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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...
IDFC is coming out with the country’s first ever public issue of infrastructure bonds through which the lender expects to mop up Rs 3,400 crore. The issue would open on September 30 and closes on October 18. It is the first public issue of bonds by an infrastructure finance company under Sec 80CCF of the Income Tax Act that allows tax benefits for investment in long-term infrastructure bonds. The bond issue proceed would be utilised to finance the infrastructure projects in the country.
The advertisement reimbursement would definitely form a part of the operating profits of the assessee and would have to be taken into account for purposes of transfer pricing analysis.
Corrigendum No.5/2010 (F.No.142/13/2010-SO(TPL) “the above amendment has been made applicable with effect from 1st April, 2009 and will accordingly apply in respect of assessment year 2009- 10 and subsequent years.” the following lines shall be read; “the above amendment has been made applicable with effect from 1st October 2009
NC Notification No. 73/2010-Income Tax Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project “Navasari Cancer Care Foundation oncology wing”, is being carried out by Navasari Cancer Care Foundation, 5th Floor, Aditya Complex, Near Fuwara Telephone Exchange, Navasari-396 445, as an eligible project or scheme for a further period of three financial years commencing with 2010-11, i.e., 2010-11, 2011-12 and 2012-13.
NC Notification No. 72/2010-Income Tax the Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project “Tribal Schools and Welfare Initiatives at Jharkhand, Tripura and West Bengal”, is being carried out by Vyakti Vikas Kendra India, 19, 39th “A” Cross, 11th Main, IV “T” Block, Jayanagar, Bangalore-560 041, as an eligible project or scheme for a further period of three financial years commencing with 2010-11, i.e., 2010-11, 2011-12 and 2012-13.
The assessee, a co-op bank, filed a return for AY 2001-02 showing a loss of Rs. 15.94 crores. As the return was belated, the assessee filed an application u/s 119(2)(b) with the CBDT requesting condonation of delay and for being allowed carry forward of loss. The principal ground on which condonation was sought was that there was a delay in appointment of the statutory auditor by the Registrar and a consequent delay in preparing the s. 44AB tax audit report. The CBDT rejected the application on the ground that the reasons were general in nature and there were no exceptional circumstances beyond the control of the assessee to file the return. It was also stated that the assessee was operating for several years and was aware of its obligation to get the accounts audited and to file the return within the due date. The assessee challenged the rejection of the application. HELD upholding the challenge: (i) The power to appoint statutory auditors is that of the Central Registrar and that was done on 3.9.2001. The Registrar appointed Chartered Accountants to be statutory auditors in place of the Departmental Auditors. This change was made in respect of all societies. Therefore, the assessee cannot be blamed for the delay in carrying out its audit as the same was beyond its control. The contention of the Revenue that the departmental auditors had started the audit in the year 2000 and it was for the assessee to get the audit expedited cannot be accepted. Though the departmental auditors might have started the audit, it appears that pursuant to the said policy decision that was taken, the departmental auditors were replaced by the Chartered Accountants to be the statutory auditors. Therefore, the reason given for delay deserves to be accepted; (ii) It is well settled that in matters of condonation of delay a highly pedantic approach should be eschewed and a justice oriented approach should be adopted and a party should not be made to suffer on account of technicalities.
CIT Vs. Jaswand Sons (2010) 328 ITR 442 (P&H) – On this issue, the High Court held that income derived from sale of export incentive cannot be said to be income ‘derived from’ the industrial undertaking and therefore, such income is not eligible for deduction under section 80-IB.
NC Notification No. 71/2010-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the national Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below
Notification No. [GSR 784(E) (File No. C. 5/1/2010-SEZ)]-Income Tax In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely :— 1. (1) These rules may be called the Special Economic Zones (Fourth Amendment) Rules, 2010.
Notification No. 74/2010-Income Tax It is hereby notified for general information that the: organization Xavier Centre of Historical Research, Goa has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2010-2011 onwards in the category
