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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...
Interest from Bond do not form part of Total Income – a) In exercise of power conferred by item (h) of sub clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 the Central Government vide notification no 52/2011.F.No.178/56/201 1- (ITA-1) dated 23rd September 2011 authorizes our Company to issue during the Financial year 2011-12, tax free, secured, redeemable, non-convertible bonds of rupee 1,000 each in case of public issue for the aggregate amount of Rs. .5,000 crores subject to the other following conditions that –
CIT v. Bharti Cellular Ltd. & Hutchison Essar Telecom Ltd. (SC) – On this issue, the Delhi High Court had held that the services rendered in relation to interconnection, port access did not involve any human interface and, therefore, the services could not be regarded as “technical services” as contemplated under section 194J. The expression “technical service” would have reference to only technical service rendered by a human. It would not include any service provided by machines or robots. The Delhi High Court, therefore, concluded that interconnect charges/port access charges could not be regarded as fees for technical services, and hence, TDS provisions under section 194J were not attracted.
Federal Bank Ltd. v. ACIT (2011) 332 ITR 319 (Kerala High Court) – On this issue, the High Court held that the rate of depreciation of 60% is available to computers and there is no ground to treat the communication equipment as computers. Hence, EPABX and mobile phones are not computers and therefore, are not entitled to higher depreciation at 60%.
ITO vs. Sh. Ashok Kumar Kesarwani (ITAT Delhi) – Impugned addition in this regard were made by the Assessing Officer as the assessee has failed to provide the necessary documentary evidence with regard to the transactions. We find that Ld. Commissioner of Income Tax (Appeals) has granted relief to the assessee without elaborately discussing the subject and without referring to the cogent material in this regard. In our considered opinion, interest of justice will be served, if the matter is remitted to the file of the Assessing Officer to consider the issue afresh. Assessee is directed to provide the necessary details to the Assessing Officer in this regard. Accordingly, the issue stands remitted to the file of the Assessing Officer .
CIT Vs. Galileo India Pvt Ltd (Delhi HC) – Rule 8D has been held to be prospective in nature and applicable from assessment year 2008-09 by this Court in Maxopp Investment Ltd. v. CIT, New Delhi in ITA No.687/2009 dated 18.11.2011. However, in the said decision it has been observed that direct and indirect expenses have to be disallowed under Section 14A, when an assessee earns exempt income.
CBDT Chairman M C Joshi leaves for Macau today to ink a double taxation avoidance agreement , a move to facilitate the exchange of tax-related and banking information between the two and prevent tax evasion. Macau is one of the most well-known offshore financial centres and tax havens worldwide.
State Bank of India: Interest Rates on 1st April, 2011- For the purpose of computing perquisite valuation Interest rates as on 1st April, 2011 on various loans in Personal Segment advances are as under –
This simple calculator automatically calculates Gratuity receivable by Employee of Central Government and Private Concerns. We only have to put the date of Joining , Date of leaving/Retirement, last Basic Pay Drawn Including Grade and Dearness allowance if any. The calculator will then automatically calculate total gratuity receivable by you. We would like to remind you that statutory Limit of maximum payable gratuity for all type of employees was increased to Rs. 10 lakh by Government vide notification dated 18.05.2010 and subsequent to that CBDT has also raised Gratuity exemption limit to Rs. 10,00,000/- (Ten Lakh) vide its Notification No. 43/2010; F.No.200/3 3/2009-! TA.! dated 11 June 2010.
Thomas Garbarek Vs. DCIT (ITAT Pune) – ITAT held that penalty under section 271(1)(c) of the Act should not be leviable where the assessees have been able to establish their bonafide and innocence. A mere omission or negligence would not constitute a deliberate act of suppression of income so as to trigger levy of penalty, unless there is a direct attempt to hide an income from the knowledge of the income tax authorities. In particular relevance to assessees is the observation of the Tribunal that ‘bona fide belief can also be substantiated by circumstantial evidence when possibility of documentary evidence cannot be expected’.
To curb instances of black money use during the polls in five states, 204 Indian Revenue Service (Income Tax) officials have been deployed as ‘expenditure observers’ by the Election Commission. A total of 204 IRS officers, in the ranks of Additional Commissioners of Income Tax, largely drawn from various investigation wings of the department from across the country will head specially created ‘flying squads’ to check and take action against illegal movement of cash and transactions in the poll-bound states of Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur.
