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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...
Inter-company loans, known as deemed dividends, are used by companies to route dividend in the form of loans to companies which have common shareholders — both in the company giving the loan and the one borrowing it. It is done to avoid paying dividend tax, otherwise paid by the company before it is distributed among shareholders by the I-T rule.
The income from investment activity was offered as capital gains while the income from dealing activity was offered as business income. This position was accepted by the AO in the earlier years. In AY 2005-06, the AO took a different view and held that even the shares held on investment account had to be assessed as business income
The I-T department has asked tax payers not to give out personal details like PAN card number and information about their credit cards on the internet in the wake of mushrooming fake e-mails hitting users’ inboxes. Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal internet addresses of many people, the department is adding a word of ‘caution’ at the end of each mail sent by them.
Those trying to evade the taxman may find that showing a lower income has just got tougher. The Bombay high court on Thursday, in a significant ruling, held that the income-tax department can rely on any relatable document when it comes to a block assessment. A bench headed by Justice D Y Chandrachud essentially made it easier for the tax officials to add or join other monies into the `income’ bracket based on surveys or search and seizures
Nutritionist Dr Sarita Davare, recently caught in the tax net (the income tax department recovered Rs 7.5 crore from her), is the city’s best kept secret. We spent the best part of the day trying to get a picture of the lady, but failed. However, the recent IT raid on her brings the spotlight on big bucks that the fitness industry rides on.
A revised Agreement and Protocol between India and Finland for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA) was signed by Sh. S.S.N.Moorthy, Chairman, CBDT on behalf of Government of India and Ms Terhi Hakala, the Ambassador of Finland to India, on behalf of Government of Finland, here today.
The assessee is a State Govt. undertaking. Its appeal was dismissed by the Tribunal on the ground that the approval of the Committee on Disputes (“COD”) had not been obtained. In a writ petition filed by the assessee, the Additional Solicitor General appearing for the revenue stated that it was not the contention of the revenue that COD approval
Oracle India has approached Delhi High Court challenging the order of the government which had asked it to undertake a special audit of the tax returns filed by the IT firm. In its petition, Oracle India, a subsidiary of global IT firm Oracle Inc, requested the court to stay the direction passed by the Income Tax Department which had on December 29, 2009, ordered it to do a special audit of the tax returns filed by the firm for financial year 2006-07.
Individuals as well as corporates may have fewer occasions to meet the taxmen in future. The Central Board of Direct Taxes (CBDT) is thinking of putting in place a system in which taxpayers do not meet the assessing officer or any tax official for routine assessments. In the system being envisaged by the country’s tax regime, the tax payer would not know who his assessing officer is. Assessments will be centralised at one place where a set of officers will supervise the assessments. Each officer will be specialising in certain segment of the assessment process, such as giving credit, refunds, etc.
Recently in one of the cases of educational institutions, the Assessing Officer (AO) issued a show-cause letter calling for an explanation from the assessee, as to why it should not be treated as an association of persons (AOP), engaged in a profit making business. In support of the aforesaid allegation, the Assessing Officer excluded the expenditure on land, building, equipment, furniture, etc., from the income applied towards the objects of the trust and thereby worked out surplus,
