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Income Tax : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...
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 : 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 : 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 : The Tribunal ruled that proceedings initiated under the old Section 153C framework after the Finance Act, 2021 amendments were leg...
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 charitable trust is not invalid merely because that settlor is one of the beneficiaries as long as he is not the sole beneficiary. If settlor is the sole beneficiary, then the trust would be invalid on account of non-divesting of party. Where dominant object of the trust was to help the poor Parsis and to donate to educational institutions, registration u/s 12A was not deniable merely because preference was to be given to poor relatives of the settlor so long as it did not make the poor relatives of the settlor the only beneficiaries.
The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend the Article 26 of the DTAC concerning Exchange of Information to bring it in line with the international standards.
India has entered into a tax treaty with Switzerland; Article 26 of the tax treaty which deals with exchange of information between the two countries was reworded by agreement between the two countries and simultaneously a new paragraph 10 was inserted in the Protocol to clarify the understanding of the operation of Article 26 (Notification No. 62/2011 dated 27 December 2011). India and Switzerland have now entered into a Mutual Agreement regarding the interpretation of paragraph 10(b) of the Protocol to the tax treaty to provide as under:-
The dispute is regarding addition of Rs.14,60,052/- made by AO on account of unsecured loans from Shri Balwantbhai Grewal. There is no dispute that the said amount had been shown as loan in books of account of the assessee. Assessee could not produce any evidence to prove the identity and creditworthiness of Shri Balwantbhai Grewal who lived in UK and genuineness of transaction. Subsequently before CIT(A), assessee submitted that the amount had been wrongly entered in books and the same related to transaction of Shri Balwantbhai Grewal with the sister concern M/s. Kaypan Vanijya Pvt. Ltd.
Assessee is an agent of Government of Maharashtra and also considering the fact that Hon’ble High Court granted stay to the assessee for the recovery of the demand when the appeal was pending before ld CIT(A), we hold that the assessee has a prima facie case for grant of stay for recovery of the dues pending disposal of appeal before the Tribunal. Hence, we grant stay for recovery of the demand for A.Y. 2006-07 for a period of 6 months or till disposal of the appeal whichever is earlier.
The Income Tax Department is working on a comprehensive strategy to deal with corruption within the organisation. The work relating to identification of potential areas of corruption related to the organisational activities and development of an action plan for its mitigation has commenced, the Central Board of Direct Taxes (CBDT) said.
In the present case, the land owned by the assessee comes within the purview of urban area and the assessee is carrying on agricultural activities on the same. There is nothing on record to show that construction of building on assessee’s land is prohibited.
In instant case, the Assessing Officer had proposed to tax the amount as capital gains, as against the assessee’s claim that the same is not taxable. Accordingly, having recorded the fact that the assessee otherwise qualified for such set off, the set off should not have been disallowed on the ground that the same was not claimed in the return of income. He maintained that the assessee was well within her right to make claims during the assessment proceedings and it does not amount to filing revised computation.
The term ‘agriculture’ has not been defined in the Act. One must necessarily fall back upon the sense in which it is understood in common parlance. ‘Agriculture’ in its root sense means ‘Agar’ a field and ‘culture’, cultivation of a field which of course implies expenditure on human skills and labour upon land. For growing coconut trees one has to perform basic essential operations which involve expenditure of human skill and labour upon the land.
Notification No. 19/2012-Income Tax Whereas the Convention between the Government of the Republic of India and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on income has come into force on the 29th day of December, 1989 after the exchange of Instruments of Ratification as required by paragraph 1 of Article 28 of the said Convention;
