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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 government today said it has served notices to 17 persons alleged to have kept untaxed money in foreign banks and prosecution has begun against them, but refused to reveal their names. The comments, made by Union Finance Minister Pranab Mukherjee
Where any sum is found credited in the books of an assessee maintained for any previous year, and assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.”
If the assessee is not able to give satisfactory explanation as to the “nature and source” of a sum found credited in his books, the sum may be treated as the “undisclosed income” of the assessee. The initial burden is on the assessee to explain the “nature and source” of the credit and to do so, the assessee is required to prove (a) Identity of the shareholder; (b) Genuineness of transaction; and (c) credit worthiness of shareholders; If the assessee has produced documents like PAN Card, bank account details or details from the bankers the onus shifts upon the AO and it is for him to reach the shareholders and the AO cannot burden the assessee merely on the ground that summons issued to the investors were returned back with the endorsement “not traceable”; There is an additional burden on the Department to show that even if share applicants did not have the means to make investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed income of the assessee. In the absence of such finding, addition cannot be made u/s 68 in the hands the assessee.
Union Finance Minister Shri Pranab Mukherjee met here today the film industry delegation who were accompanying the Minister of Information and Broadcasting Ms. Ambika Soni as part of his pre-Budget consultations. The delegation consisted of about 20
The Central Government, in consultation with the Election Commission, prepared and published the Registration of Electors (Amendment) Rules, 2011 on 3rd February, 2011 so as to enable the Registration Officers to enroll the eligible overseas electors
In a new twist to the black money issue, Tehelka on Friday released the names of 15 Indians, including three trusts, who it claimed had stashed their wealth in the LGT bank in Liechtenstein, a well-known tax haven. Revealing only the names but not th
Income tax department officials on Friday conducted searches in the office and residence of TDP MP Nama Nageswara Rao. I-T officials raided Nageswara Rao’s construction firm Madhucon in his native Khammam town besides premises at Hyderabad, sources s
According to new rules, which will come into force from April one (next financial year), the ITO in ‘small cities and mofussil areas’ will now handle non-corporate returns up to Rs 15 lakhs (Rs 1.5 million) and corporate returns up to Rs 20 lakhs (Rs
Business disallowance under section 40(a)(ia) – Payment to resident without deduction of tax-Amendment in section 40(a)(ia) by the Finance Act, 2010-Nature of amendment-Amendment made by the Finance Act, 2010 in section 40(a)(ia) is of clarificatory nature and hence would apply retrospectively from 1-4-2005.
Deemed dividend under section 2(22)(e)-Money advanced to shareholder for specific purpose-Where the company advanced certain sum to a shareholder for a specific purpose then the amount so advanced cannot be treated as deemed dividend under section 2(22)(e)
