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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...
Mumbai: A special court on Monday convicted a former I-T commissioner and his wife for amassing assets disproportionate to their known source of income. Finding Vishwanath Shrivastava guilty of the charges against him, special judge N P Dhote sentenced him to three years’ rigourous imprisonment and fined him Rs 5 lakh. His wife, Nisha, was sentenced for one year and fined Rs 50,000. They were on bail since 2001.
Despite repeated appeals made to all the members of the income tax family, & despite the hard work put in by most of them, processing of refund cases is depressingly behind schedule. At the moment around 1.35 lac Returns are processed every day, out of which only 26% are refund cases. CBDT is conscious of the manpower constraints as also the huge pendency; it is accordingly advised that all refund Returns should be segregated, processed out of turn & all refunds of AY 09-10 & 10-11 be necessarily cleared by March 31 2011.
In my proposals for the Direct Taxes, for the year 2011-12, I had proposed to provide lower tax rate of 15 per cent on dividends received by Indian companies from foreign subsidiary companies in which the Indian company holds more than 50 per cent share capital. Several representations have been made requesting further relaxation in the ownership pattern of the foreign subsidiaries. I, therefore, propose to lower the holding requirement in the foreign company from 50 per cent to 26 per cent. This will enable overseas joint ventures with Indian partnership, to also avail this benefit.
LIST NO.1- LOK SABHA FINANCE BILL, 2011 (As Introduced in Lok Sabha) Notice of Amendments Dated: March 21, 2011. Amendment of section 40A- insert ‘ 7A In section 40A of the Income tax Act, in sub-section (9), after the words, brackets and figures under clause (iv), the words, brackets, figures and letter or clause (iva) shall be inserted with effect from the 1st day of April, 2012.’.
In a bid to provide relief from high inflation, the government today increased dearness allowance (DA) by 6 per cent to 51 per cent, benefiting over 50 lakh central government employees and 38 lakh pensioners.
The Supreme Court has ruled that law should prevail over equity and that judges should not legislate as it would be violative of the basic democratic principles. A bench of justices Markandeya Katju and Gyan Sudha Mishra in a recent judgement said courts should not interpret rules on the basis of equity. “In other words, once we depart from the literal rule, then any number of interpretations can be put to a statutory provision, each judge having a free play to put his own interpretation as he likes.
The Income Tax Department has issued a notice to Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd, to pay Rs 616.53 crore in taxes, the company said in a stock exchange filing today.
A reference is invited to your letter, dated 19 January, 2011 addressed to Prime Minister of India regarding disclosure of names of Indians having illegal accounts in Liechtenstein, which were obtained from German Government. In your letter you have stated that a plea has been taken by the Government before the Supreme Court in the Public Interest Litigation that the names of Indians having bank accounts in LGT bank of Lichtenstein received from Germany cannot be made public in view of the confidentiality provision of the DTAA between India and Germany. You have also mentioned that there is no bilateral agreement between India and Germany which contain confidentiality provision and that Law Officers of Government have misled the Supreme Court. In view of the above, a plea was made to make the names public and prosecute t
When a partnership firm is dissolved and the erstwhile partner receives stock, it is a capital asset in his hands. When that asset is introduced into a business as stock, it gets converted into stock-in-trade. The value of this stock will have to be the market value on the date of introduction. The Tribunal’s reasoning that the assessee cannot value the stock introduced in the business at market value because that was not the price she paid for it is flawed because if the assessee on having received her distributed share of stock of jewellery from the dissolved firm had sold it, and thereafter commenced her proprietorship business of jewellery again; within short span; by buying the jewellery from the market from the proceeds of stock sold on dissolution of the erstwhile firms, the stock of the proprietorship concern would without doubt be valued at market value. The same principle would apply if the assessee used her share of the stock obtained from the dissolved firm in the new business.
In order to boost manufacturing of indigenous equipment, the Centre may extend preferential status to ‘Made in India’ products in the New Telecom Policy, 2011 (NTP’11). “Broader telecom policy will include measures appropriate to encourage domestic telecom manufacturing. Some aspects have been considered by committee of secretaries, and preferential status for domestic manufacturers is one of them,” Department of Telecom (DoT) secretary R Chandrashekhar told PTI.
