Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
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...
12. The provisions of sections 80IB/80IA are the code by themselves as they contains both substantive as well as procedural provisions. Therefore, we need to examine what these provisions prescribe to the issue of the manner of `computation of the profits and gains of the eligible business’. In this regard, the relevant sub-sections ie 80-IB(l), 80-IB(13) & 80-IA(5) of the said sections are important and they are reproduced here under for ready reference.
MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this link: http://www.incometaxindia.gov.in/CCIT/refundsearch.asp You can get the information from the menu `undelivered salary refund management system’, using your PAN number. If any refund has been returned undelivered due to a […]
In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax positions resulting […]
Sec.43B can only be invoked when the assessee claims deduction for any sum payable by way of tax or duty, under any law for the time being in force, and, as such, where no such deduction is claimed nor charged made to the profit and loss account, there is no question of disallowing the amount. Having regard to the facts, the Assessing Officer was not justified in making the addition under sec.43B.
6. We have verified the orders and heard:the rival contentions. There is no dispute that there was a qualification in the auditors report whereby the auditors had mentioned Rs.27,47,258/ – as the adjustment required u/s. 145A of the Act for the purpose of valuing the closing stock. Copy of the computation statement for the relevant Assessment Year filed by the assessee show that it had made a suo motu addition
I have heard the rival submissions in the light of material placed before me and the precedents relied upon. The assessee got share in the house property, as per the WILL of his father He became the joint owner of the property along with his brother. After becoming the joint owner of the said property the assessee sold shares for the purpose of construction of an additional floor in the house for him and the cost to the construction was claimed as exempted under sec 54F.
3. We have duly considered the rival contentions and gone through the records carefully. Learned Assessing Officer as well as learned CIT(Appeals) have given much emphasis on the point whether assessee has committed a default within the meaning of sec. 194-A by not deducting the TDS when interest was credited to the interest provision account, In their opinions, assessee was following mercantile system of accounting
9. Part A of the Explanation to section 271(1)(c) provides that if assessee fails to offer an explanation or offers and explanation which is found by the Assessing Officer or the Commissioner (Appeals) or the Commissioner to be false. This explanation can therefore, be applied only where the assessee has either not offered any Explanation or where he has offered any Explanation
15. Therefore, in our view, the issue involved in the present appeals is essentially a question of fact and once this question is answered, the application of appropriate legal principles should not present much difficulty. We find considerable strength in the submission of the assessee that facts in its case were distinguishable from those in the case of Shambhu Investments (supra)
NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called understatement of income and fund diversion by the company. The liability was raised after a special audit by the Income Tax department in the accounts of DLF for the year 2005-06. With the kind of […]
