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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...
Sweat equity, share buy without consideration to attract gift tax. The Income Tax (I-T) Department has started a three-pronged scrutiny of the material collected during the surveys conducted in the offices of the Indian Premier League (IPL) and its commissioner, Lalit Modi.
S. 254 (2A) empowers the Tribunal to grant stay of recovery of demand for a period not exceeding 365 days. The 3rd Proviso to s. 254(2A) inserted by the Finance Act 2008 provides that if there is a delay in disposing of the appeal within the said period, the order of stay shall stand vacated even if the delay in disposing of the appeal is not attributable to the assessee.
The committee set up by the Central Board of Direct Taxes (CBDT) is considering various options to retain minimum alternate tax (MAT) with the new proposed base of gross assets. The Direct Taxes code, proposed last year, had recommended shifting the base for calculation of MAT from book profit to gross assets, to make it an investment-linked, and not profit-linked, tax. However, stiff opposition from industry has led to reworking of MAT.
A day after conducting a search operation at the Indian Premier League (IPL) headquarters in Mumbai, the income tax (I-T) department has decided to expand the net and bring all 10 IPL teams under its scanner. The department will now examine who owns and funds all the teams. On Friday, a team of five I-T officials, including two deputy directors, visited the Punjab Cricket Association office in Mohali which houses the IPL franchise Kings XI Punjab. A similar exercise was undertaken at Rajasthan Royals office in Jaipur.
The team of income tax (I-T) officials who, on Thursday, had gone to the office of Indian Premier League (IPL) commissioner Lalit Modi on the 33rd floor of the Four Seasons luxury hotel at Worli were in for a shock. They did not find relevant documents or computer files related to the IPL, its franchises or Modi.
Entities are awarded a certificate of lower deduction or non-deduction of tax at source on receivables under Section 197 of the Income-tax Act, 1961. “This is generally for cases where the tax payee is not profitable or there is likely to be no tax liability on him at the end of the year. However, we have found several cases of misuse,” the source said.
Notification No. 23/2010-Income Tax As per section 56(2)(vii)(c)(ii) of the Income-tax Act, 1961 (the Act) if an individual or a Hindu undivided family receives any property other than immovable property on or after 1 October 2009 for a consideration which is less than the Fair Market Value (FMV) of the property by an amount exceeding fifty thousand rupees then aggregate fair market value of such property exceeding such consideration will be treated as income of the receiver.
A five-judge Bench of the Supreme Court decided on Friday to refer to a larger bench the issue of imposition of entry tax on goods coming into jurisdiction of the respective states, involving financial implications to the tune of Rs 30,000 crore (Rs 300 billion).
The Central Board of Direct Taxes (CBDT) and the Income Tax department has received certification under IS 15700:2005 from the Bureau of Indian Standards for excellence in public delivery system after audit of the Directorate of Organisation and Management Services (DOMS), the nodal agency for implementation of Sevottam scheme, and the Aayakar Sewa Kendra (ASK) unit at Pune. This certification signifies changing face of the department, from an exclusively enforcement agency of the government to a service-oriented and citizens-centric organization.
With allegations and counter allegations over the bidding process, Income Tax officials today visited the headquarters of the cash-rich IPL and office of its Commissioner Lalit Modi to inquire into financial details and share holding patterns of all the league franchisees.
