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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 an inadvertent mistake in Schedule 112A relating to the acquisition period of mutual fund units could be re...
Income Tax : The Court held that reassessment proceedings cannot be sustained merely on the basis of an unsigned and unauthenticated loose pape...
Income Tax : ITAT Delhi set aside the assessment after finding that the assessees additional evidence had not been properly scrutinized by the ...
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...
Income Tax : The Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
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...
Income Tax Welfare Fund with a Corpus of Rs.100 Crore Operationalised after 12 Years. Finance Minister asks CBDT to Address the Issue of Unwanted Litigation with Taxpayers and Realise Locked up Revenue in Appeals.
With the draft direct taxes code being criticised for its proposal to tax long-term savings among others, the finance ministry on Wednesday said a revised draft will be put for public comments within a month for addressing the concerns of all stakeholders.
The Bombay High Court today issued a stay order on the showcause notice sent by the Income Tax (I-T) Department to British telecom major Vodafone. The I-T Department had asked the company to pay Rs 12,000 crore as tax on its acquisition of a majority stake in Hutchison Essar Ltd in 2007. The court fixed July 8 for the next hearing.
THE Indian tax authorities had advised British telecom major Vodafone to pay tax on its $11-billion acquisition of Hutchison Essar before it sealed the transaction, according to a recent income tax order. In a letter on March 23, 2007, the Income Tax (I-T) department had asked Vodafone to pay withholding tax, nearly one-and-a-half month before the telco made the payment to Hong Kong-based Hutchison International for buying two-third stake in Hutchison Essar.
Finance Minister Pranab Mukherjee today said that the government is in the process of setting up 8 more income tax overseas units, including in the US and Britain, to facilitate exchange of tax related information. At present, the government has one such unit (ITOUs) each at the Indian mission in Singapore and Mauritius.
Direct Taxes, now the major resource provider to the Central Government, have grown at an average annual rate of 24 percent in the last five years and have nearly trebled from Rs.1,32,771 crore in financial year 2004-05 to about Rs.3,78,000 crore in financial year 2009-10, increasing its share from 4.1 percent to 6.1 percent of the Gross Domestic Product (GDP).
ITR-4:This form is applicable, both, to Individuals and HUFs who carry out any business or professional activity in addition to having sources of income applicable to ITR-3.Income Tax department on Wednesday releases the online return filing software utility in respect of ITR-4for A.Y. 2010-11 which can be downloaded from the link given below:-
If you avail of a home loan for buying an under-construction apartment, the tax law provides for a deferred deduction on interest payable during the pre-construction period. The total amount can be availed of as deduction in equal installments over five years starting from the financial year in which the construction is completed.
Meaning of Gratuity :-Gratuity refers to the emoluments received by an employee from his employer in gratitude for the services rendered. Such sum can be paid on retirement, resignation, superannuation, death or disablement. Under the Gratuity Act, the sum can be paid only after an employee has rendered continuous service of not less than five years. Exceptions being termination of employment on account of death/disablement.
In a recent ruling Mumbai Income Tax Appellate Tribunal in the case of Ashapura Minichem Ltd. (ITAT) [[2010] 5 taxmann 57 (Mum.-ITAT)] on the issue of taxability of payments made by the Taxpayer for services rendered outside India, under the provisions of the Indian Tax Laws (ITL) as well as the India-China Tax Treaty (Tax Treaty) held that such payments are taxable in India both under the ITL as well as the Tax Treaty and the Taxpayer is liable to withhold taxes (WHT) from such payments.
