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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 Finance Bill, 2012 has proposed to amend provisions regarding AMT contained in Chapter XII-BA in the Income-tax Act to provide that a person other than a company, who has claimed deduction under any section (other than section 80P) included in Chapter VI-A under the heading C – Deductions in respect of certain incomes” or under section 10AA, shall be liable to pay AMT in the same manner as has been prescribed under the Act with respect to LLPs.
It is proposed that TCS provisions shall be made applicable on sale of minerals being coal or lignite or iron ore at the rate of 1%. In other words, seller of minerals being coal or lignite or iron ore shall be required to collect TCS @1% at the time of debiting the amount receivable from the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier
CA Avinash V. Rawani As we all know finance Minister has presented Union Budget 2012-13 on 16th march in parliament. The budget has made several amendments in direct tax provisions like imposition of TDS / TCS on certain Income and Expenses, Increase in tax Audit limit, Several measure to Curb Black money, Change in Income […]
Whether where substantial investment has been made and the new plant and machinery is installed in the newly constructed building it can be said that assessee has set-up a new industrial undertaking and it is not the expansion of earlier unit and hence the depreciation of such unit is not to be set-off with the income of that unit which enjoys deduction u/s 80I.
We have uploaded below the Income tax Calculator for the Assessment year 2013-14 or Financial year 2012-13 for Salaried person. the calculator is been prepared after considering the recent amendment by Union Budget 2012-13. Automated TDS / Income tax Calculator for Financial Year 2012-2013 or Assessment year 2013-14 Developed by- Pranab Banerjee ALSO READ S.NO. […]
The rates are for the previous Year 2012-13: 1. Income Tax Rates 1.1 For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals
General Anti-Avoidance Rules (GAAR) proposed to be introduced in the Income -tax Act, 1961 to check aggressive tax planning. Earlier, the Direct Taxes Co de Bill, 2010 had proposed to introduce GAAR. • Transfer pricing provisions proposed to be introduced in respect of specified domestic transactions exceeding the prescribed threshold. • Clarifications in sections 9 and 195 in the context of judicial decisions to tax gains from off-shore transactions where the underlying assets are located in India.
In the case of DDIT, Mumbai V/S M/s. Star Cruises (India) Travel Services P. Ltd. vs. 2009-TIOL-351-ITAT-Mumbai Tribunal has again considered identical situation in which the tax was paid in consequence of the order passed by the A.O. u/s.195(2) in the said case, and also after considering Circular No.769 dated 06.08.1998 and Circular No.790 dated 24.02.2000 issued by the CBDT held that assessee is entitled for interest under sec. 244A of the Act.
It is clear from the finding of the CIT (A) that while deciding the issue of setting off of brought forward loss, the crucial and vital fact of date of filing the return and revised return has been overlooked. In view of these facts, the order of the CIT (A) is not sustainable. We, accordingly, are of the opinion that if the assessee has filed the return well within the time as prescribed u/s 139(1), then the claim of setting off of brought forward loss made in revised return filed within the time limit as prescribed u/s 139(5) cannot be disallowed. Consequently, we set aside this issue to the record of the Assessing Officer for limited purpose of verifying the date of filing of the return and revised return and then allow the claim of the assessee, if the return of income is filed within the period of limitation.
We have heard the rival submissions and perused the material available on record. We find that the tax effect in the present case is below Rs.3 lakh and we find that as per this Board instruction No.3 dated 9.2.2011, the limit of tax effect for filing the appeal before the Tribunal has been increased to Rs.3 lakhs and the same for filing appeal before Hon’ble High Court has been increased to Rs.10 lakhs. In the case of CIT v. Rajan Ramanee (supra), the Hon’ble Delhi High Court has applied this Board instruction dated 9.2.2011 and dismissed the appeal of the revenue because of low tax effect.
