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Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : The Supreme Court has remitted reassessment cases for fresh consideration after the retrospective insertion of Section 147A, leavi...
Income Tax : Learn the most frequent errors taxpayers make while filing Income Tax Returns for AY 2026-27 and how avoiding them can prevent not...
Income Tax : The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning ...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : The High Court held that failure to pass the order giving effect within the time prescribed under Section 153 resulted in abatemen...
Income Tax : The Madras High Court held that unexplained trade credits falling under Section 68 cannot qualify for deduction under Section 80-I...
Income Tax : The Tribunal restricted the Section 14A disallowance to exempt income and deleted additions relating to bad debts, tea and coffee ...
Income Tax : The ITAT held that the CPC could not make adjustments under Section 143(1) without first issuing the mandatory intimation to the a...
Income Tax : The ITAT Mumbai held that Fees for Technical Services were taxable at 10% under section 115A(1)(b) since the RBI's automatic appro...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
A perusal of the provisions of section 80IA(4) of the Act shows that in the explanation ‘infrastructure facility’ has been specified to mean a road including a toll road, a bridge or a rail system. Admittedly, the assessee is doing the business of development of railway tracks and bridges thereof as also roads.
Notification No. 43/2013 – Income Tax SO 924(E) – Whereas an Agreement (hereinafter referred to as the said Agreement) between the Government of the Republic of India and the Government of the Principality of Monaco for the exchange of information relating to tax matters was signed at Monaco on the 31st day of July, 2012 ; And whereas, the date of entry into force of the said Agreement is the 27th day of March, 2013, being the date of later of the notifications of completion of the
The Directorate of Income Tax (PR , PP & OL) has produced a twelve episode quiz show on NDTV 24 x 7 called “Tax Your Brain” with a view to communicate with the school children and youth of the country on the “need for taxation in civil society”. The quiz show will feature 32 teams […]
BBC World News Channel will telecast a story on Income Tax Collections in India at 11 am and 10 pm on Sunday, 9th of June, 2013, and at 6 am on Monday, 10th of June, 2013, as part of India Business Report Show. The story will also be telecast on Monday, 10th of June, 2013, […]
Notification No. 42/2013 – Income Tax Provided that where an assessee is required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, he shall furnish the same electronically
In the return of income, the assessee had claimed deduction under section 54F of the Act. During the course of assessment, the assessee disclosed that apart from property purchased at Kodaikanal for Rs. 1,14,88,000/-
There have been multiple views about the taxability of software payments. The Finance Act, 2012 has brought a consensus to it by amending section 9(1) (vi) of Income-tax Act, 1961 by inserting Explanation 4 with retrospective effect from 01.06.1976.
The Finance Act’ 2012 has introduced Section – 92 CD relating to the Advance Pricing Agreement (APA) which came into force w.e.f. 1st July’ 2012. An Advance Pricing Agreement is an agreement between the taxpayer and the tax authority on the pricing of future related party transactions. The Taxpayer and the tax authority agrees on […]
CBDT has notified Income-tax (3rd Amendment) Rules, 2013 vide NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013.Under these rules ,various rules regarding Income tax return for assessment year has been amended. It is mandatory to file audit reports u/s 44AB, 92E, 115JB through online facility .once the information is filled with such forms. It would not […]
Notification No. 41/2013 – Income Tax The CBDT has notified vide Notification No. 41 dated 10 June 2013, new Form 3CEB which includes reporting on specified domestic transactions. The said notification also amends Rule 10A, 10AB, 10B, 10C, 10D and 10E. Following are the additional international transactions required to be reported in new Form 3CEB: International transaction(s) in the nature of guarantee
