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Latest Articles


ITR Filing 2026: Important Due Dates, Budget 2026 Updates & Strategies

Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...

June 10, 2026 612 Views 0 comment Print

Sikkim: India’s Only Income Tax-Free State and the Law Behind It

Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...

June 10, 2026 231 Views 0 comment Print

8 Legal Ways to Save Income Tax in India for Business Owners & Freelancers

Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...

June 10, 2026 378 Views 0 comment Print

Section 54 Exemption for Capital Gains on Residential Property Transfer

Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...

June 10, 2026 97245 Views 4 comments Print

E-Payment of Direct Taxes: Simplifying Tax Payments

Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...

June 10, 2026 10296 Views 0 comment Print


Latest News


Income Tax Superintendent Caught by CBI in Bribery Case Linked to PAN Deletion

Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...

June 6, 2026 6055 Views 0 comment Print

ITAT Prioritizes Old Appeals as Rising Pendency Requires Urgent Disposal Measures

Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...

June 5, 2026 231 Views 0 comment Print

Request for Rationalisation and Merger of TDS Return Codes 1023 & 1024

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...

June 4, 2026 1617 Views 0 comment Print

Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA

Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...

May 21, 2026 3735 Views 1 comment Print

Representation for timely release of e-filing utilities for ITR for AY 2026-27

Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...

May 13, 2026 3966 Views 0 comment Print


Latest Judiciary


Section 154 Rectification Allowed for Inadvertent LTCG Error in ITR: ITAT Kolkata

Income Tax : The Tribunal held that an inadvertent mistake in Schedule 112A relating to the acquisition period of mutual fund units could be re...

June 11, 2026 42 Views 0 comment Print

Loose Papers Alone Cannot Justify Income Tax Reopening Without Corroborative Evidence: Gujarat HC

Income Tax : The Court held that reassessment proceedings cannot be sustained merely on the basis of an unsigned and unauthenticated loose pape...

June 11, 2026 51 Views 0 comment Print

ITAT Remands Reassessment Case Due to Failure to Examine Additional Evidence

Income Tax : ITAT Delhi set aside the assessment after finding that the assessees additional evidence had not been properly scrutinized by the ...

June 11, 2026 51 Views 0 comment Print

Concessional Tax Rate Cannot Be Denied Solely for Form 10-IC Late Filing: ITAT Delhi

Income Tax : The Tribunal held that delayed filing of Form 10-IC should not defeat the assessee's substantive right to opt for the concessional...

June 11, 2026 66 Views 0 comment Print

TDS Under Section 194J Alone Cannot Determine Nature of Income for presumptive taxation

Income Tax : The Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...

June 11, 2026 90 Views 0 comment Print


Latest Notifications


CBDT Issues Complete Income Tax Scrutiny Guidelines for FY 2026-27

Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...

June 7, 2026 45294 Views 1 comment Print

Income-Tax (Amendment) Commencement Ordinance, 2026

Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...

June 6, 2026 573 Views 0 comment Print

CBDT Notifies Infrastructure Sub-Sectors as Eligible Businesses Under Income Tax Act 2025

Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...

June 2, 2026 492 Views 0 comment Print

CBDT Approves National Institute of Advanced Studies as Scientific Research Institution  

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...

May 30, 2026 165 Views 0 comment Print

CBDT Approves S. Nijalingappa Sugar Institute for Scientific Research Tax Benefit Eligibility 

Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...

May 30, 2026 138 Views 0 comment Print


Co-op sugar appeals govt to stop insistence on TDS on the income of cane harvesting and transport contractors

July 9, 2010 1327 Views 0 comment Print

Cooperative sugar mills in Maharashtra have appealed to the Union finance ministry to stop the insistence on tax deduction at source on the income of cane harvesting and transport contractors. The Federation of Cooperative Sugar Mills in Maharashtra says the income tax authorities refuse to recognise that these labour contractors don’t even have PAN cards and were earlier exempted from the tax deduction at source (TDS) rule. It has asked the ministry to intervene and get a ‘No TDS’ certificate to these people.

