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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 : Bombay High Court quashed income tax reassessment proceedings after holding that the PAN was not transferred to the competent juri...
Income Tax : The Calcutta High Court upheld the ITAT's decision quashing the assessment after finding that the notice under Section 143(2) was ...
Income Tax : The Ahmedabad ITAT held that adjustments under Section 143(1)(a) cannot be sustained without evidence of prior intimation to the a...
Income Tax : The Court held that although filing the audit report along with the return is directory, complete failure to furnish the report is...
Income Tax : The Supreme Court held that filing Form 3AA during assessment proceedings constituted sufficient compliance, even though it was no...
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...
It was held by ITAT, Mumbai that computer software when put into a media and sold becomes goods like any other audio cassette or painting on canvass or book. Accordingly, the amount paid by taxpayer towards purchase of such computer software from a Singapore company cannot be treated as royalty as per the India-Singapore tax treaty (tax treaty).
The Bangalore Income Tax Appellate Tribunal (Tribunal) has ruled on the transfer pricing aspects of management services fees paid by the Taxpayer to its regional headquarter company (associated enterprise or AE). The Tribunal upheld the contention of the Transfer Pricing Officer (TPO) that the Taxpayer has not proved the commensurate benefits received for the service fees paid to the AE and, hence, ruled that the payment of the management services was not justified under arm’s length principles.
The ITL permits deduction of expenditure representing statutory liabilities like sales tax etc., only upon actual payment. Under a specific provision of the ITL, if any allowance or deduction is made by way of expenditure, loss or trading liability in previous tax years and, subsequently, the taxpayer is in receipt of the amount of the loss or expenditure or certain benefit accrues to the taxpayer by way of remission or cessation of trading liability, the same is chargeable to tax as business income.
Once the payment of ‘off-the shelf software’ held not to be chargeable to tax as a royalty on the basis of the certificate obtained from a chartered accountant, no penalty and interest can be levied on the grounds that the assessee did not take prior approval of the assessing officer under section 195(2) of the Act.
It was held that the offshore supply of equipment, even on a CIF basis, under a composite contract is not taxable in India.
In a recent decision, the Federal Court of Australia (“the Court”), in the case of SNF (Australia) Pty. Ltd. v. Commissioner of Taxation [2010] FCA 635 ,ruled in favour of the taxpayer acceding to the approach of direct transactional (price) comparisons (i.e., use of Comparable Uncontrolled Price Method) adopted by the taxpayer, and rejecting the profit-based analysis (using Transaction Net Margin Method) suggested by the Commissioner of Taxation (“the Commissioner”) for benchmarking the taxpayer’s purchase (of polyacrylamide products or “the products”) transactions with its overseas affiliates. The Court also held that sustained losses do not necessarily imply that the transfer prices are not at arm’s length. In this context, the Court also observed that parent company support provided under a market penetration strategy might permit a loss-making company to continue operations over an extended period without exiting the market. After Roche Products Pty Ltd. v. Commissioner of Taxation [2008] 70 ATR 703 , this judgement is only the second substantive transfer pricing decision to have been pronounced by an Australian Court or Tribunal.
The Finance Ministry will make a presentation before a parliamentary panel on the bill on Direct Taxes Code (DTC), which is scheduled to replace archaic income tax act from April 1, 2012. “It”s a preliminary introductory meeting for the first time..
Plan your Home Loan Payment Schedule to take maximum tax benefit. Partial or full prepayment makes sense, but only in some cases. When Jabalpur resident Mahavir Ojha received Rs 80 lakhs from selling an ancestral property, he decided to part-pay his
IASB Exposure Draft on Severe Hyperinflation (proposed amendment to IFRS 1) (Comments to be received by November 26, 2010) – (19-11-2010) The International Accounting Standards Board has issued this Exposure Draft on Severe Hyperinflation a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment proposes guidance on how an entity […]
India has begun the trail for money allegedly stashed away in secret bank accounts in tax havens. Finance minister Pranab Mukherjee on Friday told delegates at the Hindustan Times Leadership Summit that has India has written to 78 countries for amend
