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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 air travellers and courier service companies are under the scanner of air intelligence unit (AIU) of the Income Tax (I-T) department, which is trying to get to the black money trail in India. The AIUs conducted a series of search operations at va
Centralized Processing Center (CPC), Bangalore has begun processing of returns for AY 2010-11. As on 31/1/2011 it has processed over 31.3 lakh e-filed returns of AY 2010-11 in ITRs 1, 2, 3, 4 and issued refunds in over 8.3 lakh cases. The processing
Frontier Offshore Exploration (India) Limited v. DCIT This decision strengthens the position that special provisions supersede the general provision of the Act for the purpose of withholding tax. It also acknowledges the view that the assessee may withhold tax by suo moto applying the special regime under the provisions of section 44BB.
The assessee had filed a return of income on 28 November 2000 for assessment year 2001-01 and declared an income of Rs.89.75 crores. On 14 March 2002, the assessee filed a revised return of Rs.80.75 crores. The assessment proceedings commenced on 18 November 2002 with a notice under Section 143(2). The assessment order was passed on 31 March 2003 by which the Assessing Officer determined the income at Rs.97.09 crores under Section 115JA. TDS certificates amounting to Rs. 1,44,34,030/- were submitted during the course of the assessment proceedings. Interest has been allowed to th
Penalty under section 271(1)(c) – Leviability-Expenditure claimed by assessee disallowed by Tribunal-Concealment penalty cannot be imposed merely on the ground that Tribunal disallowed the expenditure claimed by the assessee.
References have been received by the Board from a large number of taxpayers, especially from mofussil areas, that the existing monetary limits for assigning cases to ITOs and DCs/ACs is causing hardship to the taxpayers, as it results in transfer of their cases to a DC/AC who is located in a different station, which increases their cost of compliance.
Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals. Finance Minister Pranab Mukherjee is alive to the price situation and its impact on the common man,” s
India is considering allowing new private sector banks, including those by industrial houses, and a roadmap for the same could be announced in the Union Budget to be presented later this month.While the formal and final guidelines regarding who should be allowed to set up new banks and what should be the terms and conditions would be announced by the Reserve Bank of India (RBI), a roadmap could be announced in the Budget speech on February 28 by Finance Minister Pranab Mukherjee, sources said.
The Income Tax department has alerted its air intelligence units at all airports in the country after it detected unaccounted wealth of Rs 33 crore and seized Rs 8.3 crore worth of diamonds from the IGI airport here recently. The I-T sleuths are also
Commerce and Industry Minister Anand Sharma today said the Government will soon announce incentives for labour intensive export sectors, notwithstanding high growth in the shipments during December. “I do plan to announce export sops to labour inte
