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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...
Special Economic Zones (SEZs) which contribute over 30 % of country’s exports have been adversely hit by Budget 2011 proposals as the SEZs have been brought under Minimum Alternate Tax (MAT) by 20.1 percent (including cess) and dividend distribution tax (DDT) at 16.22 percent (including cess). SEZs were hitherto exempt from both these taxes. The units as well as developer, both will be liable to MAT and DDT a year ahead of Direct Tax Code (DTC) which is intended to be in place in April 2012. However, some relief has been given to SEZs by way of exemptions from service tax to taxable services provided within SEZ and simplification of the refund procedures.
The Supreme Court on Thursday came down heavily on the Centre for failing to crack the whip on black money hoarders and ordered forthwith reinstatement of three key ED officials allegedly transferred midway into the probe in a case of foreign exchange law violation by Pune businessman Hasan Ali Khan.
Expressing surprise at the Budget proposal to impose Minimum Alternate Tax on SEZ developers, Commerce and Industry Minister Anand Sharma on Friday said he has voiced his concerns to Finance Minister Pranab Mukherjee as the move would impact these projects. Mukherjee has proposed to levy Minimum Alternate Tax of 18.5 per cent on the book profits of Special Economic Zone developers and units. The changes in the tax rate would be effective April, 2012.
The government today said it will get a new study conducted on black money stashed by Indians within and outside the country by July next year. The government has decided to get a fresh study conducted on unaccounted income and wealth, both inside and outside the country, unravelling the nature of activities engendering money laundering and its ramifications on national security, Minister of State for Finance S S Palanimanickam said in a written reply to Lok Sabha.
Mumbai ITAT has held in an important case namely Kumarpal Amrutlal Doshi vs. DCIT (ITAT Mumbai) that relief u/s 54EC shall be available even if the bonds are issued after the requisite period of 6 months for investment, if the cheque is issued within the period of 6 months but cheque is encashed after the requisite period and bonds are also issued after the requisite period of 6 months.
Transfer pricing Audit due date for corporate assesses extended to 30th November- Budget 2011-12. Section 139 of the Income-tax Act stipulates 30th September of the assessment year as the due date for filing of return of income in case of corporate assessees. In addition to filing a return of income, assessees who have undertaken international transactions are also required (under the provisions of section 92E) to prepare and file a transfer pricing report in Form 3CEB before the due date for filing of return of income.
ITAT Practice Note on Change of Address of assessee-In Jagjivandas Nandlal vs. ITAT 236 CTR 274, the Bombay High Court requested the President of the Tribunal to consider make it compulsory for assessees to amend Form 36 for change of address instead of merely intimating vide letter. The Tribunal has now issued the following practice note:
Eveready Industries India Ltd Vs CIT, Kolkata (Dated: March 04, 2011)- Income Tax – Sections 10(33), 14A, 94(7) – Whether dividend stripping is allowable – Whether a premeditated transaction by virtue of which an assessee earns tax free income and squares off profits with losses is permissible if it is within the four corners of law. – Assessee’s appeal allowed: CALCUTTA HIGH COURT;
In these appeals filed by the revenue, the only question raised is whether the assessees are entitled to deduction under Section 80HHC in the computation of book profit under Section 11 5JB of the Income Tax Act. Even though in respect of one assessee, the provision involved is Section 11 5JA, there is no need to consider the issue separately because applicability of Section 80HHC in the computation of book profit is one and the same both under Section 11 5JA and 11 5JB of the Act. CIT vs. Packworth Udyog (Kerala High Court – Full Bench)
“ On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing the A.O. to accept the claim of Short Term Capital Gain and Long Term Capital Gain on profit arriving from purchase & sale of shares instead of business income treated by the A.O. without appreciating the fact that the assessee is dealing in large volume of shares, most of the shares are bought and sold within short period, while some are not sold due to market conditions and their holding with assessee remains beyond few days, it will not change the nature of transactions and the assessee is very well engaged in the business of share trading, which denote that the motive of the assessee is to carry on business in shares to book profit rather than investment in shares.”
