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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 Supreme Court last week ruled that Industrial Finance Corporation of India is a ‘public financial institution’ under Section 4A of the Companies Act and it was entitled to invoke the Securitisation Act to enforce a “security interest”. Upholding the view of the Delhi high court in the appeal case, Bharat Steel Tubles Ltd vs IFCI, the apex court stated that the conversion of the IFCI into a company did not alter its position and status as a financial institution in view of Section 5 of the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act. All matters, including all benefits, relating to the corporation, stood wholly transferred in favour of the new company.
In the case of Bharti Cellular the Supreme Court (SC) acknowledged the role of technical experts while deciding on tax issues arising from complex technical matters. The SC, accordingly, directed the Central Board of Direct Taxes (CBDT) to issue directions to tax authorities, including transfer pricing officers (TPOs), to take opinion of technical experts and bring on record technical evidence in cases involving complex technical issues and substantial revenue. Pursuant to the above, the CBDT has issued Instruction No. 5/2011 [F. No. 225/61/2011 – IT(A-11)] dated 30 March 2011 (Instruction).
CBDT highly appreciates & admires the hard work put in by one & all to lower the interest costs & minimize the grievances by prompt issue of around 4.4 lac refunds from April 01, 2011 to April 08, 2011. On the request of ITGOA received through its Delhi Representatives, namely Sh Baswanand & Sh Rajesh Menon, the date for issue of all refunds is extended to April 20 2011. Chairman,CBDT
The US government has sought permission from a federal court to ask for information from HSBC about Americans who may be hiding money in offshore accounts in India to dodge taxes. The Department of Justice said on Thursday it is seeking an order from a San Francisco court to authorize the Internal R evenue Service (IRS) to serve a so-called “John Doe” subpoena on HSBC to obtain information about people whose identities are unknown.
Recently, the Delhi High Court in the case of CIT v. DCM Limited (ITR Nos.87-89/1992) held that payments made for transfer of comprehensive technical information and know-how, which included all trade secrets and technical information, designs and drawings, etc. cannot be treated as income from royalty under the India-UK tax treaty (tax treaty). Accordingly, the taxpayer was not liable to deduct tax on the payments made to the foreign company.
The Central Bureau of Investigation has arrested an Income Tax Officer posted in Ward-1, Warangal (Andhra Pradesh) for demanding and accepting a bribe of Rs.One Lakh from the complainant. A case was registered U/S 7 of PC Act, 1988 against the Income Tax Officer, Ward-1, Warangal on the basis of written complaint lodged by the complainant, a Civil Surgeon, on the allegation that the accused demanded an illegal gratification of Rs.1,00,000/- from the complainant for doing favour in the matter of assessment of income tax. A trap was laid and the accused was caught red handed while demanding and accepting a bribe of Rs.1,00,000/- from the complainant.
Finance Act, 2011[8 OF 2011] An Act to give effect to the financial proposals of the Central Government for the financial year 2011-2012. Download Finance Act, 2011 [8 of 2011] Assented by the President on 8-4-2011
The US is seeking an order from a San Francisco federal court authorising the Internal Revenue Service (IRS) to request information from HSBC Bank about US residents who may be using accounts in HSBC India to evade federal income taxes, the Justice Department said Thursday.
India can get information on secret bank accounts from Swiss authorities for cases dating from January 2011, once the revised taxation treaty between the two countries is ratified by the Switzerland Parliament. “In this case, because you (India) wants to find all the tax evaders… I think we have conceded in the negotiation of DTAA, that India will get information effective from January 1, 2011,” Swiss Ambassador to India Philippe Welti told PTI.
The government today informed the Supreme Court that it will set aside its order directing scam-hit information technology (IT) firm Satyam Computer to pay Rs 617 crore as income tax and will give a fresh hearing to the firm’s plea challenging the tax demand. Attorney General Goolam E Vahanvati, appearing for the Central Board of Direct Taxes (CBDT), told the apex court that it would recall its March 10, 2011, order, demanding Rs 617 crore in tax and decide afresh on the actual tax liability of Satyam Computer, now known as Mahindra Satyam.
