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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 learned Judicial Member had confirmed the order of CIT(A) quashing the reassessment proceedings both on the basis of invalidity of notice having been issued on the dead person and the service of notice on legal heir of assessee beyond the period of limitation, whereas the learned Accountant Member set aside the order of ld. CIT(A) holding the reassessment proceedings as valid having been initiated after issuing valid notice and its proper service. The Third Member vide his opinion dated 8-12-2010 concurred with the decision reached by learned Judicial Member on invalidity of notice having been issued on the dead person thereby rendering the reassessment proceedings as void and agreed with the learned Accountant Member on the validity of service of notice holding that the notice could be validly served beyond the time-limit prescribed under section 149 of the Income-tax Act.
Every person shall quote his permanent account number in all documents pertaining to the transactions specified below, namely :— (a) sale or purchase of any immovable property valued at five lakh rupees or more; (b) sale or purchase of a motor vehicle or vehicle, as defined in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988), which requires registration by a registering authority under Chapter IV of that Act :
Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below. List of cases selected during each month in accordance with selection criteria mentioned below shall be submitted by the Assessing officers to their respective Range heads by the 15th of the following month and also displayed on the notice Board of their offices .
Notification No. 50/2011 – Income Tax [F.NO. 178/43/2011-SO(ITA.1)], DATED 9-9-2011 – In exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies bonds, subject to the following conditions, as long-term infrastructure bonds for the purposes of the said section, namely:-
Application for allotment of a permanent account number. 114. (1) An application under sub-section (1) [or sub-section (1A) or sub-section (2) or sub-section (3)] of section 139A for allotment of a permanent account number shall be made in Form No. 49A. (2) An application referred to in sub-rule (1) shall be made,—
Four Soft Limited vs. DCIT (ITAT Hyderabad)- The Tribunal held that corporate guarantee given by Indian company to its subsidiary outside India would not fall within the definition of ‘international transaction’. In the absence of any charging provision, the lower authorities are not correct in bringing aforesaid transaction under the purview of transfer pricing. The Tribunal observed that corporate guarantee is very much incidental to the business of the taxpayer and hence, the same cannot be compared to a bank guarantee transaction of the Bank or financial institution.
1. I have been privileged to read the judgement prepared by brother Justice Dr. Satish Chandra. I agree with the final verdict in the present appeal but respectfully, I express my separate opinion. We have heard Shri D.D. Chopra, learned counsel for the appellants.
Government has formulated a five pronged strategy to tackle the menace of black money which is as below: (i) Joining the global crusade against black money, (ii) Creating an appropriate legislative framework,(iii) Setting up institutions for dealing with Illicit Funds,(iv) Developing systems for implementation (new manpower policy); and (v) Imparting skills to the manpower for effective action (constant training for skill development).
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the total number of defunct companies, (those that have not filed their Annual Returns and Balance Sheets for the last three consecutive years or more) as per MCA records is 1,62,144.
Gross direct tax collections during the first five months of the current fiscal (April – August 2011) were up by 25.89 percent at Rs. 154,360 crore as against Rs. 122,618 crore in the same period last fiscal. While gross collection of corporate taxes was up 29.72 percent (Rs.96,597 crore against Rs. 74,463 crore last year), gross collection of personal income tax was up by 19.91 percent (Rs.57,582 crore against Rs. 48,023 crore last year).
