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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...
Mumbai Ruling: In order to constitute a fixed place permanent establishment (PE), three criteria have to be satisfied viz. (a) the physical criterion (existence of physical location) (b) subjective criterion (right to use that place) and (c) functional criterion (carrying on business through that place). It is only when the three conditions are satisfied that a PE under the basic rule can be said to have come into existence. The onus is on the Revenue to show that the assessee has a PE (Airlines Rotables Limited v JDIT).
Vodafone moved Bombay High Court on 07th June 2010, challenging the income tax (I-T) department’s right to levy a tax on its $11.1-billion deal in 2007 to acquire Cayman Island-based Hutchison International’s stake in Hutchison Essar.
The UK’s Vodafone, fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa Ltd’s mobile business there, said authorities had set a June 14 hearing to discuss the size of the tax bill.
The Income Tax department has requested the Finance Ministry to approach the authorities in Switzerland and other tax havens for details of overseas accounts of “non-residents” who invested in the Indian Premier League. The step is part of the ongoing investigations into investment of foreign funds in the IPL.
THE Central Board of Direct Taxes (CBDT) has directed the Income Tax Department ( ITD ) to make arrangements for receiving income tax returns on 31 st July 2010, the due date for filing tax returns by most taxpayers, as that day happens to be a Saturday. ITD has also been asked to make special arrangements by setting up additional counters from 28 th July to 31 st July 2010, to facilitate taxpayers in filing their income tax returns.
British telecom major Vodafone Plc today received a new showcause notice from the income tax (I-T) department, quantifying its liability at Rs 12,000 crore on its 2007 acquisition of a majority stake in Hutchison Essar. The company is expected to approach the High Court here over the next few days to challenge the notice.
The Central Board of Direct Taxes (“CBDT”) had released the draft Direct Tax Code (“DTC”) in August 2009 with a view to simplify tax legislation in India. Based on the response and comments received for the DTC, the CBDT has released “Revised discussion paper on The Direct Tax Code” (“revised draft” / “revised discussion paper”). The revised draft proposes certain modifications to the DTC. The revised DTC is proposed to be presented in the monsoon session 2010 of the Parliament and will become law effective 1 April 2011 once enacted.
A survey u/s 133A was conducted on 28.10.04 at the premises of a charitable trust of which the assessee was the managing trustee. The assessee admitted unaccounted income of Rs. 1.93 crores.
In respect of other employees, it is to be determined whether they receive gratuity from an employer covered under the Payment of Gratuity Act, 1972 or not. It is pertinent to note that every gratuity payment received by an employee is not exempt from tax per se. In this context, it is important to note the provisions of the Payment of Gratuity Act, 1972 read with the Income Tax Act, 1961.
Majority of Indian companies feel tax incentives from the government are needed to accelerate adoption of energy-efficient business practices, according to a survey.According to the survey by workspace solutions provider Regus, though India has been criticised for its high emission levels, around 30 per cent companies here monitor their carbon footprint.
