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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...
In a move to plug loopholes that led to the alleged tax evasion by telecom giant Vodafone, the Income-Tax Department will make it mandatory for firms to submit information to it online before remitting payments to foreign companies, from July this year. “The information … shall be furnished electronically to the website designated by the […]
CIT Vs. M/s K.G. Denim Ltd. (Madras HC) – The Assessing Officer is not entitled to touch the profit and loss account prepared by the assessee as per the provisions contained in the Companies Act, while arriving at the book profit under Section 115J and the book profit so arrived at should be the basis for taxation and therefore, the computation under Section 80HHC should be limited to the case of profits of eligible category only. The Tribunal has also come to the conclusion that in view of the non obstante clause available in Section 115JA it was clear that the provisions is a self-contained one and no other provision would have effect on it and thereby it was to be implemented as contained in the said provision.
Assessee-company under the tripartite agreement, in particular, clause 4.1 was under no obligation whatsoever to contribute any money to its wholly owned subsidiary YRMPL. The facts as found also show that whatever was spent by the assessee-company by way of advertisements towards liability to advertisers such as O&M and HTA etc. was allowed. Furthermore, the facts also reveal that the total contributions received during the period by YRMPL was Rs 2.64 crores out of which it had admittedly spent Rs 2.19 crores and the balance Rs 44.44 lacs remained unspent. The point to be noted is that what the assessee-company in law could not have claimed directly, that is, by making a provision for advertising expenditure could it then be allowed to claim an amount as an expense merely on account of the fact that it had set up an intermediary in the form of a wholly owned subsidiary
In Dharmendra Textile Processors’ case (supra), Their Lordships have held that that penalty under section 271(1)(c) provides remedy for loss of revenue. A penalty under section 271 (1)(c) involves payment of an additional amount, which is a civil liability to provide for remedy for loss of revenue, while a sentence of imprisonment under section 276 C means loss of individual liberty which does not help revenue in anyway except as serving as a deterrent for the potential defaulters.
The Supreme Court on Monday asked the Income-Tax department to explain why actor Amitabh Bachchan was allowed to withdraw his security expense claim amounting to 30% of around Rs 6.90 crore, the actor’s income from popular TV game show ‘Kaun Banega Crorepati’ in 2001-02. The department said while Bachchan had in his original income tax […]
The Income-Tax department routinely imposes cost on assesses for late filing of returns or delayed tax payment. For a change, it was at the receiving end when the high court imposed a cost of Rs 25,000 for retaining books of accounts impounded from a city builder for almost five years. Justice D V Shylendra Kumar, […]
Notification No. 38/2009 – Income Tax It is hereby notified for general information that the organization Beach Candy Medical Research Centre, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1.4.2003 in the category of
It is an admitted fact that the donor had agricultural land in question in her possession and she had been showing agriculture income also from the land. She has been staying with her husband who is a well known architect. For her livelihood, she was not depending on the agriculture land gifted but only on her husband. As long she was not living alone and independent, capacity of her family cannot be ignored.
Justice prevails finally after a long legal battle for 10 years when of a former I-T officer, PR Toora aged about 75 year old got back his “lost reputation” when Additional District Judge Arun Kumar Arya directed two Income Tax commissioners, chairman of Central Board of Direct Taxes (CBDT) and the ministry of revenue liable […]
Large companies may, henceforth, not find it easy to escape the taxman’s net with regard to the interest paid or payable to the micro, small and medium enterprises (MSMEs) on overdue payments to them. Currently, interest paid or payable to MSMEs is not admissible as a deductible expenditure for income-tax purposes. This has been specified […]
