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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 : Mumbai ITAT held that an order labelled as a draft assessment order loses its character if accompanied by demand notices and penal...
Income Tax : The Tribunal ruled that the Assessing Officer cannot tax share premium under Section 68 solely on the basis that the premium lacks...
Income Tax : The ruling emphasized that CAM charges remain separate transactions irrespective of whether payments are made to the same landlord...
Income Tax : The Tribunal held that, apart from the CBDT clarification, the seller had declared the capital gains and discharged taxes. Therefo...
Income Tax : The Tribunal held that interest under Section 244A must be computed up to the actual date of refund issuance. Restricting interest...
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...
These seven appeals by different assessee are arising out of order of Commissioner of Income-tax (Appeals)-IV, Surat in appeal Nos. CAS-IV/100-106/ 2008-09 dated 12-10-2009. The assessments were framed by ACIT, Circle-7and ITO Ward-7(2) Surat vide their different orders dated 18-12-2008, 16-12-2008 &26-12-2008 respectively for the assessment year 2006-07.
8. We find that there is no dispute about applicability of India Mauritius tax treaty on the facts of the present case, as also about the fundamental position that the provisions of the said treaty being beneficial to the assessee, the same will override the provisions of the Indian Income Tax Act. It is also not in dispute that the profits earned by the assessee from these contracts are business profits in nature and can only be brought to tax in India in the event of Mauritian company having been held to have a permanent establishment (PE) in India. The question that we must, therefore, address ourselves to
In reply to a RTI application, the department has provided answers to questions on the OECD Guidelines and the effect of the same on the AO and the TPO.
Finance Minister Pranab Mukherjee on Wednesday held a closed-door meeting with officials of the Income Tax department in Mumbai in view of the increasing number of tax evasion cases being reported from the financial metropolis. The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases of tax evasion including the IPL case, probe into the investments of Pune-based stud farm owner Hassan Ali Khan and tax related cases of the top cricketing body of the country – BCCI.
Investment in equity-linked mutual fund schemes and ULIPs will now be less profitable for investors, with the government proposing to levy a 5 per cent tax on the dividend paid by these entities.
The Monsoon Session, 2010 of Parliament which commenced on Monday, the 26th of July, 2010, concluded on Tuesday, the 31st of August, 2010. The Session was originally scheduled to conclude on Friday, the 27th of August, 2010 but the sittings of both the Houses were extended by two days i.e. up to Tuesday, the 31st of August, 2010 to transact essential Government Legislative Business. The Session provided 26 sittings of both the Houses of Parliament spread over a period of 37 days.
The Finance Act prescribes a higher exemption limit of Rs. 1.90 lakh only for “every individual, being a resident women in India” vide Item No. II of Part I of the First Schedule of the Finance Act. My non-resident cousin swears by para 16 of the instruction to Form ITR-2 allowing the higher limit “for women (other than women of age 65 years or more)” and insists that the return Form should prevail.
Income to be taxed in India if it accrues directly or indirectly through or from transfer of a capital asset situated in India. However, the transfer by a non-resident of any share or interest in a foreign company would not be treated as income unless, at any time in twelve months preceding the transfer, the fair market value of the assets in India, owned, directly or indirectly, by the company, represent at least fifty per cent of the fair market value of all assets owned by the company.
The Finance Minister tabled the Direct Taxes Code Bill, 2010 (DTC 2010) in the Parliament on 30 August 2010 which is proposed to come into force on 1 April 2012. Some of the salient features are outlined below: General The Code proposes that every person shall be liable to pay income-tax in respect of the […]
Taxmen are expected to soon get an ‘IT’ fillip in sniffing out unaccounted wealth. The income tax department has developed a ‘computer aided investigation tool’ that it claims can catch suspicious transactions in the books of accounts. “With the nodal centre operating the system at Mumbai, it will be soon rolled out in seven places.
