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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...
(1) An individual or HUF must file the return of income electronically for the previous year 2011-12 / Assessment year 2012-13 and subsequent previous year if his/its total income exceeds Rs. 10 lakhs. (2) A resident Individual or a resident HUF must file the return of income electronically for the previous year 2011-12 / Assessment year 2012-13 and subsequent previous year, if he/it has: (a) assets (including financial interest in any entity) located outside India; or (b) signing authority in any account located outside India.
The due date for submission of ITR-V is 120 days from the date of upload of e-return. This is to inform you that in this F.Y. 2011-12, we have received 16,433,683 e-filed returns having the growth of 81.58%.
Recently I have faced a very interesting situation. I have to file ITR of one of my client online. My client is a HUF and his turnover is more then Tax Audit limit so as per Recent Income tax circular, I was required to file his Income Tax Return online. While filling ITR I needed his date of birth or say incorporation date so I checked his PAN card to know the same as per Income Tax Record, when I checked the PAN card the date of birth mentioned on it was for my surprise written as ,ANCESTRAL,.
High Court held that as it was not a case of actual payment, i.e., expenditure but only a provision was made in the books of accounts in respect of the excise duty payable while disputing the liability to pay the duty. Therefore, it was a case of the trading liability and the question of cessation or remission of liability was relevant and material for deciding whether or not Section 41(1) of the Act is applicable.
Assessing Officer noticed from audit report Form No. 3CD that the assessee has incurred contractual payments towards fabrication and erection expenses and deducted TDS. But TDS was not deposited within the time limit prescribed u/s. 201 of the Act. The same was deposited on 15.02.2006. The Ld. Counsel for the assessee could not contribute anything which supports his case.
Compulsory / Mandatory E filing of Return with digital signature and without digital signature -We can divide Assessee for Online Return Filing in two categories – one who have to submit returns online but they have the option to submit the same with or without digital signature and Other Category of the Assessee who have to file Return online and only with Digital Signature.
CBDT has Vide Order No. 65 dated 3.4.12 passed in continuation to Order No. 8 of 1012 dated 12.1.2012 the to granted Proforma Promotion the several Additional Commissioner of Income Tax, who are on deputation to ex-cadre posts mentioned against each of them to the grade of Commissioner of Income Tax, CBDT in the Pay Band-4 Rs. 37,400-67,000/- Plus Grade Pay of Rs. 10,000/- w.e.f. 17.1.2012 i.e. the date on which their junior was promoted.
The Hon’ble Gujarat High Court in the case of N.N. Desai Charitable Trust (supra) while deliberating upon the scope of enquiry for the purpose of granting of recognition u/s.80G of the Act opined that it does not envisage the commissioner to act as an assessing authority because the actual assessment of institution would not ultimately effect the claim for deduction u/s. 80G qua the donors.
Vide Order dated 29.3.2012 passed in Pursuance of the consultations of the collegiums of the Income tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Income Tax Appellate Tribunal have been transferred, in public interest, in the same capacity to the Bench(es) of the Income tax Appellate Tribunal as shown against their names.with effect from the forenoon of 9th April 2012:-
ITR 1 Who cannot use this Return Form? This Return Form can not be used by an individual whose total income for the assessment year 2012-13 includes, (a) Income from more than one house property; or (b) Income from Winnings from lottery or income from Race horses; or
