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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...
CIT Vs Dinesh Megji Toprani (HUF) (Bombay High Court)- The assessee HUF had sold certain immovable properties and out of the sale proceeds received, purchased immovable properties and claimed benefit of deduction under Section 54F of the Income Tax Act, 1961. The assessing officer was of the opinion that the property was purchased in the name of the individuals namely Dr.Dinesh Megji Toprani and Mrs.Jyoti Dinesh Toprani and not in the name of the HUF and, therefore, the assessee was not entitled to the deduction under Section 54F of the Income Tax Act, 1961.
ACIT Vs. Sumit P. Bhattacharya (ITAT Mumbai)- Assessee was an employee of M/s Procter and Gamble India Ltd., which is a group company of Procter and Gamble of USA. The company had given appreciation rights to the assessee. As regards the judgment of the Apex Court in the case of Union of India Vs. Dharmender Textiles, 306 ITR 307, we find that CIT(A) as well as ITAT have not cancelled penalty on the ground of mens rea, therefore, the judgment of the Apex Court in this case is not applicable to the facts of the case under consideration. Contrary to that, the case under consideration is covered by the judgment of the Apex Court in the case of Reliance Petroproducts P. Ltd. Cited supra. In the light of above discussion, we hereby cancel the penalty levied u/s 271(1)(c) of the Act.
CIT (DR)- XII, ITAT Vs. Simoni Gems (ITAT Mumbai) -In appeal assessee raised preliminary objection that the notice u/s 143(2) was not issued within the prescribed period of 12 months and AO accepted that the notice under 143(2) notice was not been issued in time. Accordingly, the Tribunal, relying on Hotel Blue Moon 321 ITR 362 (SC), dismissed the department’s appeal without going into the merits of the appeal.
Dy. Commissioner of Income Tax Vs. Torqouise Investment & Finance Ltd. (Supreme Court of India)- Whether ITAT was justified in holding that dividend income earned by the Assessee amounting to Rs. 21,35,766/- from a Company called Pan Century Edible Oils SDN, BHD. Malaysia is not liable to be taxed in the hands of Assessee in India under any of the provisions of the Income Tax Act?
Notification No. 47/2011 – Income Tax Section 90 of The Income-Tax Act, 1961 – Double Taxation Agreement – Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Singapore – Second Protocol amending said Agreement – NOTIFICATION NO. 47/2011 [F. NO. 500/139/2002-FTD-II], DATED 01-09-2011
Deductors / collectors are required to furnish a quarterly TDS / TCS statement as per guidelines of the Income Tax Department (ITD). For any update in the quarterly TDS / TCS statement, a correction statement is furnished by the deductor / collector. Correction statement is prepared on the latest statement details (accepted) at TIN central system. To facilitate the deductor to ensure that the deductor uses the latest statement, request for TDS/TCS statement can be made online at TIN website. TDS/TCS statement (consolidated) provided by TIN will include all the updates done vide correction statements (accepted at TIN central system) filed by deductor/collector. Consolidated TDS/TCS statement will be available for:
Correction Returns of TDS statements filed may in certain cases be rejected by the department. There are a number of common reasons of rejection of Correction returns. In some cases persons are unable to find the exact cause of rejection even after having tried all possible methods. Below is a list of most common errors or rejection of ETDS revised return given as under for your ready reference along with remedial action. We hope that after implementing the suggestions given below you may not have to file any more correction statements in respect of TDS returns file by you.
Download Form 3CD with annexures, 3CA, 3CB and Caro Report in Excel Format (Updated) – 3CA, 3CB, 3CD, Caro
Article covers provisions related to taxation of Salary Under Income Tax , Available deductions from Salary Income , Valuation of Perquisites available to Salaried Employees and How to calculate Tax on the same and TDS provisions
The essential conditions for availing higher deduction of interest of Rs.1,50,000/- in respect of a self-occupied residential house are that the amount of capital must have been borrowed on or after 01.4.1999 and the acquisition or construction of residential house must have been completed within three years from the end of the financial year in which capital was borrowed. There is no stipulation regarding the date of commencement of construction.
