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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...
The Tata Power Co. Ltd. Vs Addl. CIT(ITAT Mumbai) – The stage at which set off of carried forward long term capital loss is to be given is subsequent to the stage at which income under the head capital gains is computed and deduction under section 54EC is to be given in the course of the latter. In this view of the matter, the question of setting off brought forward long term capital loss arises only after the income under the head capital gains is computed and that the processing in computing the income under the head capital gains must also taken into account section 54EC as well.
The government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results. The income tax department, sources said, has detected unaccounted income of Rs 18,750 crore in the last two financial years and collected an additional Rs 22,697 crore as taxes by stepping up vigil on cross border transactions.
National Mission for Justice Delivery and Legal Reforms: The Government has ‘in principle’ approved setting up of National Mission for Justice Delivery and Legal Reforms. The National Mission would help implementing the two major goals of (i) increasing access by reducing delays and arrears in the system (ii) enhancing accountability at all levels through structural changes and setting performance standards and facilitating enhancement of capacities for achieving such performance standards.
The Maharashtra Government today made it illegal for anyone below 25 years of age to consume or purchase alcohol. As of now, the legal drinking age in the state is 21. A meeting of the state cabinet here today, however, approved fixing the minimum age for drinking or purchasing beer at 21.
The Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders. The step comes in the backdrop of the government initiating various steps to curb generation of black money in the country and also recently notifying the creation of the first-ever Criminal Investigation (CI) unit in the I-T Department.
Particulars to be filled in Annexures I, II and III: (i) In Annexure I, actual figures for the relevant quarter should be reported. (ii) In Annexures II & III, estimated/actual figures for the whole financial year should be given. However, Annexures II & III are optional for statement for the 1st, 2nd and 3rd quarters. Statement for the last quarter should have actual figures for the whole financial year in Annexures II & III.
The Income Tax department today said it continues to enjoy the power to tap telephone conversations, as was given to it earlier in 2006. Power of interception stays with the CBDT and there is no change in the factual background when the power was given in 2006, and at present circumstances are identical, Sudhir Chandra, the outgoing chairman of Central Board of Direct Taxes (CBDT) told reporters here.
The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. We intend to refund approximately Rs 1 lakh crore this fiscal, the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra said here while exuding confidence of achieving the direct tax collection target for 2011-12.
Notification No. 31/2011 – Income Tax [F.NO.203/48/2010/ITA-II], DATED 1-6-2011 – It is hereby notified for general information that the organization American Institute of Indian Studies, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2011-12 onwards in the category of ‘Other Institution’, partly engaged in research activities subject to the following conditions, namely:-
Shri Sachin Pilot, the Union Minister of State for Communications and Information Technology has said that while telecom is a huge success story in India, any possible health related effects of radiation emitted by mobile phones and towers are to be reflected and ensured in the guidelines. The final guidelines would take into account the best global benchmarks and scientific evidence on the subject.
