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Income Tax : The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. ...
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 : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
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 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 incomplete document recovered from an employee's laptop could not justify an addition under Section 69 w...
Income Tax : The ITAT held that once registration under Section 12AB was ultimately granted on the basis of the original application, the doctr...
Income Tax : The ITAT Chennai ruled that funds received by a Chartered Accountant for remitting clients' taxes could not be treated as unexplai...
Income Tax : ITAT Mumbai held that appellate forums can entertain additional claims even without a revised return. The matter was remanded to t...
Income Tax : The Telangana High Court held that recovery proceedings under Section 226(3) cannot automatically extend to a daughter's bank acco...
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 would recommend a separate limit for deductions under Section 80C for long-term saving instruments such as life insurance. Currently, the deduction under Section 80C also includes short-term saving instruments such as mutual funds and fixed deposits. Life insurance and pensions are the only segments of financial services that address the needs of individuals in the long term.
Last fortnight, the Authority for Advance Rulings (AAR) delivered an important ruling on tax neutrality in relation to cross border mergers. The significance of ruling in the present context is attributable to tax administration’s ongoing stance that business restructuring is motivated for tax avoidance purposes and hence tax neutrality should be denied.
Insurance companies are in a tizzy after the revenue-hungry income tax department asked for tax deduction at source to be imposed on most of the insurance transactions. This included payments made by insurers to foreign reinsurance companies and also payments made on behalf of insurance companies to hospitals in settlement of ‘cashless’ claims.
AAR Ruling: The amount received on account of assignment of rights, title, interest, obligations and duties in connection with the supply of products is not taxable in India in the absence of a Permanent Establishment and therefore, tax is not required to be withheld under section 195 of the Income tax Act while making remittance outside India [Laird Technologies India Pvt. Ltd. (AAR No. 793/ 2008)(2010-TIOL-06-ARA-IT)].
An individual who resides in India for a period of less than 182 days during the previous year and is residing outside India for the purpose of employment, then irrespective of the fact of his presence in India for the period of 365 days or more during the preceding 4 previous years, he cannot be treated as a resident of India for the purpose of taxing his salary income
“The opaque system of exchange of information in these tax havens and their non-compliant behaviour are matter of concern not only for revenue base but also linked to financing of activities which are detrimental to the national security interests,” Finance Minister Pranab Mukherjee said at a CBDT seminar on transfer pricing in New Delhi on Wednesday.
Introduction of the concept of advance pricing arrangements (APAs) in the tax statute is regularly been in the Budget wish-list of multinational enterprises since 2001, when the transfer pricing legislation was enacted, APAs are essentially an advance ruling by which tax authorities agree upfront to the pricing of goods and services between the related parties. This ruling becomes binding on the tax authorities and the taxpayer.
Notification No. 10/2010-Income Tax Section 80-IA(4)(iii) of the Income-tax Act, 1961 – Deductions – In respect of profits and gains from industrial undertakings, etc., in certain cases – Notified undertaking which develops, operates and maintains an industrial park – Kolte Patil Developers Ltd. notified u/s 80-IA(4)(iii)
The perusal of the scheme of the Act posits that it is not always that any building or land appurtenant thereto are straightway liable to wealth tax. There are many exceptions contained in section 2(ea)(i)of the Act in this respect, such as ,house meant exclusively for residential or commercial purposes, which forms part of the stock in-trade or any house which the assessee may occupy for the purposes of any business or profession carried on by him or any property in the nature of commercial establishments or complexes etc.
It is a fact that tax incentives offered under the Income Tax Act, 1961 (the IT Act) have been instrumental in encouraging individuals to invest and save for their long-term retirement needs. One of the key incentives in this respect has been that many of the savings instruments have been under the Exempt Exempt Exempt (EEE) model.
