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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...
As you are aware, the Apex Court of the country has time & again expressed its anguish & annoyance over the delayed filing of SLPs as also appeals in the High Courts. In some cases, such delay is inordinate. The inordinate delay is more pronounced in
Bollywood actresses Katrina Kaif and Priyanka will face more troubles as the IT department officials all set to raid their bank lockers. Sources reported that officials will continue investigation on tax recordes of these actresses. Earlier on Monday
Dismissing the perception that Switzerland is a tax haven, a senior Swiss government official today expressed hope that the revised tax avoidance treaty with India will be ratified during the year, following which Swiss authorities would provide administrative assistance to India to deal with cases of tax evasion.
As the issuance of the s. 148 notice and the communication and furnishing of reasons go hand in hand, the reasons have to be supplied to the assessee before the expiry of period of 6 years. If this is not done, the validity of the s. 148 notice cannot be upheld. In any proceeding, whether civil or criminal, a summons issued without a copy of the plaint or complaint has to be construed as if no valid service of notice has been effected upon the defendant or respondents.
The TPO in his order held that the payment of incentive to employees is towards technical services rendered by the assessee to the AE and that the AE has entered into such transaction to avoid paying a mark-up on the payments. In the transfer pricing documentation, since the assessee had shown its operating profit margin at 27.95% (OP/TC), the TPO considering such margin, notionally imputed a markup on the said sum of `10,66,08,194 being the payment of incentive to employees by the associated enterprise and accordingly proposed an adjustment of `2,97,96,990.
The Income Tax raid at Priyanka Chopra’s premises has revealed that the Bollywood actor has unaccounted assets worth Rs six crore, a senior official said today. Primarily of what we have scrutinised, we have found that assets worth Rs six crore were not accounted for, the Income Tax official said. However, the official did not divulge details of the unaccounted assets.
Ms. Katrina Kaif is a rather pained woman. The IT tax raids and the unsavoury publicity, notwithstanding, Kaif is rather miffed over tabloids tinting her a slimy tax evader. And this whole talk of her unaccounted moolah running into crores of rupees and the undisclosed lockers have quite rankled her starry nerves.
The government said it has no plans to bring out a tax amnesty scheme to lure black money stashed away in foreign accounts. The finance ministry made this submission before Parliament’s standing committee on finance.
From the language of section 205, it is clear that once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction. Once it is established that the tax has been deducted at source from the salary of the employee, the bar under section 205 of the Act comes into operation and it is immaterial as to whether the tax deducted at source has been paid to the Central Government or not, because elaborate provisions are made under the Act for recovery of tax deducted at source from the person who has deducted such tax.
Income-tax officials on Thursday claimed to have detected documents revealing unaccounted wealth of around Rs 11 crore during their searches at the properties of actress Priyanka Chopra and photographer Atul Kasbekar. Documents seized during searches at the office and homes of the two celebrities have reportedly revealed a total unaccounted income of around Rs 11 crore.
