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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...
The Minister of Railways Shri Dinesh Trivedi at a press conference here today announced the implementation of 26 new trains, extension of 8 trains and increase in frequency of 5 trains. The 26 new trains will be flagged off within a week or so by the local public representatives from different stations. The extension of trains and increase in frequency of trains will, however, is implemented with immediate effect.
There is no such proposal under consideration of the Planning Commission for relaxing ban on sex determination tests. Recently a news item appeared in media suggesting that there is a proposal under consideration in the Planning Commission to relax ban on sex determination tests. It may be mentioned that the ‘Child Sex Ratio’ is a […]
UOI Vs M/s Nitdip Textile Processors Pvt Ltd. (Supreme Court of India)- The classification made by the legislature appears to be reasonable for the reason that the legislature has grouped two categories of assessees namely, the assessees whose dues are quantified but not paid and the assessees who are issued with the Demand and Show Cause Notice on or before a particular date, month and year. The Legislature has not extended this benefit to those persons who do not fall under this category or group.
ICICI Bank Ltd. V. DCIT (Bombay HC) – Second proviso to Section 147 stipulates that the Assessing Officer may assess or re-assess such income other than the income involving matters which are the subject matter of any Appeal, Reference or Revision, which is chargeable to tax and has escaped assessment.
About 38 per cent or Rs 26.22 in petrol price of Rs 68.64 a litre in Delhi is because of central and state government taxes. State-owned oil firms had last week hiked petrol price by Rs 1.80 a litre, the fifth increase this year as oil imports became costlier due to fall in rupee value. The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs 41.38 per litre, oil company officials said.
ACIT Vs Bharat Oman Refineries Limited (ITAT Mumbai) – So far as the receipts on account of tender forms and by way of water and electricity charges to the contractors were concerned, they would not be treated as arising out of a source of income separate from the business which was being set up. Since, the business had not been fully set up, the receipts and payments would be clearly on capital account and hence not liable to tax. In a case where these receipts and payments pertains to the fixed structure of the company’s business that was being set up, it would be inconsistent to hold that the expenditure incurred by the assessee prior to the setting up would be of a capital nature but the receipts would be of a revenue nature.Hence, the impugned receipts were of a capital nature and were not liable to tax.
Gross direct tax collection during April-October of the current fiscal was up by 20.28 percent at Rs.284,081 crore as against Rs.236,176 crore in the same period last fiscal. While gross collection of corporate taxes was up 20.35 percent (Rs. 189,872 crore against Rs. 157,767 crore last year), gross collection of personal income tax was up by 20.17 percent (Rs.93,769 crore against Rs.78,029 crore last year). Net direct tax collections stood at Rs.2 18,850 crore, up from Rs.204,347 crore in the same period last fiscal, registering a growth of 7.10 percent.
ACIT vs. Major Deepak Mehta (Chattisgarh High Court) – The Bombay High Court in Jet Airways (supra) observed that after issuing a notice under Section 148, the income which has initially formed a reason to believe that the income has escaped assessment, but as a matter of fact has not escaped assessment. The AO cannot proceed to assess some other income independently, however, it was observed that it is open for the AO to issue a fresh notice under Section 148 and proceed thereafter. The High Court of Delhi in Ranbaxy Laboratories Limited (supra), has taken the similar view.
Interest earned on fixed deposits have an immediate nexus with the export business would be treated as income from business and interest earned on fixed deposits which does not have an immediate nexus with the export business, it would be treated as income from other sources. The court opined that when the interest was earned […]
CIT Vs. Asahi India Safety Glass Ltd (Delhi High Court)- Software is nothing but another word for computer programmes, i.e., instructions, that make the hardware work. Software is broadly of two types, i.e., the systems software, which is also known as the operating system which controls the working of the computer; while the other being applications such as word processing programs, spread sheets and data base which perform the tasks for which people use computers.
