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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...
Triumph International Finance I Ltd Vs ACIT (ITAT Mumbai)- the undisclosed income determined in the case of the assessee is not as a result of disallowing any claim of the assesse because the same is not allowable as per the provisions of law but undisclosed income has been determined on the basis of the evidences found during the course of search, which has established the fact that the true nature of transactions have not been recorded by the assessee in the books of account and the same has resulted the undisclosed income.
CIT Vs M/s Mono flex India Pvt Ltd (Delhi High Court)- Whether when the property, which was auctioned by the TRO for recovery of tax, is a leased property to the defaulter under a perpetual lease agreement, the right in the said property can only be transferred after payment of the unearned increase payable to the lessor of the property as was payable under the lease agreement
With this Excel utility we can generate our Form 16 in few minutes without any difficulty, user just have to fill the simple form and data automatically get posted to Form 16. Utility is easy to understand and very simple. Automated Form 16 for Assessment Year 2011-12
ADIT Vs TII Team Telecom International Pvt. Ltd. (ITAT Mumbai)- In terms of the provisions of Article 12 (3) of the Indo Israel tax treaty, royalty is defined, for the purposes of this tax treaty, as “payments of any kind received as a consideration for the use of, or the right to use, any copyright of literary, artistic or scientific work including cinematography films, any patent, trade mark, design or model, plan, secret formula or process, or for information concerning industrial, commercial or scientific experience”.
DCIT Vs RBS Equities India Ltd. (ITAT Mumbai)- Rejection of most appropriate method selected by the assessee does not mean that assessee carried out transfer pricing study without good faith and due diligence and hence, penalty for concealment of income cannot be sustained.
ITO Vs M/s Asian Paints Ltd (Mumbai High Court)- Once the authorised agent of the Central Government collects the tax by debiting the bank account of the assessee, the payment of tax to the Central Government would be complete. The fact that there is delay on the part of the authorized agent to credit that amount to the account of the Central Government, it cannot be said that the payment of tax is not made by the assessee, till the amount of tax is credited to the account of the Central Government. For calculating interest under Section 244A(1)(b) of the Act the relevant date is the date of payment of tax and not the date on which the amount of tax collected is credited to the account of the Central Government by the agent of the Central Government.
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. We have found instances where banks are running multiple accounts of certain customers for the purpose of hiding black money, a senior official of Central Board of Direct Taxes (CBDT) said, although refusing to name the banks.
The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament. The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the Table of the House, Minister of State for Finance SS Palanimanickam said in a written reply in the Lok Sabha.
Explanation 3.—For the purpose of assessment or reassessment under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, notwithstanding that the reasons for such issue have not been included in the reasons recorded under sub-section (2) of section 148.
ORDER NO.6/FT&TR/2011 In partial modification of Order No. 4/FT&TR/2011 and in supersession of Order No. 5/FT&TR/2011, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panels (DRPs) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRP – I & II at Delhi, DRP-II at Mumbai, DRP at Bangalore, Chennai and Kolkata, who shall perform such duties in addition to their regular duties with immediate effect and until further order
