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Latest Articles


Income Tax Rule 46(8): Mandatory Daily Backup of Electronic Books of Accounts

Income Tax : Rule 46(8) mandates daily backups of electronic books on servers located in India, strengthening digital tax compliance and data i...

June 29, 2026 42 Views 0 comment Print

What every Salaried person must know before 31st July!

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...

June 29, 2026 918 Views 0 comment Print

Comprehensive 10-Year Income Tax Rates Chart

Income Tax : Explore income-tax rates applicable over the last ten assessment years for individuals, companies, firms, LLPs, HUFs, and co-opera...

June 29, 2026 6630 Views 0 comment Print

Income Tax Provisions applicable to business entities

Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...

June 29, 2026 3093 Views 0 comment Print

Time limit for issuing different income-tax notices & completion of assessment

Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...

June 29, 2026 41184 Views 0 comment Print


Latest News


Advance Tax Collections Grow 15.30% due to Higher Corporate Tax Payments

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...

June 19, 2026 258 Views 0 comment Print

Income Tax Superintendent Caught by CBI in Bribery Case Linked to PAN Deletion

Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...

June 6, 2026 6241 Views 0 comment Print

ITAT Prioritizes Old Appeals as Rising Pendency Requires Urgent Disposal Measures

Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...

June 5, 2026 306 Views 0 comment Print

Request for Rationalisation and Merger of TDS Return Codes 1023 & 1024

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...

June 4, 2026 1950 Views 0 comment Print

Reduce CASS 2026 Scrutiny Cases Due to New Income Tax Act Transition Challenges: ITGOA

Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...

May 21, 2026 4014 Views 1 comment Print


Latest Judiciary


Agricultural Land Taxable as Capital Asset as It Fell Within Statutory Distance from Municipality

Income Tax : ITAT held that agricultural land within the prescribed municipal distance is a capital asset and restricted the on-money addition ...

June 29, 2026 51 Views 0 comment Print

NCLAT Allows Joint Compounding Applications as Companies Act Has No Express Bar

Income Tax : NCLAT held that a single application covering multiple years and company officers is maintainable in the absence of any statutory ...

June 29, 2026 51 Views 0 comment Print

ITAT Grants Section 87A Rebate on Special Rate STCG Tax as Total Income Qualified

Income Tax : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...

June 29, 2026 75 Views 0 comment Print

ITAT Restricts Bogus Purchase Addition as AO Applied Unrelated Gross Profit Rate

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...

June 29, 2026 66 Views 0 comment Print

No Tax in India on German Tax Resident’s Professional Service Receipts Under DTAA: ITAT Mumbai

Income Tax : Receipts earned by a German resident individual from rendering managerial, consultancy and business development services outside I...

June 29, 2026 150 Views 0 comment Print


Latest Notifications


CBDT Grants Five-Year Scientific Research Recognition to Public Health Foundation

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...

June 27, 2026 225 Views 0 comment Print

CBDT Approved University of Hyderabad for Scientific Research Tax Benefits

Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...

June 27, 2026 117 Views 0 comment Print

CBDT Issues Complete Income Tax Scrutiny Guidelines for FY 2026-27

Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...

June 7, 2026 50814 Views 1 comment Print

Income-Tax (Amendment) Commencement Ordinance, 2026

Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...

June 6, 2026 918 Views 0 comment Print

CBDT Notifies Infrastructure Sub-Sectors as Eligible Businesses Under Income Tax Act 2025

Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...

June 2, 2026 717 Views 0 comment Print


S. 254 prescribes time limit of 4 years from the date of order for rectification of a mistake apparent from record

June 12, 2012 2739 Views 0 comment Print

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,

Cess on green leaf eligible for deduction in computing composite income under Rule 8

June 12, 2012 2504 Views 0 comment Print

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.

Not all money abroad is black money – FM

June 12, 2012 834 Views 0 comment Print

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 tax payers is a matter of serious concern -FM

June 12, 2012 1255 Views 0 comment Print

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 Merges with MCA-21 & Decentralization of LLP Approval to Various ROCs

June 12, 2012 1363 Views 0 comment Print

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.

DTAA between India & Nepal

June 12, 2012 25056 Views 0 comment Print

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.

Section 158BE – A panchnama which does not record a search does not extend limitation

June 11, 2012 1629 Views 0 comment Print

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.

Negative goodwill arising on amalgamation credited to General reserve not taxable

June 10, 2012 2529 Views 0 comment Print

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.

No interest can be charged if not mentioned in assessment order

June 10, 2012 4626 Views 0 comment Print

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.

Reduction of share in the firm of existing partners, on admission of new partners, not taxable as capital gains

June 10, 2012 5433 Views 2 comments Print

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.

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