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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 a 12.5% disallowance could not be sustained when the Assessing Officer neither rejected the books of accoun...
Income Tax : Despite a significant gap between the agreement and registration dates, ITAT granted relief under the first and second provisos to...
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 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...
Pan card has to be submitted for financial transactions. otherwise, tax burden will go up. The start of this new financial year requires additional effort from tax payers, as they need to be vigilant about their tax deduction at source (TDS). For some years now, there have been efforts made to ensure a particular procedure is followed for TDS and this includes disclosing the permanent account number (PAN).
Let’s start with the bad news this week. Accounting principles say losses are tax deductible, but CBDT says no! Not if they are forex derivative losses. Last week, the Central Board of Direct Taxes or CBDT issued an internal circular which says that a loss arising from an outstanding Marked to Market forex derivative transaction is, “contingent in nature and cannot be allowed to be set off against taxable income. The same should therefore be added back for the purpose of computing the taxable income of an assessee.’
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Asiavision Home Entertainment Pvt. Ltd. v. ACIT has held that royalty paid for the distribution and marketing of cinematographic film on DVD and VCD cannot be considered as royalty paid for TV or radio broadcasting rights and for the purpose of disallowance under section 40(a) of the Income-tax Act, 1961 (the Act) ‘royalty’ shall have the same meaning as provided under explanation 2 to section 9(1)(vi) of the Act.
The Mumbai Tribunal disallowed the claim of the taxpayer in providing interest free loans to its overseas subsidiary. The Tribunal rejected the argument of the tax payer that the loan was extended on account of commercial expediency and out of its own fund (i.e. interest free).
This ruling provides guidance to taxpayers on the issue that merely making a claim in the return of income, which is disallowed by the Tax Authority, cannot tantamount to furnishing inaccurate particulars of income, which would attract levy of penalty.
Recently, the Authority of Advance Ruling (AAR) has held in the case of Shri Anurag Chaudhary (AAR No. 839 of 2009) that an employee who has left India for the purpose of employment outside India would qualify as a non resident, if he was present in India for less than 182 days during a financial year (From 1st April to 31St March) . Further, it was held that the salary earned on account of employment outside India would not be taxable in India.
Section 43A, before its substitution by a new Section 43A vide Finance Act, 2002, was inserted by Finance Act, 1967 with effect from 1.4.1967, after the devaluation of the rupee on 6 June, 1966. It applied where as a result of change in the rate of exchange there was an increase or reduction in the liability of the assessee in terms of the Indian rupee to pay the price of any asset payable in foreign exchange or to repay moneys borrowed in foreign currency specifically for the purpose of acquiring an asset.
ection 147 provides that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of Sections 148 to 163 assess or re assess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently
The only other argument advanced was in respect of the penalty and interest imposed in so far as assessment year 1987-88 is concerned relying on the judgment in the case of Rohitkumar. The returns were filed only after the seizure of the incriminating material. The issue of whether penalty or interest could be levied was in issue in proceedings for adjudication. In the instant case, the levy of penalty or interest including for the Assessment Year 1987-88 has not been challenged and has become final.
When the nature of transaction is such that the arm’s length price can be determined by applying only one of the most appropriate methods and it need not to be determined by applying 2 or more methods, in such a situation even the price determined by applying only one of the most appropriate methods will become the arithmetical mean price.
