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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...
CBDT CIRCULAR NO-03/2011, Dated: May 13, 2011 Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the IT Rules”) provides for furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars like amount of TDS, permanent account number (PAN), tax deduction and collection account number (TAN), etc. The relevant form for such TDS certificate is Form No.16 in case of deduction under section 192 and Form No.16A for deduction under any other provisions of Chapter XVII-B of the Act. TDS certificate in Form No.16 is to be issued annually whereas TDS certificate in Form No.16A is to be issued quarterly.
The Hon’ble Supreme Court in M/s. Dabur India Ltd. and another v. State of Uttar Pradesh and others. AIR 1990 SC 1814, observed that Government, Central or State, cannot be permitted to play dirty games with the citizens of this country to coerce them in making payments which the citizens were not legally obliged to make.
Enthused by a good tax collection in 2010-11 fiscal, India’s Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 crore but we revised it to Rs.446,000 crore. We have set the budget target of Rs.530,000 crore for this fiscal, said CBDT chairman Sudhir Chandra, while addressing a press conference here.
Income Tax department on 16.05.2011 releases downloadable Online Income Tax Return Preparation / Filing Software- ITR-3 Applicable to Individual and HUF who are Partner in a Partnership firm and not having any other business Income except from the Interest and Remuneration from Partnership. You can download the same from the link given below. Before filing do read Instructions for filling out New Income Tax Return Form ITR-3 for assessment year 2011-2012. Those who do not wish to file online Return can use the manual excel form.
Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5% interest income on PF deposits for 2010-11. The finance ministry notification last week raises the income tax exemption to 9.5% interest income from 8.5%. The decision clears the air for the EPFO subscribers who were given increased interest rate by one percentage point for 2010-11, but the finance ministry had not matched the interest hike with a commensurate tax exemption.
The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year. The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Sebi), said a CBDT release.
Indian firms outsourcing routine work to their overseas subsidiaries would not have to deduct withholding tax on the payments made to them. In a landmark ruling, the Authority of Advance Ruling (AAR) ( A.A.R. No.883 of 2010 dated 16.05.2010 – Applicant R.R. Donnelley India Outsource Private Limited) held that firms are exempted from deducting the withholding tax on the payments made for services like transcription and data processing.
The Supreme Court today pulled up the Income Tax department for not taking timely action against the companies involved in the 2G spectrum scam and said had it not intervened, the officials would have “slept over it” and the oversees probe would not have proceeded.
Our requirement of office space is around 9.72 lacs sq mtrs, while the space available is only 6.67 lac sq mtrs. We are in possession of around 1.32 lac sq mtrs of vacant land, nearly 90 % of which was acquired over 5 years ago & 52 % more than 10 years back. Construction proposals on such lands are either under process or are yet to be received.
Filtrex Technologies Pvt. Ltd. v. ACIT – ITAT Bangalore held that payments made under a Technology Transfer Agreement ‘make available’ technical knowledge or experience, and hence, are taxable as Fees for Technical Services in terms of Article 12(4)(b) of Double Taxation Avoidance Agreement between India and Singapore. Also, payments made for services in the nature of marketing support and other administrative services do not ‘make available’ technology, and hence, cannot be held as FTS under Article 12 of DTAA between India and Singapore.
