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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...
Nandi Steels Limited Vs The ACIT (ITAT Bangalore)- It is not in dispute that the land, building and bore well sold by the assessee were used by the assessee for its business purposes. It is also not disputed that these assets were fixed assets of the assessee. The only argument of the assessee has been that they have direct nexus with the business carried on by the assessee and therefore, are business assets and any gains from the sale of such assets would also have the character of business income.
The core issue that we are really required to adjudicate in this appeal is whether or not, on the facts and circumstances of this case, the assessee can be said to have a permanent establishment (PE)1 in India, and, if it is held that the assessee indeed has a permanent establishment in India how much profits can be taxed as being attributable to such a permanent establishment.
The course of events in the instant case shows that the assessee was really contemplating the construction of a residential house. This intention of the assessee is very clear from the fact that within days of the sale of her old property, the assessee had purchased the new site for constructing a residential house. The old property was sold on 8-6-2006. The new landed property was purchased immediately on 5-7-2006. The events of sale and purchase and their proximity clearly demonstrate that the assessee had purchased the property only for the purpose of constructing a residential house. The old property was sold for a consideration of Rs. 34,73,447, out of which the assessee was accountable for long-term capital gains of Rs. 32,77,450. The assessee has invested Rs. 33,88,160 for the purchase of the land, which is more than the quantum of long-term capital gains. This again demonstrates the fact that the assessee had arranged the transaction in such a bona fide manner so as to claim the exemption available under section 54F.
This paper aims at bringing out the intricacies of prosecution of offences contained in the Income Tax Act, 1961 and their compounding. This paper further minutia the various guidelines issued by the CBDT in this regard. The readers are cautioned to take proper care and consultation before acting on the material contained in this article.
TAX BENEFITS ON PROPOSED ISSUE OF TAX FREE BONDS BY INDIAN RAILWAY FINANCE CORPORATION LIMITED The income by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act. There will be no deduction of tax at source from the interest, which accrues to the bondholders on these bonds irrespective of the amount of the interest or the status of the investors. Wealth Tax is not levied on investment in Bonds under section 2(ea) of the Wealth-tax Act, 1957.
Briefly stated facts of the case are that the assessee company is engaged in the business of Trading in Electric Motors, Fans, Laboratory equipments and generation of Wind Power filed return declaring total income at Rs. 11,60,151/-. During the course of assessment proceedings, it was interalia observed by the AO that the assessee has claimed dividend income of Rs. 12,840/- being exempt u/s 10(34)
PTC India Financial Services Ltd. (PFS) has launched infrastructure bonds in the name as PFS Long Term Infrastructure Bond – Series 2, under section 80CCF of face value of Rs. 5000/- each to remain open till February 29, 2012 for subscription.
In Surat Electricity Co Ltd v. Asstt. CIT (2010) 35 DTR (Ahd) (Trib) 272 the assessee as per direction of the State Government supplied fodder to various cattle camps for maintaining smooth relations with the Government. In view of Explanation 5 to section 80 G it was held that the donation of grass fodder is not eligible for deduction. However, since it satisfied the test of commercial expediency it was held that it is allowable under section 37.
The Central Bureau of Investigation (CBI) all set to file chargesheet against a judge of an Income Tax tribunal for colluding to pass favourable orders for a Chartered Accountants firm’s clients. The CBI is said to have collected evidence that a member of the Income Tax Apellate Tribunal (ITAT) colluded with a Kolkata-based firm of chartered accountants SK Tulsiyan & Co.
The Indian economy is on a robust growth trajectory and the best way to be a part of Indias growth story is to invest in its lifeline – its infrastructure. L&T Infrastructure Finance Company Ltd. has played an important role in financing projects, funded through long term investment instruments for Infrastructure development and construction across the country. L&T Infra to bring to you, for the second year running, the Long term Infrastructure Bonds. These tax-saving bonds let you invest indirectly on a long term basis, in infrastructure projects across the country and aid in the growth of India
