Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
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...
ITO Vs Yash Container Terminal Pvt. Ltd. (ITAT Mumbai)- There is no dispute to the fact that the assessee has deducted tax @ 1.12% from the payments made to M/s Laxmichand Dharshi during the financial year 2006-07 u/s 194C of the I T Act being the payment made to sub contractor. According to the AO, such payments made to M/s Laxmichand Dharshi has to be treated as hire charges paid for transportation of containers/trucks as per bills raised since there is no written contract/ sub contract agreement between the parties concerned.
ACIT Vs. Oxford Softeck Pvt. Ltd. (ITAT Delhi)- If it is supposed that all the conditions are fulfilled but then also the same cannot be added as income in the hands of the payer company as such amount can be added only to the income of a person as dividend who is a shareholder to whom such loan and advances made. Keeping in view these facts and the aforementioned case law relied upon by ld. CIT(A) and also the provisions of the Act, we are of the opinion that addition in the hands of the assessee company has rightly been deleted by ld. CIT(A) and to that extent we uphold his order and it is held that addition has rightly been deleted in the hands of the assessee company.
Karntaka Power Transmission Corporation Ltd. Vs DCIT (ITAT Bangalore)- Whether the expenditure incurred on repair and maintenance of residential quarters of the staff which were owned by the assessee company can be treated as a benefit given to the employees and is covered under clause (E) of subsection (2) of section 115WB relating to employees’ welfare – Whether the Board circular which provides that even the indirect expenditure which benefit employees’ welfare is covered under FBT is not applicable as the expenditure incurred by the assessee to upkeep its assets doesn’t mean even remotely that the benefits were provided to employees either directly or indirectly. – Assessee’s appeal allowed.
Desiccant Rotors International Pvt. Ltd. Vs. CIT, Delhi (Delhi High Court)- Payment made by the assessee on settlement of dispute with a company of USA being neither a fine or a penalty for a proved offence nor an amount of Compensation of an offence but is merely a sum in settlement of an action charging the assessee was denied and not proved the same cannot be rendered to be inadmissible deduction while determining the assessee’s income from business.
Ankur Cm Food Products (Guj) Ltd vs Dy.CIT (ITAT Rajkot)- Ground No. 2 of appeal of revenue is in respect of deletion of addition of Rs.7,01,1 19 on account of excess stock of packing material. During the course of survey at factory premises empty bags and empty pouches numbers 1,02,98,914 were found against the book stock of 83,39,051. There was excess stock of packing material of 19,59,863 pouches valuing Rs.7,01,1 19. In the statement, Shri Ashok Parekh, director of the company while answering question No. 39 stated that packing material of outside parties for which the assessee is doing job work were also at the factory premises.
ITO Vs Gay Loard Industries Ltd (Ahmedabad ITAT)- Once the existence of the investor is proved, there is no further burden on the assessee to prove whether that person itself has invested the said money or some other person has made investment in the name of that person. Thus majority of the courts are of the View that once the shareholders are identified, no addition can be made for unexplained share capital.
Shri Pranab Mukherjee Hon’bl Finance Minister Govt of India inaugurated the Residential Quarter-cum-Guest House ‘Aayakar Abasan’ at Siliguri West Bengal on 13.08.2011 in the August presence of Shri M.C.Joshi Chairman CBDT and B.S.Sondhi Chief Commissioner of Income Tax (CCA) Kolkata other senior officer of the Department and local administration, as well as eminent citizen and taxpayer attended the function.
Notification No. 43/2011 – Income Tax [F. NO. 187/01-2011-ITA.I], DATED 19-8-2011 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 732(E), dated the 3rd July, 2001, namely:-
Notification No. 42/2011 – Income Tax- Section 120(1) and (2) Of the Income-Tax Act, 1961 – Income-Tax Authorities – Jurisdiction of Director General/Director (Intelligence & Criminal Investigation) – Supersession of Notification Nos. S.O. 883(E), Dated 14-9-2001; S.O. 494(E), Dated 13-3-2008; S.O. 855(E) and S.O. 856(E), Both Dated 31-5-2007.
Notification No.41/2011 – Income Tax [F.NO. 187/11 /2009-ITA.I], DATED 19-8-2011 – In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 62/2010, dated 27-7-2010 bearing S.O. 1843(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 27th July, 2010, in the Schedule for Serial number 112 at column No. 6(b)
