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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...
Exxon Mobil Company India Pvt Ltd vs. DCIT (ITAT Mumbai)-A comparable cannot be eliminated just because it is a loss making unit. Similarly, a higher profit making unit cannot also be automatically eliminated just because the comparable company earned higher profits than the average. In other words, as a general principle, both loss making unit and high profit making unit cannot be eliminated from the comparables unless, there are specific reasons for eliminating the same which is other than the general reason that a comparable has incurred loss or has made abnormal profits.
Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in April-June 2009, showing consistent increase in revenue generation.
This appeal is filed by the revenue being aggrieved by the order dated 3-4-2009 passed by the Income-tax Appellate Tribunal, Bangalore Bench ‘A’ (hereinafter called as ‘Tribunal’ for brevity) bearing 1TA No. 1020/Bang/08 for the assessment year 2005- 06.
In a major relief to employees, the Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups. The Central Board of Direct Taxes ( CBDT )) has issued a notification in this regard. As per the notification, no income tax will be levied ‘to meet the cost of annual medical tests or medical check-ups of the member, his spouse and dependent children’ if money is drawn from the welfare fund to meet the expenses.
Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes. A classified report prepared by the department has found that “a large number” of trusts and societies are violating I-T exemption laws and are conducting “business, commerce and trade” instead of charity.
The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India. The securities kept by foreign entities in Swiss banks were valued at 2.39 trillion Swiss francs at the end of 2010 (about Rs 12,600,000 crore at the current exchange rates), down from 2.49 trillion Swiss francs (about Rs 13,00,000 crore) a year ago.
ACIT v Headstrong Services India Pvt Ltd ITAT has held that The assessee company is registered as a 100% Export Oriented Unit (EOU) for manufacture and export of computer software for export purposes. The assessee being eligible for 100% tax holiday u/s 10A of the Income Tax Act, 1961, has exercised this option not to claim this exemption for this year in accordance with provision of sub Section 7 to Section 10A of the Act.
CIT v Tata SSL Ltd (Mumbai High Court) – by paying the impugned charges to Mahanagar Gas Ltd., the assessee did not acquire any right or control over the gas facility. The Tribunal held that the facilities served the sole purpose of supplying the gas to the assessee’s work and, therefore, it was an integral part of the profit earning process and facilitated in carrying on the assessee’s business more efficiently without giving any enduring benefit to the assessee.
Dy. CIT Vs. Ms/. Shah Builders & Developers,- Uto 31st March, 2005, deduction u/s. 80/B(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under the DC Rules/Regulations framed by the respective local authority irrespective of the fact that the project is approved as “housing project” or ‘residential plus commercial’. Tribunal was not justified in holding that upto 31st March, 2005, deduction u/s. 80/B(10) would be allowable to the projects approved by the local authority having residential building with commercial user upto 10% ofthe total built-up area ofthe plot; cl (d) inserted in s. 80-/B(10) w.e.f. 1st April, 2005 is prospective and not retrospective.
Rajah Sir Annamalai Chettiar Foundation v DIT (ITAT Chennai)- The principle that the institutions run by the charitable societies may collect fees and service charges does not mean that the institutions can charge fees, etc, at commercial rates from all the people without giving any element of charity to needy people.
