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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...
The taxpayers have deposited the amount in the fixed deposit in State Bank of Travancore, Pettah Branch, Trivandrum. The amount was not deposited in the capital gain bond. The claim of the taxpayers before this Tribunal is that the money was intended to be deposited in the capital gain bond. However, the bank deposited the amount in the fixed deposit. We are unable to accept the claim of the taxpayers. The legislature has framed the scheme for the purpose of giving exemption from the capital gain tax by asking the taxpayer to deposit the amount in the capital gain bond scheme. Therefore, if the taxpayer wants to take benefit of the scheme the money has to be deposited in the capital gain bond. Deposit of money in the fixed deposit cannot be construed as deposit in the capital gain bond. If at all there was any negligence on the part of the bank then it is open to the taxpayer to claim damages against the bank for the negligence, if any, committed by the officials of the bank. However, under the Income-tax Act, since the money was not deposited in the capital gain bond, the taxpayers are not eligible for exemption at all. Therefore, the orders of lower authorities are confirmed.
Who all pertain to this category “Chartered Accountant” means a person who is a member of the Institute of Chartered Accountants of India (ICAI) constituted under the Chartered Accountants Act, 1949 (38 of 1949). CA is required to verify and authorize various statutory Income Tax Forms under the Income Tax Law. CA is a user […]
Income Tax Service Centres Established in Various Parts of the Country to Provide Facilities for the Income Tax Payers Aayakar Seva Kendras (ASKs) have been established in various parts of the country to provide facilities for the income tax payers. The details of the same are as under:
Government Adopts Five Pronged Strategy to bring back the black Money The Central Government has been vigorously pursuing the cases of black money stashed abroad and in bringing them back. For this purpose, a five pronged strategy has been adopted which is as follows:
Undisclosed Income of about Rs. 600 Crore Detected under DTAAs Since March 2009 and taxes of about Rs. 200 Crore Realized The Government receives information from various countries regarding assets including bank accounts held abroad by Indians under the respective Double Taxation Avoidance Agreements/Tax Information Exchange Agreements. Receipt of such information is an ongoing process.
Amounts whether employees’ contribution or the employer’s contribution are not being shown as payable as on the last date of the Assessment Year cannot be brought to tax if the same has been paid before the due date of filing of the return.
In view of Explanation 2 to section 9(1)(vi), the consideration for transfer of all or any rights in respect of any copyright, including copyright for films and videotapes, used in connection with television or tapes, would fall within the definition of ‘royalty’. What is excluded are consideration for sale, distribution and exhibition of cinematographic films.
We may notice the judgment of Apex Court in CIT v. United Trading & Construction Co., [2001] 247 ITR 819 that there is nothing in Section 24 of the Finance (no. 2) Act which prevents the Income Tax officer, if he is not satisfied with the explanation of the assessee about the genuineness of sources of amounts found credited in his books to add them to the assessee’s income amount in spite of these having already been made the subject matter of the declaration made by the depositors/creditors. This point, thus, also goes against the appellant.
As held in D. Ananda Basappa’s case (1 supra) by the Karnataka High Court, the expression a residential house in Section 54 (1) of the Act has to be understood in a sense that the building should be of residential nature and a should not be understood to indicate a singular number
The respondent-assessee, in the present case, had in its return of income tax, claimed deduction under Section 80IA at Rs. 12.01 crores and Section 80HHC of the IT Act at Rs. 5.75 crores and declared the total income of Rs. 82.47 lacs. The AO allowed the deduction under Section 80IA to the tune of Rs. 14.04 crores and deduction under Section 80HHC to the tune of Rs. 2.42 crores.
