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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...
The Union government has warned a deputy commissioner of income-tax for releasing diamonds seized during a raid without proper orders. The government has said that A K Suri did not act in a manner expected of an officer while on search duty.
The Income Tax department’s tax fair, which starts on Monday, is expected to see 50,000 more taxpayers filing their returns this year. Last year about 4.5 lakh people filed their returns in the tax fair organised at Palace Grounds. This year, the department is expecting 50,000 more footfalls totaling more than 5 lakh tax payers at the fair. Many taxpayers faced problems while filing returns online last year.
The Supreme Court has remanded the income tax department’s appeal raising pertinent issues related to taxability of foreign telecasting companies to the Bombay High Court.The issue revolves around the method of computation of profits by non-resident firms from their Indian operations especially those which don’t have branch offices or permanent establishments in India or are not maintaining country-wise accounts of their operations.
Notification No. 56/2010-Income Tax Gujarat has been approved by the Central Government for the purpose of clause (ii) 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 of ‘University’ partly engaged in research activities subject to the following conditions, namely:-
section 80HHC, Deduction under Section 80HHC, Bombay High Court, export turnover,deduction under section 80HHC
Leading developers across the country are likely to meet Finance Minister Pranab Mukherjee and top officials of his ministry on the continuation of tax benefits for special economic zones, or SEZs.The developers, including Raheja Ltd, Ascendas, L&T and GMR, among others, are in the Ministry of Commerce and Industry’s Export Promotion Council for Export Oriented Units and Special Economic Zones (EPCES).
A sharp cut in corporate tax rate proposed in the direct taxes code is likely to be done in stages to ensure that tax collections do no plummet, derailing the government’s attempts to bring the fiscal situation under control. The direct taxes code, or DTC, has proposed a cut in corporate tax rate to 25% from the current 30%, but will withdraw most tax exemptions available to companies.
The income tax department today said it will open 264 special counters from July 21-31 in the Capital and national capital territory region, to accept returns from individual taxpayers. “The income tax department would set up 264 special counters to receive income tax returns at Mayur Bhawan and Pragati Maidan for the benefit of taxpayers,” Income Tax Delhi Circle-I chief commissioner Meenakshi Singh told reporters.
India’s efforts at retrieving the black money its corrupt citizens have stashed abroad are being helped by some countries. The Income Tax has made a list of 135 individuals and entities, who received payments of more than Rs 1 crore from companies abroad, and sent it to the Director General of Investigation in cities where they are supposed to be residing for further investigation.
Although Circular has been issued for the purpose of non- seizure of jewellery during the course of search, the basis for the same recognizes customs prevailing in Hindu Society. In the circumstances, unless the revenue shows anything to the contrary, it can safely be presumed that the source to the extent of the jewellery as stated in the Circular stands explained.
