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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 writ, direction or order may be issued by the High Court under Article 226 to a person or authority amenable to the Court’s jurisdiction either by residence or location within the State, even if the petitioner and other parties are from other States. This power can be exercised, under Article 226(2) of the Constitution, though the person or authority is outside the territories in relation to which the High Court has jurisdiction, provided the cause of action arises, wholly or in part, within such territories.
Small-and medium-sized companies (SMCs) may soon have a `SARAL’ format for disclosing their financial statements. For ensuring better compliance by all categories of companies with disclosure norms prescribed under the company law, the Ministry for Corporate Affairs (MCA) had asked the Institute of Chartered Accountants of India (ICAI) to suggest a simpler format of financial statements especially for SMCs.
The Securities Transaction Tax (STT) was introduced into the income-tax code by the Finance (No. 2) Act, 2004, taking effect from April 1, 2005. It was expected to give a major boost to both the income-tax department in terms of revenue and the equity market. When STT was paid on share transactions, no liability for long-term capital gains tax arose. Short-term capital gains were taxed at 10 per cent if STT was paid. This was the position till March 31, 2008.
9. We have carefully considered the rival submissions and perused the record. Marginal heading of section 54 of the Act, which is relevant in this context, refers to “profit on sale of property used for residence”. Main section speaks of transfer of a capital asset- being building or lands appurtenant thereto and being a residential house – the income of which is chargeable under the head income from house property
DGBA.GAD.No. 10577 / 42.01.038 /2007-08 – We further advise that It has been decided inconsultation with the Controller General of Accounts, Ministry of Finance, Government of India that the cut-off time of 8.00 p.m. fixed for e-payment transactions would be applicable for all Government transactions including EASIEST and OLTAS. The other instructions contained in para 1 of our circular would remain unchanged.
INCOME TAX NOTIFICATION NO-45/2008, DT: March 24, 2008 Method for determining amount of expenditure in relation to income not includible in total income. 8D(1) Where the Assessing Officer, having regard to the accounts of the assessee of a previous year, is not satisfied with-(a) the correctness of the claim of expenditure made by the assessee; or (b) the claim made by the assessee that no expenditure has been incurred, in relation to income which does not form part of the total income under the Act for such previous year, he shall determine the amount of expenditure in relation to such income in accordance with the provisions of sub-rule (2).
NOTIFICATION NO. S.O. 752(E), DATED 28-3-2008 In the Income-tax Rules, 1962, (a) in rule 12, – (i) in sub-rule (1), for the words, figures and letters on the 1st day of April, 2007 or any subsequent assessment year, the words, figures and letters on the 1st day of April, 2008 shall be substituted; (ii) in sub-rule (5), for the words, figures and letters on the 1st day of April, 2006, the words, figures and letters on the 1st day of April, 2007 shall be substituted; (b) in Appendix-II, for Form ITR-1, Form ITR-2, Form ITR-3, Form ITR-4, Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-8, the following forms shall be substituted, namely:- The return of income has to be filed by using the applicable form without any annexure (except for Form ITR-7) so as to facilitate electronic filing.
Merely because income is attached to any immovable property cannot be the sole factor for assessment of such income as income from property. What has to be seen is what was the primary object of the assessee while exploiting the property.
Deduction on account of loss of Rs.60 lacs as result of dacoity which took place on 7th January 1999. It was explained that the aforesaid amount in cash formed part of the business receipts and that while it was being taken to the bank for being deposited was lost due to dacoity.
Notification No. S.O. 50-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: – 1. (1) These rules may be called the Income-tax (Sixth Amendment) Rules, 2008.
