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Income Tax : Rule 46(8) mandates daily backups of electronic books on servers located in India, strengthening digital tax compliance and data i...
Income Tax : CBDT allows eligible salaried taxpayers with LTCG up to ₹1.25 lakh under section 112A to file ITR-1, simplifying return filing f...
Income Tax : Explore income-tax rates applicable over the last ten assessment years for individuals, companies, firms, LLPs, HUFs, and co-opera...
Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
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 : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...
Income Tax : NCLAT held that a single application covering multiple years and company officers is maintainable in the absence of any statutory ...
Income Tax : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...
Income Tax : ITAT Delhi held that applying the gross profit rate of a different assessment year was excessive. It reduced the addition to 1% GP...
Income Tax : Receipts earned by a German resident individual from rendering managerial, consultancy and business development services outside I...
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...
Where larger bench of SC overrules its earlier decision on which Tribunal relied on, Tribunal can rectify that – Clearly, a time limit of four years from the date of the order has been prescribed in respect of the exercise of the power of rectification of a mistake apparent from the record. There is absolutely no doubt that had an appeal or other proceeding been pending in respect of the order of the Tribunal in this case, when the decision in Gold Coin (supra) was rendered, that decision would have to be followed. But, as it happens, no appeal or other proceeding was pending. However, the period of four years stipulated in Section 254(2) had not elapsed. Thus, in our view, once we recognize the fact that the Supreme Court decision in Gold Coin (supra) operates retrospectively and therefore it has to be regarded as the law as it existed when the order was passed by Tribunal,
Hon’ble High Court in the case of CIT vs AFT Industries Ltd. 270 ITR 167 (Cal) held that amount paid as cess is eligible for deduction in computing the composite income under Rule 8 of I.T. Rules. This issue is, therefore, decided in favour of the assessee and against the Revenue by upholding the order of the C.I.T.(A) who has allowed the deduction of payment of cess on green leaves in computing the composite income from tea business of the assessee under rule 8 of the I.T. Rules. We may further mention that identical issue was the subject matter of appeal before the Tribunal in the case of M/s.Empire Plantations (India) Ltd. and the Tribunal vide order dated 28.2.2005 in I.T.A.No.1600 (Kol)/2004 for A.Y. 2000-01 has allowed the claim of the assessee.
Union Finance Minister Pranab Mukherjee on Sunday said all the money kept by Indians abroad is not black money and noted that India has signed treaties with 37 countries to know the details of such illegal wealth.
Rising litigation with the tax payers and amount locked-up in appeal before Commissioners of Income Tax (Appeals)/CIT (A), Income Tax Appellate Tribunals (ITATs), High Courts and the Supreme Court has been a matter of serious concern. I am informed that a total amount of Rs. 4,36,741 Crore was locked-up in 2,59,523 cases as on 31st December, 2011. Out of this Rs. 2,52,846 Crore is locked-up in 1,93,525 cases which are pending before CIT(A). The main reason for pendency of cases before CIT(A) appears to slower disposal rate vis-à-vis the pace of cases being filed. I am told that on an average it takes one and a half years to dispose off a case. The Department needs to ensure that after proposed cadre restructuring sufficient manpower is deployed to reduce the time taken for disposal of appeals and that it is not more than six months.
LLP Registry is Now Merged with MCA-21 and Decentralization of LLP Approval to Various ROCs – The Ministry of Corporate Affairs, has achieved a new milestone by integrating e-Governance project for Limited Liability Partnership (LLP) under the platform of MCA21. This initiative has been taken on the advice of Union Corporate Affairs Minster Dr. M.Veerappa Moily.
Notification No. 20/2012-Income Tax Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Nepal. WHEREAS the annexed Agreement between the Government of the Republic of India and the Government of Nepal for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereinafter referred to as the Agreement) was signed in Kathmandu, Nepal on the 27th day of November, 2011.
Reckoning point to compute the time limit will be drawing of last panchnama in respect of any authorization issued in a particular case. However, it has already been held that the last panchnama as relevant for Explanation 2 to section 158BE will be the panchnama which show the conclusion of the search. Panchnama dated 3rd January, 2003 in the present case has not recorded the conclusion of search, but, it was a mere formality to revoke prohibitory order passed on 21st December, 2002. Therefore, the limitation was to be reckoned from 21st December, 2002.
The Chennai Tribunal in the case of Quintegra Solutions Pvt. Ltd., had considered the applicability of Section 28(iv) of the Act in the case of amalgamation. In that case the CIT(A) held that differential amount between share issued and net assets taken over, being balancing figure, did not represent income assessable under Section 28(iv) of the Act. The view of CIT(A) had been upheld by the Tribunal.
Interest u/s. 234A, 234B and 234C cannot be charged in the absence of any mention of charging of interest in assessment order – The High Court observed that in the case of Anjum M. H Ghaswala the Supreme Court has held collection of interest under Section 234A, 234B and 234C of the Act was mandatory. The High Court relied on decision of Dehradun Club Ltd. (ITA No. 15 of 2006) wherein it was held that there is no quarrel with the proposition laid down by the Supreme Court in the case of Anjum M.H Ghaswala but at the same time if the assessment order contained the imposition of interest, only then, a notice of demand of interest could be issued under Section 156 of the Act.
The Karnataka HC has held that the reduction in the share of partners after the reconstitution of partnership firms does not amount to a taxable transfer. Further, it reaffirmed that, tax planning within the frame work of law is permitted.The principles laid down in this decision can also be applied to the limited liability partnerships, in similar circumstances.
