Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
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...
We feel that the Writ Petition’, have to succeed because the contentions as raised on behalf of the counsel for the petitioner are well founded. The only reason which has been given seeking re-opening of the assessment for the years 1997-98 and 1998-99 is that suppression of sales have taken place on account of the fact that when average price of the closing st
Parties have settled the dispute. A query, however, is raised by the Counsel appearing on behalf of defendants regarding deduction of TDS on the interest component of the decree. Apprehension is expressed by the learned Counsel appearing on behalf of defendants that under the provisions of section 194A of the Income Tax Act, on the interest component which is payable
For the tax-payer, “T” in the EET will never look like preferable to EEE. However, looking to the fact of EET as certainty, one will have to learn to live under it. The only alternative for the tax payer is to organize the affairs in such a way that there is no additional burden due to tax-outflow.
The ITA has always treated income from CG under special category. Not only liberal deductions / exemptions were provided, even the rate of tax was low as compared to the rate of tax on income from salary, business etc. Since long, CG has always been classified into two broad categories viz. Long Term (LT) and Short Term (ST)
The case in point is the proposal under the Direct taxes Code (DTC) to levy tax on amount received under life insurance policy. It is vehemently argued that the Government is playing foul by changing the rule of the game in between. Having declared the said amount exempt so far, the policy cannot be changed overnight, making life difficult for numbers of tax payers.
Although the length of the Code is much compact with 285 sections, relationship between various sections, clauses, sub-clauses and Schedules makes one wondering from where to start. Should one start reading with Income from Employment or Capital Gain? Or should one start with the Schedule containing the definition clause? Having read it various times, one is still not clear about its ultimate impact on the final tax liability. Such problems arises for two reasons:
Hence, no income from offshore supplies accrues or arises or can be deemed to accrue or arise to the Applicant in India under the Indian Tax Law (ITL). The AAR also ruled that the Applicant does not have a Permanent Establishment (PE) in relation to offshore supplies. Therefore, no part of income from offshore supplies can be said to be taxable in India.
CBDT on Friday directed its field formation to levy the highest penal rate of tax on TDS (tax deducted at source) defaulters.Following a sharp shortfall in revenue from TDS collection, the Income Tax Department has launched a massive drive across the country to detect and inquire into TDS payments of companies and especially on payments made and salaries disbursed.
Indian companies with a majority foreign shareholding will not get relief from the stringent norms that govern their contributions and donations within the country. A Parliamentary Standing Committee on Home Affairs had recommended relaxing the rules that prohibited Indian companies with more than 50 per cent foreign shareholding from donating money or providing hospitality overseas (like paying for travel, boarding, transport and medical treatment abroad) to individuals and companies within the country.
Finance Minister Shri Pranab Mukherjee has asked Indian Revenue Service officials to consider tax payers as important stakeholders in nation building and to administer taxes with a human approach. He was addressing the 63rd batch of IRS trainees last evening.
