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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...
Explore the verdict in Hidelbergcement India Ltd Vs ACIT (ITAT Mumbai) on reassessment validity and foreign exchange gain dispute. Legal insights here.
Geofin Investment (P) Ltd vs. CIT (Delhi High Court) – Learned counsel for the petitioner Geofin Investment (P) Limited, submits that the tribunal had erred in dismissing the application under Section 254(2) of the Income Tax Act, 1961 (Act, for short) as the tribunal in its order dated 13th October, 2010, had referred to and relied upon decision of another ITAT Bench which had not not been cited at the time of hearing. He submits that the order passed by the tribunal dated 13th October, 2010 under Section 254(1) of the Act, should have been recalled. Hoourable High Court do not find any merit in the said contention. Under Section 254(2), a mistake apparent from the record can be rectified.
Grameen Initiative for Women vs. DIT (E) (ITAT Mumbai)- Hon’ble Bombay High Court – Nagpur Bench has held that there is no requirement under the Act that an institution constituted for advancement of any object of general public utility must be registered as a trust. Therefore, in the present case before us, mere because the assessee association is registered as company under sec. 25 of the Companies Act, that by itself cannot be a ground to refuse registration under sec. 12A/12AA of the Act. Thus, this ground of rejection of registration by the Commissioner of Income-tax, is also rejected. The only reason for which the registration was declined was on the ground that the assessee could not produce the certificate from the Charity Commissioner and that reason, as we have noted above, is not legally sustainable. In view of these discussions, and bearing in mind entirety of the case, we direct the learned Director to grant registration to the assesse appellant. The assesse succeeds in the appeal.
Faced with the challenge of curbing black money in electoral process, the Income Tax (I-T) department has now proposed assessment of the income of political parties under the provisions of charity law instead of the present system of doing so under a special clause. The department’s proposal, prepared after it’s investigation wings across the country helped the Election Commission in conducting polls in West Bengal, Tamil Nadu and Assam, has been sent to the Finance Ministry and the EC for consideration.
The government can do without making tax evasion a criminal offence as the existing income tax laws , which provide for rigorous imprisonment up to seven years for willful default, has not been used effectively to unearth black money , say experts . ,One can be jailed for seven years (rigorous imprisonment ) for willful evasion of tax (above Rs.1 lakh).
Union Finance Minister Shri Pranab Mukherjee will inaugurate two day high level International Seminar on “Adopting Tax System and International Tax Rules to the New Global Environment: A Shared Challenge for India and the OECD” tomorrow at Vigyan Bhawan. In the two day International Seminar , discussions would be held in separate sessions on the issues pertaining to transfer pricing, global trends in tax reform, implications for international tax arrangements, international dispute resolution and elimination of double taxation among others. This is for the first time that such high level international seminar is being held in India in association with Organisation for Economic Cooperation and Development (OECD). About 150 representatives from about 30 member countries of OECD along with those of International Monetary Fund(IMF), World Bank and tax officials from India are expected to participate in this two day international seminar.
Union Finance Minister Calls for Strong Measures to Reverse the Ongoing Trend of Illicit Outflows from Developing Countries and Exploitation of their Natural Resources Through Abusive Transfer Pricing Schemes; Inaugurates two Day High Level International Seminar on ‘Adopting Tax System and International Tax Rules to the New Global Environment: a Shared Challenge for India and the Oecd’; India Oecd to Strengthen Ongoing Cooperation on Tax Related Issues Through three Year Partnership Programme.
Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. We have developed a toolbox… We have enabled ourselves to declare (tax havens) as non-cooperating jurisdiction and countries as and when the situation arises. We will take appropriate steps, Finance Minister Pranab Mukherjee told reporters here today.
Tamil Nadu State Transport Corporation (Kum Div I) Limited Vs JCIT (ITAT Chennai)- The Tribunal has held that the assessee-company has discharged its interest liability and instead of making payment in cash it has issued share capital to the Government as per the G.O. in question. Hence, the provisions of section 41(1)(a) of the Act are not attracted at all. Therefore, the conversion of the payment in the share capital has to be treated as proper discharge of interest payments. This decision is applicable to the facts of this case mutatis mutandis. In view of the above decision, we are of the considered opinion that this issue stands allowed in favour of the assessees in all these appeals.
India will introduce a bill in the monsoon session of parliament that will enable confiscation of illegal money stashed in India by foreigners, Finance Minister Pranab Mukherjee said Monday. We will introduce the bill in monsoon session,’ Mukherjee said while addressing a joint press conference with Organisation for Economic Cooperation and Development (OECD) secretary general Angel Gurria.
