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Income Tax : Section 50AA overrides the normal holding period rules and deems gains from specified assets as short-term capital gains, even if ...
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 : 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 : Receipts earned by a German resident individual from rendering managerial, consultancy and business development services outside I...
Income Tax : The Tribunal ruled that proceedings initiated under the old Section 153C framework after the Finance Act, 2021 amendments were leg...
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 : 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...
Section 151(2) mandates that the satisfaction has to be of the Joint Commissioner. That expression has a distinct meaning by virtue of the definition in Section 2(28C). The Commissioner of Income Tax is not a Joint Commissioner within the meaning of Section 2(28C).
The assessee has not produced any evidence to indicate the apportionment of the OTS amount of Rs.91 lacs towards principal and interest. It is obvious that a part of above amount was towards interest for the OTS amount was admittedly more than Rs.72 lacs (principal amount).
Notification No. 39/2012-Income Tax Government has now vide notification No. NOTIFICATION NO. 39/2012 [, DATED 17-9-2012 released the following forms which are applicable from 1st day of April, 2013 :- FORM No. 10FA – Application for Certificate of residence for the purposes of an agreement under section 90 and 90A of the Income Tax Act, 1961 FORM No. 10FB – Certificate of residence for the purposes of section 90 and 90A
Notification No. 38/2012-Income Tax S.O. 2 187(E):- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709 (E), dated the 20th August, 1998
1. The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion (DIPP) for permitting FDI in multi-brand retail trading, subject to specified conditions. The proposal had earlier been approved by the Cabinet in its meeting on 24-11-2011. However, implementation of the proposal had been deferred, for evolving a broader consensus on the subject.
The question is as to whether interest under section 234B and 234C of the Act can be charged for default in payment of advance tax and for deferment of advance tax, respectively, where the payment of tax became due only because of the amendment by way of insertion of Explanation 1(h) to s. 115JB (2) of the Act, the amendment having been made operative retrospectively. It was due to the filing of the revised statement of assessable income,
Engagement for professional service or services simplicter which do not involve contract for carrying out any work itself, or a contract for labour for carrying out such services, is not within the purview of section 194C as it exists.
Assessee entered into a collaboration agreement with ‘D’ for purchase of land on its behalf and development thereof by ‘D’. ‘D’ purchased land from farmers on behalf of the assessee through its agent ‘J’. In lieu of the consideration paid by ‘D’ for purchase of land, its account was credited by way of journal entries. ‘J’ had made payments in cash to the farmers in order to effect purchases.
The impugned circular issued by the Board came up for consideration before the Bombay High Court and it has struck down the circular holding that powers under section 119 would not empower the Board to issue clarification which would take away the exemption which has been granted by the statute. There was no reason to take a different view particularly when the decision of the Bombay High Court was challenged before the Apex Court and the SLP came to be dismissed
ombay High Court in the case of CIT vs. Reliance Utility and Power Ltd. 178 Taxman 135 Bombay held that in such situations the presumption would be that interest free funds were used for the purpose of giving interest free advances.
