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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...
A golden rule of interpretation is the contextual interpretation. A word has always to be interpreted only with the context with which, one is seized. Here we are concerned with the provisions of Sec.40(b) hence, the interpretation has to be done accordingly. Interpretation of the provisions otherwise or the way the Id. AO has done, if accepted, has the effect of rendering the very Explanation 3 totally nugatory or purposeless. Needless to say, that every word used by the legislature, is significant and cannot be lost sight of.
On consideration of the reports of local disturbances caused due to Swine Flu and riots in the Pune, Satara, Kolhapur and Sangli Districts of Maharashtra, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961,
September 30th is the Due Date for filing Income tax Returns for corporate assessees and those who come under compulsory audit. Virtually the Government of India is on a vacation, with Puja and other holidays. Yesterday was a holiday and tomorrow the banks are closed.
(i) Whether the revised TDS rates for payment to contractors and TDS on Hire / Rentals, are effective from 1.10.2009. (ii) Whether surcharge and education cess should not be deducted with immediate effect, from non-salary payments being made to residents (Individuals as well as domestic companies).
So far as the contention with regard to the disallowing the claim on the expenditure incurred on the purchase of two machineries is concerned, the counsel for the Revenue has urged that though with respect to the first machinery an advance payment was made within the Assessment year, with respect to the second machinery no payment at all was made.
1. What is the date when the Finance Bill became Finance Act 2009? 19-08-2009 2. In which cases surcharge on TDS rates is NOT applicable? On all payment to residents On all payment to non-corporate non-residents On all payments to foreign corporate if total payment is less than 1 Crore
One of the oldest and richest realtors of Mumbai, whose family once owned large parts of Powai and even donated land for setting up the IIT, is facing Income Tax (I-T ) trouble. I-T sleuths landed up at the residence and offices of Bhawani Shankar Sharma and his family members on Thursday morning and claimed […]
S. 43B (f) was inserted by the Finance Act, 2001 w.e.f. 1.4.2002 to provide that any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee shall be allowed as a deduction only in the year of actual payment. The said amendment was enacted to supersede the judgement
The Government today extended the date for filing of income tax returns by a month in three districts of Maharashtra.”The due date of filing income tax returns, due by September 30, 2009, of tax payer assessed to income tax in the districts of Pune, Sangli and Kolhapur, has been extended to October 31, 2009,”the Central […]
On consideration of the reports of local disturbances caused due to Swine Flue and riots of the Pune, Satara, Kolhapur and Sangli Districts of Maharashtra, the Central Board of Direct Taxes, in exercise of powers of conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of obtaining tax audit reports u/s 44AB of the I.T. Act as well as for filling of returns of
