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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 Telangana High Court held that recovery proceedings under Section 226(3) cannot automatically extend to a daughter's bank acco...
Income Tax : The Court held that an employer acting in accordance with interim judicial directions restraining TDS deduction cannot be treated ...
Income Tax : ITAT Ahmedabad held that a bank could not be treated as an assessee in default for non-deduction of TDS on LFC payments when it ac...
Income Tax : The Telangana High Court held that an assessee cannot file an updated return under Section 139(8A) once assessment proceedings hav...
Income Tax : The Department argued that Section 292BC validated the approval despite alleged deficiencies, but the Tribunal rejected this conte...
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...
The admitted position before the Court, on the basis of the material on the record, is that by the notice under Section 148 issued on 30th November 2009, the assessment pertaining to the year 2002 03 was sought to be reopened after the lapse of four years. Section 147 postulates inter alia that if the Assessing Officer has reason to believe
We have heard the arguments put forth by both the sides along with the case law relied upon. Having held above that the interest on income-tax refund does not fall under the head `Profits and gains of business or profession’, it remains to be examined as to whether deduction u/s.80P is restricted only to the income falling under this head
Over Rs 3 crore in cash have been recovered from an IAS couple in Bhopal following raids by the Income Tax Department officials at their residence on Thursday night. Officials also seized details of bank deposits worth Rs 2.25 crore from the house of Arvind Joshi, a senior IAS officer and his wife Tinu Joshi, who is the secretary of Woman and Child Welfare Development in the Madhya Pradesh government.
S. 2 (24) (x) provides that amounts received by an assessee from employees towards PF contributions etc shall be “income”. S. 36 (1) (va) provides that if such sums are contributed to the employees account in the relevant fund on or before the due date specified in the PF etc legislation, the assessee shall be entitled to a deduction
Over a year after the Supreme Court dismissed telecom major Vodafone’s petition challenging Indian tax authorities’ jurisdiction over its $11.2-billion acquisition of Hutchison Essar in 2007, UK Prime Minister Gordon Brown has written to Prime Minister Manmohan Singh warning that such tax treatment will affect India’s investment climate.
Big corporations will now find it difficult to defer their advance tax payments. In a bid to meet its revenue collection targets, the Central Board of Direct Taxes (CBDT) has decided to monitor advance tax payments by top companies and persuade them not to defer such payment as self-assessment tax for the next financial year.
The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of one year where the assessing officer in repudiation of the block return filed by the assessee proceeds for an inquiry.
With just three weeks to go for India’s national budget for next fiscal, the finance ministry has called for urgent steps to fill top-level vacancies in the direct tax administration as delays were affecting the realisation of targets. Central Board of Direct Taxes (CBDT) Chairman S.S.N. Moorthy has even written to the chairman of Union Public Service Commission requesting an urgent meeting of what is called the departmental promotion committee for filling up the vacancies.
The Central Board of Direct Taxes (CBDT) convened a meeting of all cadre-Controlling Chief Commissioners of Income Tax here today to discuss strategies for achieving the revenue collection target budgeted at Rs.3,70,000 crore (Rs.3.7 trillion) and internally reset at Rs.4,00,000 crore (Rs.4 trillion). The meeting was addressed by the Member (Revenue) and the Chairman, CBDT. The Revenue Secretary also attended the meeting.
The migration of the accounting standards for corporate India to the International Financial Reporting Standards (IFRS) platform has created a challenge for the revenue department at the Centre. The Direct Taxes Code written by the finance ministry and expected to become law in 2010-11 is in several instances incongruent with the new global accounting standards.
