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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...
SELECTION CRITERIA APPLICABLE TO ALL RETURNS AT ALL STATIONS: a) Value of international transaction as defined u/s 92b exceeds Rs. 15 crores. b) Cases involving addition in an earlier assessment year in excess of Rs.10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an appellate authority. c) Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs.10 Lakhs or more. d) Assessments in survey cases for the financial year in which survey was carried out This criteria will not apply if all of the following conditions are fulfilled:
As ‘spot-fixing’ charges haunt Pakistani cricketers, Indian sleuths probing alleged tax evasion in the multi-million IPL are now tracking trail of crores of rupees being pumped into betting syndicates in the country. The Income Tax department has no
These include e-Governance, e-Industry, e-Innovation, e-Learning, e-Security and e-Inclusion. The Department of Information Technology (DIT) has decided to ‘e-Develop’ six core areas — e-Governance, e-Industry, e-Innovation, e-Learning, e-Security an
Direct Taxes Code (DTC) proposes to do the necessary for bringing some certainty on tax treatment of a financial lease, but this is not sufficient to make it a preferred mode of finance, say industry and tax experts. The levy of multiple taxes on a f
Direct Taxes Code (DTC), 2010, proposed significant changes in the way house property income would be subject to tax, it becomes imperative for investors to take note of the changes and plan their investment decisions accordingly.
The DTC proposes to increase the limit of income exempt from tax to `2 lakh from the current `1.6 lakh for individual and to `2 lakh from `1.9 lakh for working women. This will result into a minimum saving of `4,000 per annum for individuals and `1,0
Net direct tax collections during the period April to August 2010 of the present fiscal stood at Rs. 1,00,112 crore, up from Rs. 87,888 crore in the same period last fiscal, registering a growth of 13.91 percent. Growth in Corporate Income Tax was 17
The simplified Direct Tax Code (DTC) Bill introduced in Parliament on Monday, which will become effective from April 1, 2012, holds a few surprises, including the withdrawal of tax deduction on the principal component of housing loans. The bill, that
In Tivoli Investment & Trading the question whether notional income can be taken into account for computing annual value was referred to the Special Bench. However, as the High Court has already admitted the assessee’s appeal on the issue for earlier
Penalty under section 271(1)(c)-Concealment-Disallowance of expenses due to delay in payment of TDS-The disallowance of expenditure does not amount to concealment of income or furnishing of inaccurate particulars of income.
