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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...
Signature Hotels (P) Ltd. Vs ITO (Delhi High Court)- When the reason recorded for initiation of reassessment proceedings and the information received is extremely scanty and vague, and the material based on which the proceedings are initiated does not indicate escapement of income, the AO will have no jurisdiction to issue notice u/s 148.
The Institute of Chartered Accountants of India (ICAI) will submit a report to the Central Board of Direct Taxes (CBDT) next month with its recommendations on tackling issues related to black money. A nine-member committee is looking into India’s Double Taxation Avoidance Treaty Agreements (DTAAs) with various countries and a report is expected in September, ICAI president G Ramaswamy said today.
Only 6.74 lakh claims for refund of income-tax are pending with the I-T Department after it launched a special drive to clear the pendencies, Parliament was informed today. Responding to a query in the Lok Sabha, the Finance Minister, Mr Pranab Mukherjee, said while the department does not maintain records on the quantum of income-tax refunds claimed, as of March 31, 2011, approximately 38.26 lakh returns claiming refund were pending for processing.
DCIT Vs Summit Securities Limited (ITAT Mumbai Special Bench)- Notwithstanding the fact that the substantial question of law raised in the order of the earlier Bench has been admitted by the Honourable High Court, there are no fetters on the Tribunal in hearing the case in Special Bench and rendering the decision which would prevail upon and become a binding precedent for the other Benches of the Tribunal. The learned Counsel for the assessee could not point out even a single judgment in which the Honourable High Court abstained the Tribunal from deciding the issue through Special bench during the pendency of appeal before it. With utmost humility there cannot be such a decision for the manifest reason that the justice delivery system has to take its own course and cannot wait in eternity for a higher judicial body to decide the issue first.
Gross direct tax collections during the first four months of the current fiscal (April – July 2011) were up by 26.63 percent and stood at Rs.1,32,542 crore as against Rs.1,04,668 crore during the same period in last fiscal. Gross collection of corporate taxes in this period was up by 29.56 percent to Rs.85,222 crore as against Rs.65,776 crore during the same period in last year while gross collections of personal income tax rises by 21.64 percent during this period and stood at Rs.47,214 crore as against Rs.38,816 crore during the same period in last year.
Section 253 Of The Income-Tax Act, 1961 – Appellate Tribunal – Appeals To – Instructions Regarding Standard Operating Procedure On Filing Of Appeals To ITAT Under Section 253 And Related Matters. INSTRUCTION NO. 08/2011 [F NO. 279/MISC./M- 43/2011-ITJ], DATED 11-8-2011 With a view to streamline the process of filing appeals to ITAT and in suppression of the existing Instructions on the subject in general, and Instruction No. 1274 dated 10-8-1979, Instruction No. 1353 dated 9-9-1980, Instruction No. 1387 dated 3-3-1981, Instruction No. 1493 dated 18-11-1982, Instruction No. 1570 dated 4-7-1984, Instruction No. 1894 dated 16-6-1992, and Instruction No. 1921 dated 23-1-1995, in particular, the following Instructions are issued herewith for compliance by all concerned:
Statistics are displayed only for the software vendor where number of correction statements uploaded is more than 100. Software vendor wise percentages are computed on the total statements prepared using that software. Statistics of TANs registered at TIN website to download consolidated file, Form 16A, etc. are indicated in column % TAN registered at TIN. Correction statements with provisional receipt date greater than the date of request for TDS/TCS consolidated file from TIN, which are rejected at TIN central system are considered. The name of software vendor is in alphabetical order.
The government on Friday said that tax information received from overseas authorities is subject to confidentiality and cannot be made public or used for prosecution purposes without prior permission. Financial Intelligence Unit India receives, processes as well as disseminates information related to suspect financial transactions.
EIH Limited Vs CIT (Kolkata High Court)- The sale of food and beverages to the international airlines in sealed containers constitutes an export of goods out of India and the payment received from the said foreign airlines in India, in the form of rupees, could be treated as payment in convertible foreign exchange within the meaning of the provisions of s 80HHC.
Bee Pee Jay Finance Ltd. Vs CIT and Anr (Calcutta High Court)- By virtue of Section 11 5JA a legal fiction has been created by which if total income is found to be less than 30% of the book profit, the total income should be deemed to be 30% of the profit and in such a case, if charge ability of interest under Sections 234B and 234C are held applicable only in view of sub-Section (4) of Section 11 5JA, it would amount to adding another legal fiction to an existing legal fiction of Section 11 5JA( 1). According to Mr. Sen in case of a legal fiction, which has to be interpreted for giving its full logical coverage, another legal fiction cannot be added to the same and for the aforesaid proposition.
