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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...
Chapter XIV- B provides that where a search u/s 132 is conducted, the AO shall determine the undisclosed income for the block period. S. 158 BC(b) provides that in making the block assessment the provisions of s. 143 (2) shall “so far as may be, apply”. The Supreme Court had to consider whether a block assessment order passed without service of notice on the assessee u/s 143(2) within the prescribed period of time was valid. HELD, deciding in favour of the assessee:
The Department of Legal Affairs, Ministry of Law & Justice has invited applications for the posts of Judicial Members and Accountant Members in the Income Tax Appellate Tribunal. There are 22 vacancies for the post of Judicial Member while there are 13 vacancies for the post of Accountant Member.
Most finance ministers in the past gave direct tax reforms a miss, preferring discretion to valour, until P. Chidambaram took the bull by its horns and drafted a new code to replace the Income Tax Act of 1961. The new code is expected to simplify the tax procedures and adopt international best practices. But it could be tough on investors because their overall tax burden is likely to increase.
The long-standing demand of banks that they be allowed to issue tax-free bonds to fund long-term infrastructure projects may not be accepted by the government and included in the Budget. The government has not found any reason to accept the demand, especially at a time when the state of its finances has gone awry.
Sixteen new sporting disciplines have been brought under the ambit of Section 80G of the Income Tax Act– which defines charitable and benevolent purposes and allows tax benefits to donors if donations are made to institutions or funds under its ambit. The Central Board of Direct Taxes (CBDT) has “added” baseball, fencing, handball, ice hockey, karate, kayaking and canoing, netball, sepak takraw, snooker, soft tennis, taekwondo, triathlon, skiing and ice skating (winter games) and wushu, to the list through an amendment notification earlier this month.
The Bombay High Court has recently admitted a writ petition that challenges an Income-Tax rule allowing the taxation of expenditure incurred on earning tax-free income like dividends and long-term capital gains. The writ petition was filed by Technocraft Industries India, a Mumbai-based exporter, along with Indian Exporters’ Grievance Forum, a body under the Federation of Indian Export Organisations (FIEO). The final hearing of the matter is slated for February 15.
Authority for advance ruling recently held that payments received by the Applicant from its Indian reseller for supply of software products to end users should not be classified as royalty. The AAR further held that the relationship between the Applicant and the reseller does not create a permanent establishment (PE)
The forthcoming budget may have provisions binding on the third party administrators (TPAs), the entities that network between insurers and hospitals to facilitate cashless treatment for policyholders, to deduct tax at source (TDS) before making payments to hospitals.
Notification No. 08/2010-Income Tax In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following particulars of zero coupon bonds for the purposes of the said clause, namely:—
Notification No. 7/2010-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorizes Indian Railway Finance Corporation (IRFC) to issue, during Financial Year 2009-10, tax free secured, redeemable, non-convertible Railway Bonds of Rs. 1,000 each in case of public issue and Rs. 1,00,000 each in other cases, aggregating to an amount of five thousand crore rupees only, carrying an interest rate in the range of 6.50% to 7.25% per annum, depending upon the size and tenor of a tranche:
