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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...
Latest From Directorate of Systems ALERTS: Last date of submission of ITR-V for A.Y 2010-11 has been extended up to 31/12/2011 AOs are requested to immediately send ITR-Vs of A.Y. 10-11 & 11-12, if any, lying with them to CIT (CPC), Bangalore. AOs should not accept ITR-Vs from taxpayers.
It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS, have been developed and are being extensively utilized by the Income Tax department to unobtrusively select cases for scrutiny or verify information before taking intrusive action. In the current year, the number of search warrants executed has declined compared to last year.
The CBDT Instruction F. No. A-32013/3/2000-Ad. VI dated 18.07.2000, wherein the date of passing the Examination was reckoned from the last date of the Examination, was modified by Instruction F.No. OA 542/1995/CAT Cuttack/2002/DIT/697 dated 22.05.2009. The modification was necessitated in the light of the decision of the Hon’ble Orissa High Court in W.P. (C) No. 224 of 2003 dated 31.10.2008 in the case of Union of India & Ors. Vs. Kishore Chandra Mohanty & Ors. In the said judgement Hon’ble Orissa High Court has also referred to the decision of the Hon’ble Supreme Court in UPSC Vs. Ajaya Kumar Das & Others [Civil Appeal No. 6295 of 2001 dated 10.09.2001]
DIT Vs Ericsson AB (Delhi High Court)- It was argued that the Explanation as initially inserted in the year 2007 after subsection (2) of section 9 sought to clarify as to when income received by way of interest, royalty or fees for technical services, can be regarded as deemed to accrue or arise in India. The subsequent amendment made in the Explanation by the Finance Act, 2010 enacts a further clarification (by effectively adding clause (ii) in the Explanation) in so far as the taxability of fees for technical services are concerned. The Supreme Court in Ishikawajima (supra) has held that if the transfer of property in goods as well as the payment were both made outside India, the transaction of supply was not chargeable to tax in India inspite of the fact that the contract was signed in India.
In Re Nuclear Power Corporation of India Ltd. (AAR) – Since the question whether the payment made under the transaction was chargeable to tax under the Act was pending before the authorities under the Act arising out of an assessment against ASE, before the applicant approached this Authority the allowing of this application under Section 245R(2) of the Act is barred. The bar is in entertaining an application where the question raised in the application is already pending before any income-tax authority. Since we have found that the question arising before us, the primary question, if not the only question, is whether the payment to be made by the applicant to ASE on the transaction(s) is chargeable under the Act is already pending in proceedings against the payee, ASE, entertainment of the present application is barred by clause (i) of the proviso to Section 245R(2) of the Act. We, therefore, reject the application.
Income Tax department seized Rs 300 crore (Rs 3 billion) in black money, including cash and jewellery, during April-October, 2011-12, Parliament was informed on Tuesday. The I-T department has issued 2,190 warrants and seized assets worth Rs 299.63 crore (Rs 2.996 billion), Finance Minister Pranab Mukherjee said in the Rajya Sabha.
Though the Income Tax Department made a provision for electronic filing of returns, it appears that the ITR-V Form containing the due verification of the return of the assessee was required to be remitted only by ordinary post. The instructions which were furnished to assessees, a copy of which has been placed on record, specifically stipulate that the ITR-V form should not be sent either by registered post or by speed post or courier.
Ina Raja Memorial Education Trust Vs DIT (Exemptions) – (ITAT Delhi) – In this case, the assessee made an application on 24.2.2011 in Form No. 10G, seeking renewal of exemption u/s 80G of the Act, which has been rejected by the ld. CIT(A) by observing that the assessee has failed to furnish bills/vouchers of expenses and certain other details as stated by him in para 2 of his order. In this connection, it is pertinent to note that proviso to clause (vi) of Section 80(G) sub-section (5) has been omitted by the Finance Act (No. 2) 2009 w.e.f. 1.10.2009.
Vijay Mallya-promoted airlines has not defaulted on payment of dues towards provident fund of the employees. The government on Tuesday said it is taking action against debt-ridden Kingfisher Airlines for not depositing Rs 153 crore, which the company deducted as TDS from its employees, with the exchequer.
Advance tax collection from the country’s top 100 companies, according to the final numbers, declined by 1.4 per cent to Rs 30,763 crore in the third quarter of 2011-12, indicating sluggishness in the economy. These corporate houses had paid Rs 31,203 crore in the same period last year.
