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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...
Document acceptable as proof of identity and address as per Rule 114 of Income Tax Rules, 1962, for individual and HUF applicants. Document acceptable as proof of identity and address as per Rule 114 of Income Tax Rules, 1962 for Company, Firm, Association of persons (Trust), Association of persons (other than Trusts) or Body of Individuals or Local authority or Artificial Judicial Person
It shall be the responsibility of the Assessing Officer and the TRO to collect every demand that has been raised, except the following : (a) Demand which has not fallen due;(b) Demand which has been stayed by a Court or ITAT or Settlement Commission;(c) Demand for which a proper proposal for write-off has been submitted;(d) Demand stayed in accordance with paras B & C below.
Merilyn Shipping & Transports v. Assistant Commissioner of Income-tax – ITAT VISAKHAPATNAM (SPECIAL BENCH) Whether Section 40(a)(ia) of the Income Tax Act can be invoked only to disallow expenditure of the nature referred to therein which is shown as payable as on the date of the balance sheet or it can be invoked also to disallow such expenditure which become payable at any time during the relevant previous year and was actually paid within the previous year. Held that section 40(a)(ia) cannot be invoked in respect of amounts actually paid within the previous year without deduction of TDS. Section 40(a)(ia) applies only to amounts outstanding as of 31st March of every year (Majority view). Section 40(a)(ia) would apply only to amounts outstanding as of 31st March of every year on which TDS not deducted and not to amounts paid during previous year without deduction of TDS for following reasons:
CBDT Circular No. 01/2012 All deductors (including government deductors who deposit TDS in the Central Government Account through book entry) shall issue TDS certificate in Form No. 16A generated through TIN central system and which is downloaded from the TIN website with a unique TDS certificate number in respect of all sums deducted on or after the 1st day of April, 2012 under any of the provisions of Chapter-XVII-B other than section 192. In other words, the issuance of duty verified TDS certificate in Form No. 16A, by the deductor of any category shall henceforth by only through TIN Central System. The deductor shall therefore, download such certificate from the TIN Central System, verify the correctness of the contents mentioned therein and authenticate the correctness of the contents before issue of the said certificate.
Filing of return & due date & PAN/ TAN – Since there is no threshold limit for taxability of income in case of a co-operative society, it implies that if a society has any taxable income, it has to file a return of income . Since accounts of all co-operative societies are subject to statutory audit provisions under respective governing laws, therefore due date for filing return of income under the Income-tax Act, 1961 is September 30.
The term ‘computer programme’ had not been defined under Section 10B of the Act, however, it had been defined under Section 10BB of the Act as ‘computer programme’ or ‘process’ or ‘management of electronic data’. After the amendment with effect from 1 April 2001, the definition of computer software had been given in the Explanation 2 to Section 10B of the Act which includes any customised electronic data or any product or services of similar nature as notified by the Central Board of Direct Taxes (CBDT) which is transmitted or exported from India to any place outside by any means. Therefore, the human resource service in the field of development of software programme as notified falls under the definition of computer programme as stipulated in the Explanation as well as the definition under Section 10BB of the Act.
ITAT held that the proportionate discount on deep discount debentures issued for construction of house property is in the nature of interest as defined under Section 2(28A) of the Income-tax Act, 1961 (the Act). Therefore, such interest would be allowable as deduction under the provisions of Section 24(b) of the Act while computing income from house property. The Tribunal relying on the Supreme Court’s decision in the case of Madras Industrial Finance Corpn Ltd v. CIT [1997] 225 ITR 802 (SC) observed that the difference between the issue price and maturity value has to be spread over the debenture holding period. Accordingly, proportionate deduction should be allowed in computing income from house property.
Tribunal held that use of the expression ’may be taxed’ in the second sentence of Article 7 on business profits would permit both the state, in which the permanent establishment (PE) is situated (Source State or PE State), as well as the Residence State of the enterprise, the right to tax the business profits attributable to the PE.
I am preparing this Note in order to clarify the position that none of the amendments relating to Direct Taxes, particularly those relating to TDS and TCS, will come into force with immediate effect. In other words, all the amendments relating to the Direct Taxes will become effective, only after the Finance Bill, 2012, is enacted as part of the Income-Tax Act, 1961.
Alternate Minimum Tax (AMT) on all persons other than companies – * Under the existing provisions, AMT is levied on LLP. Now AMT is also proposed to be levied on partnership firms, sole proprietorship, AOP
