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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...
The income-tax department will take a close look at the unaccounted expenditure incurred by the franchisees of the Indian Premier League over the last three years, creating the possibility of a large tax liability for them later. The initial findings in the ongoing investigation into the Indian Premier League point at large unexplained expenditure and investments routed through complex corporate structures, located overseas in many cases.
Notification No. 26/2010-Income Tax It is hereby notified for general information that the organization M.P Birla Instiute of Fundamental Research, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2009-2010 onwards in the category of ‘other Institution’ partly engaged in research activities subject to the following conditions, namely :-
The Directorate of Income-tax (IT) has declared the result of ITO Examination 2009 for the old as well as new pattern. The certified copy shall be made available by the concerned CCIT/CIT(Incharge of Examination) only. As per the present grace policy, maximum 7 grace marks in aggregate are allowed in one or more subjects to fully pass the Examination.
The provisions as provided under Section 80A-1 of the Act will have a over ridding effect, over, all other section in the chapter VI-A and the Act as per the intention of the legislature. Thus, section 80HH or any other section up to section 80U in chapter VI-A would be governed by section 80A of the Act as section 80AB makes it clear that the computation of income has to be in accordance with the provisions of the Act. As such, if the income has to be computed in accordance with the provisions of the Act, then not only profits but also losses have to be taken into consideration.
Dubai-based Sunanda Pushkar may have given up her stake in the IPL Kochi franchise, but the taxman may not let her be. Senior income-tax officials in Mumbai said that Sunanda may be asked to pay roughly Rs24 crore in tax for the 19% sweat equity she held in Rendezvous Sports World, a member of the consortium that won the Kochi IPL franchise.
Was there a secret meeting between officials of the income tax (I-T) and enforcement directorate (ED)? It is learnt that the tax sleuths met in Mumbai recently to discuss if certain deals of the Indian Premier League (IPL) are in accordance with the Reserve Bank of India guidelines.
Income tax authorities have asked the Board for Control of Cricket in India (BCCI) to respond by Friday, April 23, to 10 queries, including the one on income from controversy-hit IPL and its structure. The BCCI, sources said, was asked questions relating to owners of IPL teams, their balance sheets, income earned during the various tournaments and the money paid to players.
The Anti-Corruption Bureau (ACB) of the CBI investigating the bribery case involving senior income tax officials on Sunday searched the office and residence of Commissioner Anirudh Rai. Meanwhile, the CBI on Monday arrested assistant commissioner Anjali Bambole thus taking the number of persons in its custody to three.
Mr Lalit Modi has had a trail of failed ventures and defaults till four years back but has a lifestyle now that includes a private jet, a luxury yacht and a fleet of Mercedes S class and BMW cars all acquired in the last three years.’ Thus opens a highly confidential and explosive report by the income-tax department that has been in the possession of the government for six months now but formed the basis of any action only on Thursday evening after a raging controversy over secret ownerships and sweetheart deals in the Indian Premier League, or IPL, stalled both houses of Parliament.
Notification No. 25/2010-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Hong Kong Special Administrative Region of the People’s Republic of China” as ‘specified territory’ for the purposes of the said section.
