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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...
JDIT Vs. Shin Satellite Public Co. Ltd. (ITAT Delhi)- The stand taken by the appellant in its return of income has been upheld by the ld. High Court. Since, the quantum additions in both the assessment years under appeal has already been deleted by the ld. ITAT, no penalty can be levied u/s 271(1)(c) for either concealment or furnishing inaccurate particulars of income. Therefore, the AO is directed to delete the penalty levied u/s 271(1)(c) for A.Ys. 2003- 04 & 2004- 05. We are of the view that in the peculiar facts and circumstances of the case where the entire addition has been deleted the order of the CIT(A) holding that the penalty order does not survive cannot be faulted with.
Instruction No. 01/2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considered by the Board. In order to clear backlog of returns, the following decisions have been taken: (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. One lac, the TDS claim may be accepted without verification.
What is quarterly e-TDS/TCS statement? Who is required to file e-TDS/TCS return? Are the forms used for e-TDS/TCS return same as for physical returns? What are the forms to be used for filing annual/quarterly TDS/TCS returns? Is it mandatory to mention Tax Deduction Account Number (TAN) in e-TDS/TCS return? Can I file Form No. 26Q separately for contractors, professionals, interest etc.?
ITO Vs. Berger Imp ex India (ITAT Delhi)- CIT (A) after considering all these submissions has observed that the assessee had started efforts and other activities for its trade though there is no purchase and sale during the initial period. The assessee had given employment to seven persons for marketing activities and has set up infrastructure for running the business at Chennai. The shop rent, electricity bill and telephone bills have been paid and on these facts it cannot be denied that the assessee had commenced the business. In the trade activity there is no preoperative period as the same is required in manufacturing activity and, thus, he has held that the assessee is entitled to have the benefit of carry forward of business loss and depreciation and directed the Assessing Officer to allow the loss claimed by the assessee.
Worried over the impact of global financial turmoil on the economy, India Inc today asked the finance ministry to retain tax rates at existing levels, but increase exemption limits to promote growth. In their customary pre-Budget meeting with finance minister Pranab Mukherjee, industry leaders also demanded that healthcare services should be kept outside the ambit of service tax and minimum alternate tax (MAT) be rationalised.
We are uploading herewith Income tax calculators from A.Y. 2001-2002 to A.Y. 2012-13 prepared by Mr. Nithyanand a Software Professional working in Bangalore.
Deduction by ship-owners – Ship-owners are liable to deduct tax at source under section 192(1). For the purposes of determining the rate of tax applicable, the total salary of the seaman for the year may be estimated as the amount of wages due for a period of ten months on the basis of the monthly wages fixed as per articles of agreement. In cases, where the agreement itself covers a period of more than ten months, the estimated income of such actual period would have to be taken into account for the purpose of tax deduction. If an agreement starts towards the latter part of the year and any seaman satisfies his employer that his income for the year as a whole would not be above the taxable limit, no tax need be deducted for that financial year.
CIT Vs. Nova Nordisk Pharma India Ltd. (HC of Karnataka)- We find that this is not simply a situation of a product manufactured to the specifications of the assessee, being sold to the assessee at the price fixed by the supplier but this is a situation where a product manufactured out of raw materials supplied by a foreign company who had direct interest in the assessee company so manufactured to the specification of the assessee company utilising the technical know-how supplied by it and also labelling the product with the brand name of the assessee and supplying the entire product only to the assessee company
ACIT Vs. M/s Sikka Papers Mills Ltd. (ITAT Delhi)- In this case the identity of the share holders has not been established in order to ascertain the genuineness of the transactions, Assessing Officer issued commission u/s. 131(d) to the departmental officers in Lucknow and Agra as well as and asked for information 133(6) of the Act directly from the share applicants. The letters issued by registered post to the aforesaid share applicant companies u/s. 133(6) remained unserved while the departmental officers found that no such companies existed at the given address.
CIT Vs. Software Consultants (Delhi High Court)- For exercise of power under Section 263 of the Act, it is mandatory that the order passed by the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. In the present case, the Assessing Officer did not make any addition for the reasons recorded at the time of issue of notice under Section 148 of the Act.
