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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 Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already avail...
Income Tax : Bombay HC admitted the Revenue's appeal on AMP expenditure and payments to doctors, holding both require judicial examination. It ...
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 : 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...
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
Income tax Department has recently issued Income tax notification 14 dated 28.03.2012 by which it has specified that Individuals who is a resident and has (i) assets (including financial interest in any entity) located outside India; or (ii) signing authority in any account located outside India can not file his Return in ITR-1 Sahaj and have use other forms i.e. ITR 2 , ITR 3 or ITR 4 as applicable.
Plain reading of above provisions makes it abundantly clear that for the purposes of section 10A, the eligible business (appellant’s branch office in this case) is to be considered as a separate entity and transfer of goods or services by eligible business to/from other business of the assessee are to be treated as if such transfer has been made to/from an unrelated third party. Therefore, supply of software by appellant’s branch office to appellant’s head office is to be considered as export to an unrelated third party and profits derived by appellant from such export are eligible for exemption u/s 10A of the Act.
It is not disputed before us that basement and ground floor were fully owned by the assessee and used for the purpose of business by the assessee. This was accepted by the department in the AY 1998-99 as per details available on record. Once, the assessee is the owner of the asset and put the assessee for the purpose of business during the relevant FY, then the depreciation has to be allowed as per the details.
ITR 1 & ITR (4S) Sugam not applicable to Individual and HUF having Foreign Assets or A/Cs and have to file there Income tax Return only only either with Digital Signature or by transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V. Income Tax Notification No. 14 Dated 28.03.2012 has made Significant Changes in Rule 12 of income Tax Rules related to Return of Income.
We have uploaded below ITR one in Excel Format. The form can be used by Individuals who are earning Salary Income to File Income Tax Return For Assessment year 2012-13 or Financial year 2011-2012. the Calculator is in Excel Format and also have a data input sheet in which you can fill all the income and deduction details and it will auto calculate tax and fill ITR with Income Tax Return Acknowledgement.
Central Government has vide Income tax notification 14 dated 28.03.2012 has Amended Rule 12 of income tax Rules has specified that an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees, shall furnish the return for the assessment year 2012-13 and subsequent assessment years in any of the following two modes
We have Given below the Rule 12 of income tax Rules after considering the Income-tax (3rd Amendment) Rules, 2012 made vide Income Tax Notification No.14/2012 [F.No.142/31/2011-TPL]/S.O. 626(E), DATED 28-3-2012 which are applicable from 01.04.2012 i.e. for Assessment year 2012-13. the Rules has been amended to provide that individual and HUF having Income Exceeding Rs. 10 lakh and having Foreign Assets or Interest have to file Income tax Return online.
Vehicle owners will have to pay more towards insurance for their vehicles as the enhanced motor insurance rates has come into effect from April 01. The Insurance Regulatory and Development Authority -IRDA has issued a notification to this effect. As per the new rates, private car owners would have to pay premium depending on the size of the vehicles.
