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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...
Even as America’s new Border Security Act raises hackles in India, government officials said the country will renew efforts to push for exemption of social security tax paid by top tech firms including TCS, Infosys and Wipro in the US. India’s $50-billion software outsourcing industry pays around $1 billion every year towards social security taxes to the US government, according to Nasscom.
The former President of the Institute of Chartered Accountants of India (ICAI), Mr T.N. Manoharan, has sought the need for equitable treatment of tax payers and revenue authorities in the Direct Taxes Code (DTC). In his discussion paper on ‘DTC’ at the national conference on Direct Taxes and Allied Laws, organised by the Direct Taxes Committee of the ICAI, Mr Manoharan said the certain provisions in DTC are tilted in favour of revenue.
Taxpayers may get relief in terms of tax rates in the proposed Direct Taxes Code, which is likely to replace the 50-year-old Income Tax Act from the next fiscal, a key official indicated today. “We are in the process of reducing the rate of tax and DTC will be a good example in that direction,” Central Board of Direct Taxes (CBDT) Chairman S S N Moorthy said at an Assocham tax conference.
Market regulator Sebi and mutual fund houses have asked the finance ministry to continue with the tax benefits on equity linked schemes in the Direct Taxes Code, which will replace the existing Income Tax Act. The revised DTC draft, based on which the government is finalising the bill, has proposed to do away with the tax benefits available to people investing in the equity-linked savings schemes (ELSS).
Key features and notification of IFCI Infrastructure Tax Saving Bonds u/s 80CCF is given below. 1. This bonds will be called “Long Term Infrastructure Bond”. 2. Application can be by individual or HUF only but not by minor through Gurdians. 3. An Individual or HUF can invest Rs. 20000/- in a Financial year to avail deduction under section 80CCF. 4. Rs. 20000/- limit is in addition to 100000/- limit of section 80C, 80CCC, 80CCD 5. Tenure of the Bonds will be 10 Years.
We may in concluding note that the basis on which the assessee is sought to be taxed in the present case in respect of the amount of Rs.32,00,000/ is that there was a dividend under Section 2(22)(e) and no other basis has been suggested in the order of the Assessing Officer.
Even if it is assumed that the assessee was authorized to collect sales tax and retain with it, the same will be chargeable to tax as trading receipt in view of decision of Supreme Court in the case of Sahney Steel and Press Works Ltd. v. CIT [228 ITR 253 (SC)].
Keyman Insurance Policy for section 10(10D) is not confined to a policy taken by a person on life of an employee, but also extends to an insurance policy taken with respect to life of another who is connected in any manner whatsoever with business of subscriber.
Where an order passed by the Assessing Officer is subject to an appeal that has been filed, the power of the Commissioner to invoke his revisional jurisdiction under section 263 can only extend to such matters which have not been considered and decided in the appeal.
In all fairness, while hearing an appeal from the original authority, the CIT, the CBDT who is the appellate authority cannot deny the reasonable opportunity of hearing to the petitioning assessee at whose instance the impugned order came to be passed and which has become the subject-matter of appeal before the CBDT.
