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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...
If Act authorizes a designated authority to collect tax for State, the same Act always permits the said authority to rectify any proceedings, which has resulted in double taxation. When the income of Rs. 4,28,750 has been assessed for the assessment year 2008-09, the assessment of the same amount for the impugned assessment year 2007-08 is a mistake apparent from the records. The assessing authority could have corrected it and if not, the Commissioner (Appeals) could have given a direction to rectify such a mistake apparent from the records. There is no great question of law involved in this.
Profits or gains arising from the transfer of a capital asset during the previous year are taxable as Capital Gains under section 45(1) of the Income Tax Act. The taxability of capital gains is in the year of transfer of the capital asset.
The Central Bureau of Investigation Mumbai has filed a chargesheet against an Additional Commissioner of Income Tax (an IRS Officer of 1992 Batch); her husband (a Chemical Engineer & a businessman of Mumbai) and an Asst. Commissioner of Income Tax in a bribery case of Rs.Two crores.
Under the Income Tax Act what is taxed under the head ‘Income from House Property’ is the inherent capacity of the property to earn income called the Annual Value of the property. The above is taxed in the hands of the owner of the property.
Doshion Ltd. Vs. ITo (Ahmedabad HC)- Having thus heard learned counsel for the parties and having perused the documents on record, it clearly emerges that the assessment previously framed after scrutiny is sought to be reopened beyond the period of 4 years from the end of relevant assessment year. In the reasons recorded, the Assessing Officer has not suggested that such income escaped assessment for the failure on the part of the assessee to disclose truly and fully all material facts. In fact the sole ground on which such scrutiny assessment is sought to be reopened beyond 4 years is that by virtue of Explanation to Section 80IA added with retrospective effect from 1.4.2000, income derived from the works contract would not qualify for deduction under Section 80IA of the Act.
High-value term deposits in banks may not be subjected to tax deducted at source (TDS) if the finance ministry agrees to proposals made by banks on Thursday. In a pre-budget meeting with Finance Minister Pranab Mukherjee, bankers proposed that the limit on interest from deposits beyond which TDS is required to be deducted be increased from Rs 10,000 to Rs 50,000 considering the surge in volume of transactions and inflation over the last few years.
Taurian Iron & Steel Co. Pvt. Ltd. Vs. Ad. CIT (ITAT Mumbai)- In the case of Haji Aziz And Abdul Shakoor Brothers (supra) it was held that fine paid to the Custom Authorities was in fact penalty u/s 167 (8C) of the Customs Act. It was held by the Hon’ble Apex Court that such penalties which are incurred by an assessee in proceedings launched against him for an infraction of the law cannot be called commercial losses incurred by an assessee in carrying on his business. In the case of Rohit Pulp & Paper Industries (supra) the Deputy Collector of Customs had ordered confiscation of goods under section 111(d) of the Customs Act read with section 3 of the Imports and Exports (Control) Order.
Government went into a huddle following a far-reaching Supreme Court judgement in the Vodafone case having revenue implications of about Rs 11,000 crore.Immediately after pronouncement of the SC ruling, Finance Minister Pranab Mukherjee and Law Minister Salman Khurshid held consultations on the issue. Cabinet Secretary Ajit Kumar Seth too called on the Finance Minister.
Kanchenjunga Advertising P. Ltd. Vs. CIT (Delhi HC)- It is a well settled position that assessment proceedings and penalty proceedings are different in nature and that the findings given in the assessment proceedings, though may constitute good evidence, cannot constitute conclusive evidence for the purposes of levying penalty. (please see CIT Vs. Anwar Ali (1970) 76 ITR 696, CIT v. Khoday Eswarsa and Sons ( 1970) 83 ITR 369, and Anantharam Veerasinghaiam & Co. Vs. CIT (1980)123 ITR 457).
I am trying to file Income Tax return (ITR 6) of a company. Do I have to use a Digital Signature? Is this mandatory only for domestic companies- are there any exceptions? What type of Digital signature should I use? Should the Digital Signature (DSC) be in the name of the Company or the Director? Do I have to register the DSC prior to uploading the ITR of the Company?
