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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...
The case of the assessee is that the assessee could not comply with the provisions of section 54 within the time prescribed for reasons beyond her control, inasmuch as the money, which was blocked by her by paying advances to procure the property, was not realized within the time and, therefore, she could not make any alternative investment within the prescribed time. It is the case of the assessee that the acquisition of the property has been completed in 2001-02 and, therefore, deduction under section 54 may be granted, condoning the period of delay caused in complying with the time-limit prescribed under section 54.
It was held that consideration paid by the Indian customers or end users to the assessee – a foreign supplier, for transfer of the right to use the software/computer programme in respect of the copyrights falls within the mischief of ‘royalty’ as defined under sub-clause [v] to Explanation 2 to Clause [vi] of section 9[1] of the Income-tax Act, 1961.
The APA provisions are proposed to be implemented in the Indian Income-tax Act, 1961 through the Budget recently presented before the Indian Parliament. An APA mechanism can be – Unilateral, Bilateral and Multilateral. A Unilateral APA is the one which is entered into between the tax assessee and government of a country with respect to taxability of particular cross-border transfer pricing transaction(s) in that country.
Finance Minister Pranab Mukherjee said, We are not going to reopen cases from 1962. Please remember this is the legal requirement — when we interpret something and if legislation says this is my intention, it goes back to the date it was originally enacted. But, there is also another provision in the Income Tax Act that says we cannot reopen cases beyond six years. We are not going to reopen cases from 1962.
The assessee cannot be heard to say that the Tribunal was obliged to inform the petitioner about the dismissal of the order. Assuming that the Tribunal is required to send a copy of the order to the assessee/appellant, the assessee is also obliged to be vigilant about the proceedings initiated by him.
Deduction in respect of payment of Life Insurance Premium [section 80C] Deduction for life insurance premium as regards insurance policies issued on or after 1 April 2012 shall be available only if premium payable does not exceed 10% of actual capital sum assured. (reduced from 20 %)
On the changes suggested by the panel in the DTC, Mukherjee said two recommendations, General Anti Avoidance Rule (GAAR) and Advance Pricing Agreement (APA), have already been proposed in the Budget 2012.
In his Budget three years ago, the Finance Minister announced the introduction of the New Direct Taxes Code (‘DTC’) and a draft of the same was also circulated for comments and discussion. Thereafter, based on the inputs from various lobbies; the revised draft was constructed and the DTC Bill was introduced in the Parliament in August 2010.
Section 193 of the Act- Tax deduction at source from payment of interest on debentures, Section 194E of the Act – Tax deduction at source from payment to non-resident entertainer, sports person etc., Section 194J of the Act – Tax deduction at source from payment to director, Section 194J of the Act – Tax deduction at source from payment to director, Section 194LAA- Tax deduction at source from payment for immovable property in certain cases, Section 194LC- Tax deduction at source from payment of interest to a non-resident by an Indian company- New provision, Applicability of Section 195 of the Act on non- resident -Amendment in Section 197A of the Act – Reduction of the eligible age for senior citizens for certain tax reliefs, Section 201- Assessee in Default- Amendment – S. 201 Deemed date of payment of tax by resident payee is date of furnishing of return of income, Section 154 of the Act – Rectification of mistake in intimation with respect to TDS statement – Intimation after processing of TDS statement
Income Tax Rates Chart cum Calculator covering AY 2013-14 (proposed rates in Budget 2012), AY 2012-13 and 2011-12. Contributed by- http://www.meraconsultant.com- Download File- Simple Income Tax Calculator for for AY 2013-14, AY 2012-13, AY 2011-12