Supreme Court rules taxpayers can legally reduce their liability through dividend-stripping

July 9, 2010 1075 Views 0 comment Print

In a significant ruling, the Supreme Court has ruled that taxpayers can legally reduce their liability through dividend-stripping, a term used for selling mutual fund units at a discount post-dividend. An apex court bench headed by Chief Justice SH Kapadia has said there is nothing wrong in dividend-stripping after getting the tax benefits. The bench further said such dividend stripping after availing of the tax rebates cannot be termed as abuse of law.

Investment in Bonds of IFCI, IDFC, LIC and NBFCs (Classified as Infra Finance Company) Eligible for Tax Exemption under Section 80CCF

July 9, 2010 6384 Views 0 comment Print

The Central Government have specified bonds to be issued by (i) Industrial Finance Corporation of India; (ii) Life Insurance Corporation of India; (iii) Infrastructure Development Finance Company Limited; and (iv) a Non-Banking Finance Company classified as an infrastructure finance company by the Reserve Bank of India; as “Long-term Infrastructure Bond” for the purpose of section 80CCF of the Income Tax Act, 1961.

Taxability of Free ESOP announced by Infosys to its staff

July 9, 2010 1711 Views 0 comment Print

One can feel the excitement in Infoscian Yojita Pai’s voice. This 23-year-old will soon be the proud owner of seven shares of Infosys Technologies. Last week, the company, to mark its 30th anniversary, allocated a minimum five equity shares to every eligible employee. In addition, every employee will get an incremental share for each year of service.

For Section 5(2) of Income Tax Act, income receivable in kind, received at place where goods delivered

July 9, 2010 3088 Views 0 comment Print

The assessee, a fishing company, obtained two fishing vessels on charter from a foreign company based in Hong-Kong. The charter fee of $ 600,000 was payable from the earning from the sale of fish and for that purpose 85% of the gross earnings from the sale of fish was to be paid to the foreign company. The trawlers were delivered to the assessee at Chennai Port.

Transfers of Commissioners of Income-tax vide Order No. 81 of 2010 dated 9th July 2010

July 9, 2010 684 Views 0 comment Print

The following Order No. 81 of 2010 dated 9th July 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Commissioner of income-tax. Order No. 81 of 2010 dated 9.7.2010 issued by CBDT for transfer / posting of CITs (18 Pages)

MAT u/s.115JB is payable even on exempt income

July 9, 2010 8712 Views 2 comments Print

The assessee credited its P&L A/c with an amount of Rs. 149.77 crores being the profit on sale of assets to its wholly owned subsidiary. As the said profits were not chargeable to tax u/s 47(iv), the assessee took the view that the same had also to be reduced from the “book profits” u/s 115JB. The Special Bench had to consider whether exempt income could be excluded from the computation of “book profits” u/s 115JB. HELD deciding against the assessee:

CBDT notifies mandatory e-filing of return with digital signature for companies

July 9, 2010 10921 Views 0 comment Print

Notification No. 49/2010-Income Tax In a recent Notification No. 49/2010 dated 9 July 2010 (Notification) issued by the Central Board of Direct Taxes, modifying the permitted modes of filing return of income (ROI) for (i) companies and (ii) individuals and Hindu Undivided Families (HUF) which are liable for tax audit.

Individual and HUF required to get their account audited need to file ITR 4 online

July 9, 2010 967 Views 0 comment Print

Notification No. 49/2010-Income Tax “(a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable shall furnish the return in the manner specified in clause (ii) or clause (iii); (aa) an individual or HUF required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii) or clause (iii); (ab) a company required to furnish the return in Form ITR-6 shall furnish the return for Assessment Year 2010-11 and subsequent Assessment Years in the manner specified in clause (ii)’

Suggestions of the ICAI on the Revised Discussion Paper on the Direct Taxes Code

July 9, 2010 1050 Views 0 comment Print

A Revised Discussion Paper (RDP) on Direct Taxes Code (DTC) has been released by the CBDT on 15th June, 2010, taking into consideration the vital and critical issues raised by the various stakeholders on the DTC. It is extremely satisfying to note that six of the eleven significant issues identified in the RDP are as per the specific suggestions of the Direct Taxes Committee of the ICAI.

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