is done in its case.
Jayant Agro Chemicals Ltd v ITO and Others – As per the proviso to s 147 of the Act, the assessment can be reopened beyond four years from the end of the relevant assessment year, only if there is failure on the part of the assessee to disclose fully and truly all material facts. In the present case, the assessment is sought to be reopened beyond the period of four years and there is no material on record to suggest that there was failure on the part of the assessee to disclose fully and truly all material facts. From the reasons recorded for reopening of the assessment, it cannot even remotely be said that there is failure to disclose fully and truly all material facts. Presumption on the part of the AO that the assessee has failed to achieve 82% value addition is not even case of the licensing authority who has imposed the condition regarding value addition. The notice impugned in the petition for reopening of the assessment cannot be sustained.
