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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 : 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 : 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 : 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...
In partial modification of Order No. 1/FT&TR/2012 and in exercise of powers conferred under section 144C of the income Tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRPS at Mumbai-1, Chennai and Bangalore, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
The CBDT has vide letter dated 23.03.2012 released a list of Income-tax Officers who are in the consideration zone for promotion to the grade of Assistant Commissioner of Income-tax.
In order to reduce tax litigation and bring tax certainty in the area of international taxation and transfer pricing, an ‘Advisory Group for International Taxation and Transfer Pricing’ has been set up comprising of following members: i. Revenue Secretary to the Government of India-Head of the Advisory Group ii. Chairman, Central Board of Direct Taxes, Department of Revenue-Member iii. Director General of Income-tax (International Taxation), New Delhi, Member
Order No.2/FT&TR/2012 [F. No. 500/15/2011 -FTD-I], dated 21-3-2012 In partial modification of Order No. 1/FT&TR/2012 and in exercise of powers conferred under section 144C of the Income Tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRPs at Mumbai-I, Chennai and Bangalore, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
It is undisputed fact that the appellant is an undertaking and is engaged in the manufacturing of article specified in Fourteenth schedule and in a specified category of states for which it is eligible for deduction u/s.80IC. Such an exemption has been allowed in the earlier years by the Assessing 0fficer himself i.e. for the Assessment Year 2005-06 and 2006-07. Sub-section 3 of section 80IC categorically provides that the deduction would be available for 100% of such profits and gains for 10 assessment years if the profits and gains have been derived from such business activities.
We find that it is clear from letter dated 19-12-2009 that assessee has explained the position regarding liabilities in respect of three parties and even confirmation of M/s Surekha Overseas was filed. This reply clearly shows that the liabilities were still outstanding. Therefore, in our opinion, ld. CIT(A) has rightly held that since the liabilities are still outstanding, the provisions of sec.41[1] are not attracted.
On Appeal ITAT held that that the letting out of terrace has to be assessed under the head Income From House Property as against Income From Other Sources assessed by the Assessing Officer and also allow deduction provided under section 24 of the Act.
In regard to jewellery found on person and in the bedroom of Smt. S.H. Khorakiwala, it was stated before the Assessing Officer that the same was received at the time of her marriage. The Assessing Officer accepted the confirmation of mother but the confirmation of NRI gifts from relatives was not accepted. He observed that whether they had purchased the jewellery abroad and gifted to Smt. Samina H. Khorakiwala in which case the customs clearance receipt should have been filed.
We have uploaded Calculator to calculate relief Under section 89(1) of the Income Tax Act, 1961 in respect of Arrears of salary received during the financial year 2011-12. The Calculator will calculate relief if any which Assessee can claim U/s. 89(1) in respect of salary received in Financial Year 2011-12 pertaining to years prior to that. Calculator will calculate the Relief for Arrears received pertaining to the period from from 01.04.2005 to 31.03.2010 The Calculator also automatically Fills Form 10E with its annexure and Table A Automatically.
Union Budget 2012-13 could not lift the sentiment of the capital markets in India as the markets do not seem to be influenced or moved by the budget proposals, which are otherwise also not directly in favour of capital market.
