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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...
This year, claiming a full income tax (I-T) refund could take longer than you expect if the amount mentioned in your return does not match that in the department’s system. Bitten by a Rs 14-crore refund scam in December last year, I-T authorities have ordered that an assessee can only get the refund amount shown in the department’s computer system, and that if the assessee claims more than that, he or she can only get it after filing for rectification and submitting the relevant documents.
Swiss banks have offered to tax the money deposited with them by Indians and other foreigners and “immediately deliver the cash” to governments of respective countries, rather than sharing the details of their clients. Switzerland has come under increasing global pressure to share information about black money stashed in its banks. Possibly as a response, Swiss banks have now offered to tax their foreign clients’ assets but are still wary of sharing details of their customers on grounds of privacy.
Section 197 of the Income-tax Act, 1961 – Deduction of tax at source – Certificate of lower deduction or non-deduction of tax at source – Instructions for issue of certificate u/s 197 mandatorily through ITD system.
Airlines Rotables vs. JDIT (ITAT Mumbai). The assessee, a UK company, entered into an agreement with Jet Airways under which it agreed to provide Jet Airways with two segments of services, first, to carry out repairs and overhauling of aircraft components outside India and, second, to provide spares and components in the period the components were being repaired.
The introduction of electronic filing of I-T returns, e-payment of taxes, establishment of the national network (TAXNET), and consolidation of the Regional Computer Centers into the National Data Center have laid the foundation for the next generation administrative reforms in the Income Tax Department.
Mumbai Tribunal Ruling: Fees for Technical Services, even if rendered outside India, are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010 (Ashapura Minichem Limited v. ADIT)(ITA No. 2508/M/2008)
Delhi High Court Ruling: If the assessee makes a claim which is not only incorrect in law but is also wholly without any basis and the explanation furnished by him for making such a claim is not found to be bonafide, it would be difficult to say that he would still not be liable to penalty under section 271(1)(c) of the Act [CIT vs. Zoom Communications Private Limited (2010-TIOL-361-HC-DEL-IT)]
ITAT Ruling: Transfer Pricing – Sec 92 – While benchmarking a controlled transaction, mere selling of an identical product to unrelated party is not sufficient for applying Comparable Uncontrolled Price (CUP) as the most appropriate method unless reasonable and accurate adjustments on account of economic and market differences can be arrived to determine the arm’s length price. [M/s Intervet India Private Limited – 2010-TIOL-240- ITAT-MUM].
This Tax Alert summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2010- TII-41-ITAT-MUM-INTL] in the case of J Ray McDermott Eastern Hemisphere Ltd. (Taxpayer). The ITAT held that receipts pertaining to transportation and installation contract executed by the Taxpayer outside India cannot be taxed under the special provisions, which provide for taxation of certain income of a non-resident on presumptive basis, if the income is not chargeable to tax under the general provisions of the Indian Tax Law (ITL).
Special Bench Tribunal Ruling: Entire amount of timeshare membership fee receivable by the assessee up-front should not be taxed at the time of enrolment of a member in the initial year on account of contractual obligation that is fastened to the receipt to provide services in future over the term of contract (ACIT v. Mahindra Holidays & Resorts (India) Pvt. Ltd.)
