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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...
India Inc has informed the ministry of finance that the government can unlock a whopping Rs 50,000 crore in revenue if it fast-tracks cases related to direct and indirect taxes that are pending in various tribunals and courts. The Confederation of Indian Industry ( CII) senior director Marut Sengupta said this constitutes about one- fourth of the Rs 2,00,000 crore that has been held up for a long time in various disputes related to corporate and income tax, excise tax and services tax.
The Parliament has passed the the Competition (Amendment) Bill, 2009 which is to replace the Competition (Amendment) Ordinance, 2009 and to further amend section 66 of the Competition Act, 2002. Rajya Sabha passed it today, while the Lok Sabha had already considered and passed it on 14th December, 2009.
The agitation by the revenue is that the assessee company was not entitled to deduction under section 10A as the CIT (A) failed to appreciate the fact that the assessee had commenced manufacture, production of software prior to its registration as STPI and the STPI authorities had granted approval
As per the Development Control Regulations of the Municipal Corporation of Greater Bombay, 1991 (‘DCR’), in the case of redevelopment of existing buildings, an additional FSI is granted tothe land owner. The additional FSI can be utilised in the following manner:
The Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Infrasoft Limited v. ADIT [2009-TIOL-21-ITAT-DEL] has held that the amount received by the taxpayer company for transfer of the right to use the licenced software was not for the use of copyright in the software but only the software as such (which was a copyrighted article) and, therefore, could not be taxed as royalty but as business income under Article 7 of the India-UK Tax Treaty (the tax treaty).
With the tax authorities out to prove that the existence of a large number of transactions in shares is to be treated as business income, while the focus of assessees generally has been on trying to refute the tax authorities arguments through stressing the various factual aspects related to the transactions, very often one tends to miss out on exploring the possible alternative contentions, which could mitigate the impact or at times even dissuade the Assessing Officer from treating such transactions as business transactions. What are these contentions?
Whether for the purpose of disallowance under Section 14A of the Act:-(a) Rule 8D is to be considered as retrospective; Whether before application of Rule 8D the Assessing Officer should give a holding that he is not satisfied for the basis or quantum of expenses disallowed by the Assessee; b) Whether disallowance is to be made if Investment is held as stock-in-trade?
Whether in determination of book profit u/s 115JB of I. T. Act, adjustment is to be made for:-(a) Depreciation not debited to P & L Account but a note is given in respect thereof; (b) Capital gain not credited to P & L account and taken to reserve; (c) Prior period expenses and extra ordinary items; (d) Difference in the amount of depreciation on account of change in the method of providing depreciation i.e. straight line to WDV or vice-versa?
The Central Bureau of Investigation has registered a case against the then Commissioner Income Tax (Appeal), XIV, Mumbai U/s 13(2) r/w 13(1)(d) of PC Act. on the allegation that he had obtained pecuniary advantage to the tune of Rs. 50 lakhs (approx) during the period 2001 to 2008 in the form of huge donations for his Mumbai based charitable trust from Income Tax assesses/ parties coming under his jurisdiction and as a quid pro quo passed orders in the favour of the assesses.
More than 6,300 frozen demat accounts are now finding some claimants, giving new leads to the Income Tax department’s probe in the matter pertaining to Rs 6,700 crore of unclaimed stocks. A number of accounts were lying idle since 2007 and no transactions were being carried out in them for almost two years. A number of such accounts have now been claimed which the department is scrutinising, official sources said.
