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Income Tax : The Supreme Court dismissed the Revenue's review petitions and reiterated that payments for off-the-shelf software do not constitu...
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 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 Delhi High Court admitted appeals challenging the Tribunal's reliance on Section 56(2)(vii)(b) for directing a fresh valuation...
Income Tax : ITAT Ahmedabad held that a protective addition cannot be deleted merely because a substantive addition has been confirmed at the f...
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 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...
“Total number of pending refund returns (up to January 2010 is 49 lakh. The statutory time limit to process the return and issue refund in financial year 2009-10 is March, 31, 2011,” minister of state for finance SS Palanimanickam informed the Rajya Sabha in a written reply.
The Budget 2010-11 has not done away with most excise or customs exemption notifications but, contrary to the need of the hour, added more exemptions, each with its own set of conditions that entail more paperwork and transaction costs. However, a couple of procedural improvements will bring some relief to select importers and exporters.
London will become the most highly taxed financial centre in the world when the new 50 per cent income tax rate for those earning £150,000 or more comes into force next month. Taxes will be higher than for financial workers living in the other key centres of New York, Paris, Frankfurt, Geneva, Zurich, Dubai and Hong Kong, KPMG calculated.
The answer to the question whether a member of a primary cooperative society will automatically become a member of the apex society will determine the income tax liability of the apex body, the Supreme Court stated in the case, Commissioner of Income Tax vs Rajasthan Rajya Bunker Samiti. In this case, Samiti, the apex body was the assessee. It provided raw materials like yarn to primary societies of weavers who manufactured cloth.
Large business entities willing to convert into Limited Liability Partnerships (LLPs) will have to wait for some more time with the government saying that it would consider raising the limit for capital gains tax exemptions as part of the Direct Taxes Code.
As per Memorandum on Finance Bill, 2010 a source rule was inserted in section 9 of Income-tax Act in 1976 with an intention of bringing to tax fees for Technical Services by creating a deeming fiction that even in cases where services are provided by a non-resident outside India, consideration for such services will be taxable in India so long as services are utilised in India. The source rule effectively means that the situs of the rendering of ser-vices is not relevant.
The Income Tax department has got the power to cancel any charitable organisation’s registration that accords it the benefit of tax exemption. The department can annul the registration and the exemption emanating from it if the organisation is found to violate the norms for registration, according to Budget 2010-11.
However, this was creating problems for banks using Core-Branch Banking Solutions (CBS), which enables customers to access their accounts from any branch. The Indian Banks’ Association in a representation to the Income Tax department had said that for banks using the CBS software, interest payable on fixed deposits is calculated generally on a daily or a monthly basis but is parked in the provisioning account for monitoring only.
The Government has informed Lok Sabha that the Competition Commission of India (CCI) has received information under section 19 of the Competition Act, 2002 against some Banks/Housing Finance Institutions with regard to anti-competitive agreements on imposing penalty for pre-payment of home loans.
Order No. 3/JS(FT&TR-II)/2010 In exercise of the powers conferred under section 144C of the Income-tax Act, 1961 read with Income-tax (Dispute Resolution Panel) Rules, 2009 issued through Notification No. 84/2009 [F.No. 142/22/2009-TPL]/S.O. 2958(E), dated 20-11-2009 and keeping in view the workload and efficient functioning of Dispute Resolution Panel (DRP) at Headquarters Delhi and Mumbai, the Board hereby directs that the following DRPs
