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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...
S M Sundaram Vs. CIT (Madras High Court)- Under section 48(1), the deduction in respect of the full value of the consideration received or accrued regarding the expenditure incurred wholly, etc. and cost of acquisition of asset and the cost of improvement are granted. This deduction has admittedly been granted from the capital gain in the hands of the partnership firm.
CIT vs. Arvind Kumar Jain (Delhi High Court)- Trade advance which are in the nature of money transacted to give effect to a commercial transactions would not, in our view, fall within the ambit of the provisions of Section 2(22)(e) of the Act. This interpretation would allow the rule of purposive construction with noscitur a sociis, as was done by the Supreme Court in the case of LIC of India v. Retd. LIC Officers Assn. [2008] 3 SCC 321.
DCIT vs. Eversmile Construction Co Pvt Ltd (ITAT Mumbai)- The Hon’ble Supreme Court in the case of National Thermal Power Company Ltd. Vs. CIT [(1998) 229 ITR 383 (SC)] has held that the Tribunal has the jurisdiction to examine a question of law which arises from the facts as found by the authorities below and having a bearing on tax liability of the assessee notwithstanding the fact that it was not raised before the learned CIT(A).
Dos Use challan type 281 for deposit of TDS/TCS amount. Deductor should quote correct TAN, full name, address and current A.Y. on each challan. Deductor should use separate challan for different nature of payments quoting correct nature of payment code and also for different type of deductee.
Procedure for getting TAN : It can be obtained by filing an application in form no. 49B to any of the TIN facilitation Centres (TIN-FC) namely NSDL. Addresses of the TIN-FC as well as the forms can be downloaded from the website www.incometaxindia.gov.in or http://tin-nsdl.com. The fee for processing TAN application is Rs. 60/-. This can be paid by:
Failure to deduct the whole or part of the Tax at source (non-deduction, short deduction or delay in deduction) 1. Failure to deposit whole or part of the TDS (non-deposit, short deposit or late deposit) 2. Failure to apply for TAN within the prescribed time limit or failure to quote TAN on allotment as required under section 203A.
If we talk about 1970s ,80s or even 90s, than people at that time could not even have imagined about e-filing of their income tax return. With revolutionary changes in computer technology now efiling of various returns is very easy. In efiling Assessee receive acknowledgement receipt online. In addition to that department has also started giving online Intimations U/s 143(1) and demands notice U/s. 245. Assessee can also view his Income Tax Refund Status online.
India is hosting the 4th International Tax Dialogue Conference (ITD) Global Conference on Tax and Inequality. More than 250 foreign delegates are expected to take part in this three day conference being held at Vigyan Bhawan from 7th to 9th December. The conference would be inaugurated by the Union Finance Minister, Shri Pranab Mukherjee. A number of prominent academics and representatives of regional and international organizations will also be present at this high level conference which will have senior level representation from over 100 countries.
it is clarified that the CBDT has not shared any information received under the DTAA with Germany regarding Indians having accounts in the LGT bank, Liechtenstein, with any other agency. The CBDT has also not authorised the use of the information received for any purpose other than tax purposes.
There are 18 Sections in Income Tax Act, 1961 that provides for Deduction of Tax at Source. Out of these 18, only 3 sections [194C, 194J and 194L] use that phrase “on income comprised therein”. Further these words appear at the end of the taxing provision and naturally can not be ignored. All the other 15 do not contain this phrase.
