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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 : 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 ITAT held that Section 56(2)(viib) cannot apply where equity shares are issued upon conversion of CCDs without receipt of fres...
Income Tax : The ITAT held that reassessment initiated beyond four years cannot survive unless the Assessing Officer records that the assessee ...
Income Tax : The ITAT Chennai held that an Assessing Officer cannot introduce a new addition while giving effect to an appellate order. Since t...
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...
While Explanation 2 to s. 147 deems income to have escaped assessment if excessive deduction is allowed, the reopening of an assessment u/s 147 has serious ramifications because the AO is empowered to reassess income even in respect of issues not set out in the notice. Therefore, if the power to rectify an order u/s 154(1) is adequate to meet a mistake or error in the order of assessment, the AO must take recourse to that power as opposed to the wider power to reopen the assessment. If the error can be rectified u/s 154, it would be arbitrary for the AO to reopen the entire assessment u/s 147. Further, the error in the order was not attributable to a fault or omission on the part of the assessee and the assessee cannot be penalized for a fault of the AO;
Immediate appropriate action is taken by the Directorate of Enforcement under the Foreign Exchange Management Act, 1999, whenever any specific case of unauthorized maintenance of foreign bank account or retention of funds in foreign banks by any person resident in India comes to its notice.
Several countries have submitted data to Government of India on Non-Resident Indians (NRIs) black money. The German Tax Authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT bank of Liechtenstein.
The draft Direct Taxes Code (DTC) along with a Discussion Paper was released for public discussion in August 2009. The Discussion Paper mentioned that profit-linked incentives are inherently inefficient. Essentially, a profit-linked incentive is regressive in nature.
Special tax benefits/facilites are offered to Special Economic Zones (SEZs) in the country. They include: I. Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units. II. 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for the next 5 years thereafter and 50% of the ploughed back export profit for next 5 years;
No Separate funds are being released for setting-up of Aayakar Seva Kendras as of now. The concerned Chief Commissioners of Income Tax are incurring the expenditure out of the allotted budget grant.this information was given by the Minister of State for Finance, Shri S.S.Palanimanickam in a written reply to an Unstarred Question raised in Rajya Sabha today.
The Ministry of External Affairs is in the soup for not filing e-TDS (tax deduction at source) for the past few years, and at fault are over 100 diplomats who have not given their PAN numbers to the ministry. Sources said the Income Tax (I-T) Department has taken up the matter with the MEA, and senior officials have been asked to pull up the erring diplomats posted in and outside the country.
Tax deducted at source (TDS) has become a problematic issue with the income tax department as in more than 50% TDS refund cases it is facing an uphill task in matching the data provided in the assessee’s income tax returns with the TDS deductor’s information available with the NSDL.
The Punjab and Haryana High Court on Monday dismissed a petition challenging tax exemption to Members of the Legislative Assembly (MLAs) of Punjab. Dismissing the petition filed by one Manmohan Singh of Ludhiana, a division bench today held that there was no illegality in the exemption from payment of tax granted to MLAs.
In a setback to foreign carrier companies, the Bombay high court has ruled that delayed payment of foreign travel tax (FTT) could attract penalty under the provision of the Finance Act, 1979. Rejecting the plea of petitioners Malaysian Airlines, Saudi Arabian Airlines, North West Airlines and Kenya Airlines
