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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 deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
Income Tax : Mumbai ITAT held that if part consideration for additional area was paid through banking channels before the agreement date, the a...
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 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 employees of the Income-Tax Department plan to boycott all search and seizure operations as well as survey operations from July 20 to secure their charter of demands, said Mr Ashok B. Salunkhe, All-India Secretary General of the Income Tax Employees Federation.
Search and Survey:-Power to carry out search under section 132 and survey under section 133A are important tools in the armoury of the Income–tax department for detecting and preventing tax evasion. Though the need to have such tools cannot be grudged, the department has to use it sparingly and in deserving cases and after complying with necessary guidelines and safeguards. A search is violation of personal privacy and rights of a citizen and its use should only be in rarest of rare cases.
The assessee, engaged in the business of manufacture and export of diamonds and jewellery, claimed that having regard to the nature of the product, none of the transfer pricing methods were applicable for benchmarking the international transactions with associated enterprises. The TPO rejected the argument on the ground that the Transactional Net Margin Method (TNMM) was applicable and made an adjustment by comparing the enterprise level operating margins.
The assessee, a Singaporean company with a PE in India, obtained rights from the Global Cricket Council, Singapore, for telecast of cricket matches in India. The AO took the view that the payment for the said rights constituted “royalty” in the hands of GCC u/s 9(1)(vi) & Article 12(7) of the India-Singapore DTAA and that it had arisen in India on the ground thatthe payer had a PE in India and there was a direct nexus between collection of advertisement revenue in India and payment for the rights.
The finance ministry appears to have sealed the fate of forth coming auctions of exploration acreages. The revenue department has rejected the oil ministry’s suggestion to extend the seven-year tax holiday under the New Exploration Licensing Policy to gas discoveries in the ninth bidding round.
The finance ministry has turned down a suggestion that government mobilise funds for infrastrucure sector from non-resident Indians through special tax-free bonds. “It may not be a very viable plan as it could lead to losses at the time of redemption because of fluctuation in the Indian currency,” a senior government official said.
Nearly 50,000-odd Income Tax (I-T) employees and officials went on a one-day nationwide strike on Thursday, to press their 12-point agenda, which includes putting an end to outsourcing of departmental functions at the central processing centre (CPC) in Bangalore. The strike called by the Joint Council of Action (JCA), comprising the Income Tax Employees’ Federation (ITEF) and Income Tax Gazetted Officers’ Association (ITGOA) brought routine functioning of the department
ONGC has become the latest high-profile developer to voice concerns over the adverse impact of certain proposals in the Direct Taxes Code (DTC) revised draft on its Special Economic Zone (SEZ) plans. In a letter to the Commerce Secretary, Dr Rahul Khullar, the ONGC Chairman and Managing Director, Mr R. S. Sharma, has said that the DTC, in its present form, would severely hit the prospects of its Rs 50,000-crore multiproduct SEZ at Mangalore in Karnataka.
In the case of companies, if tax payable on its total income as computed under the I.T. Act, 1961 in respect of any previous years, is less than 15% (for assessment year 2010-11 and 18% from assessment year 2011-12) of its “book profit”, then such book profit shall be deemed to be the total income of the company and tax shall be payable at 15% (for assessment year 2010-11 and 18% from assessment year 2011-12) on such total income.
Can Hindu deities have demat accounts to enable them transact in shares and debentures on the stock market? The Bombay High Court will decide the issue after a religious trust filed a petition challenging the decision of National Securities Depository Ltd (NSDL) to refuse it permission for opening demat accounts in the names of five Hindu deities.
