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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...
ACIT (TDS) vs Accenture Services P Ltd. – The provisions of section 194C shall apply to all types of contracts for carrying out work including transport contract, service contract etc. Transport contract would also include contract for loading and unloading of goods and also cover contracts for plying buses along with the staff
CIT vs. M/s Eli Lilly & Co. (India) P. Ltd. The Supreme Court ruled that an Indian company is responsible for withholding tax on remuneration paid to its expatriates by a foreign company outside India if the services are rendered solely in India. Section 192 has extra-territorial jurisdiction when salaries taxable u/s 9(1 )(ii) are payable outside India.
The High Court has held that the LO would be considered as a PE under the India-Korea tax treaty once the material on record establishes that it is undertaking trading activity, entering into business contracts and fixing price for sale of goods. Merely because the officials of the LO are not signing any written contract would not absolve the liability.
ITR 5 is applicable for assessment year 2011-2012 only, i.e., it relates to income earned in Financial Year 2010-11 and can be used a person being a firm, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4)(a) or 139(4)(a) or 139(4)(b) or 139(4)(c) or 139(4)(d) shall not use this form. Instructions for filling out New Income Tax Return Form ITR-5 applicable for A.Y. 2011-12 New ITR 5 in excel format for Assessment Year 2011-12 and Financial year 2010-11
ITR 5 Form can be used a person being a firm, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4)(a) or 139(4)(a) or 139(4)(b) or 139(4)(c) or 139(4)(d) shall not use this form.
Recently ITAT Mumbai in the case of ITO vs. United Marine Academy (Mumbai ITAT) held that Assessing Officer thus was right in applying the provision of section 50C to the transfer of depreciable capital assets covered by section 50 and in computing the capital gain arising from the said transfer by adopting the stamp duty valuation.
In the first major operation in the current financial year, income tax (I-T) department officials cracked on four real estate groups in the city on Wednesday. Suspecting tax evasion and parking of black money, the IT officials began search and survey on 60 premises, including offices, houses and project sites of the groups on Wednesday afternoon.
The Chairman of Central Board of Direct Taxes ( CBDT), Sudhir Chandra, today said the scheme to exempt salaried people earning up to Rs 5 lakh annually from filing income tax returns will be notified in the first week of June. The scheme was announced in the Union Budget 2011-12 by Finance Minister Pranab Mukherjee.
Notification No. 23 – Income Tax [F.NO. 203/46/2010/ITA-II], DATED 28-4-2011- It is hereby notified for general information that the organization Centre for Social Studies, Surat 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) with effect from assessment year 2010-11 onwards in the category of ‘Other Institution’ partly engaged in research activities subject to the following conditions, namely:-
Notification No. 22 – Income Tax [F.NO.203/43/2010/ITA-II], DATED 28-4-2011- It is hereby notified for general information that the organization Indian Society of International Law, 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) with effect from assessment year 2010-11 onwards in the category of ‘Other Institution’ partly engaged in research activities subject to the following conditions
