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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 ITAT Bangalore upheld deduction of ESOP expenditure under Section 37, holding that the liability arising from employee stock o...
Income Tax : The ITAT Delhi held that cash deposits during the demonetization period could not be treated as unexplained credits when they orig...
Income Tax : ITAT Hyderabad held that dismissal of an appeal under section 249(4)(b) was unjustified where the assessee claimed that the receip...
Income Tax : The Tribunal ruled that premium rooms, higher tariffs, and specialized medical facilities cannot by themselves establish a profit ...
Income Tax : The ITAT Delhi held that free tickets, hospitality, conveyance, goods, and lodging expenses attracted Fringe Benefit Tax under the...
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...
Long-term capital gains :-If shares are held by the tax payer for more than 12 months, then gains arising from their sale/transfer are treated as long term capital gains. If the period of holding is lower, then such gain is treated as short term capital gains.
The Jharkhand High Court on Thursday barred non-tax payers from filing a public interest litigation (PIL). “A division bench of Acting Chief Justice Sushil Harkauli and DN Patel set the parameters for filing a PIL. The parameters include a term that only tax payers having a PAN (permanent account number) can file PIL,” Rajiv Kumar, a high court lawyer, said.
authorise the said Commissioners of Income Tax, to issue orders in writing for the exercise of powers and performance of functions by all or any of the Income-tax authorities who are subordinate to them in respect of such territorial areas, or such persons or classes of persons, or such income or classes of income, or such cases or classes of cases, as may be specified in their orders, including orders transferring the areas/persons or classes of persons, incomes or classes of incomes, cases or classes of cases from one Range to another Range or from one Assessing Officer to another Assessing Officer.
The assessee manufactured cars using the brand name Maruti. It entered into an agreement with Suzuki, Japan, pursuant to which it began manufacturing cars using the brand name Suzuki. The TPO issued a show-cause notice in which he alleged that the substitution of the brand name Maruti for the name Suzuki meant that the assessee had soldthe Maruti brand to Suzuki. On that basis, he determined the arms length sale proceeds at Rs. 4,420 crores.
The income tax authorities have asked Rajasthan Royals, Kolkata Knight Riders and Kings XI Punjab-the three IPL teams co-owned by cine stars Shilpa Shetty, Shahrukh Khan and Preity Zinta, respectively-for information on the sources of their funding and ownership details.
The solitary issue urged in these two appeals is that Whether the Learned CIT(A) is right in law in confirming the action of the Assessing Officer in invoking the provisions of section 50C in the case of both the assessees.
The income-tax department has narrowed down its probe into the Indian Premier League to three franchisees Rajasthan Royals, Kolkata Knight Riders and Kings XI Punjab after initial findings. The department has also written to tax authorities in Mauritius, Bahamas, Cayman and British Virgin Islands seeking details of companies registered there that have invested in these […]
Order No. 3/FT&TR-II/2010 In exercise of powers conferred under section 144C of the Income-tax Act, 1961 and in supersession of Order No. 1/FT&TR/2010 dated 10th February, 2010 the Board hereby constitutes the Dispute Resolution Panel (DRP-II, Mumbai) comprising of three Commissioners of Income-tax/Directors of Income-tax as members of DRP at the place(s) given below with immediate effect and until further orders.
The assessee, a division of Technical Resources Prt. Ltd. Australia, had entered into contracts with Rio Tinto India Pvt. Ltd. (RTIPL) for evaluation of coal deposits in Maharashtra and Orissa and for corresponding feasibility studies for transporting the same.
The Tribunal concluded that the sale of rig was precursor to the process of cessation of PE, termination of the contract and movement of equipment in international waters. The rig was situated in India when the process of sale had commenced and substantially completed. The deferral of receipt of part sale consideration and postponement of handing over of the rig was immaterial, so far as tax liability in connection with the sale of PE or its assets are concerned.
