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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...
Section 2(47) of Income-tax Act defines transfer, which, inter alia includes sale, exchange, relinquishment of the asset or extinguishment of any rights therein. In the case of Phulchand Sons Investments Pvt. Ltd. v. ACIT the Mumbai Bench of Income Tax Appellate Tribunal observed that the assessee had undertaken a loan transaction and not sale of shares during the subject assessment year. The revenue authorities were unable to bring any evidence on record to establish that the assessee had engaged in a sale transaction and not a loan transaction. Accordingly, the Tribunal held that lending of shares is not a ‘transfer’ within the meaning of section 2(47) of the Act, and hence, is not taxable.
VNU International B. V., AAR No. 871 of 2010, order dated 28 March 2011- Whether capital gains earned by the applicant on transfer of shares of the Indian company would be liable to tax in India as per the provisions of the Income-tax Act, 1961 („the Act‟) and the Tax Treaty between India and The Netherlands? If the capital gain is not taxable in India, whether the applicant is required to file any return of income under section 139 of the Act? Whether the transfer of shares by the applicant would attract transfer pricing provisions under sections 92 to 92F of the Act? Whether the purchasers were liable to withhold tax at source under section 195 of the Act and if so, on what amount should the tax have been deducted?
DIT vs. Maersk Co Ltd as agent of Mr. Henning Skov – In the instant case, it was held that the assessee was not liable to pay interest under section 234B upon failure on the part of the employer to deduct tax at source as the obligation to deduct tax at source is upon the employer. The assessee was only liable to pay tax directly under section 191 of the Act.
Gold and Silver rates as on April 1, 2011 (Mumbai) : Standard Gold Rs. 20,775; Pure Gold Rs. 20,875; Silver Spot Rs. 56,900
State-owned Oriental Bank of Commerce (OBC) today launched the Income Tax payment facility through ATMs for their customers. The process of income tax payment through ATMs is user friendly and would lead to higher compliance by spreading the tax net to cover individual taxpayers resulting in higher Direct Tax revenues, Revenue Secretary Sunil Mitra said after launching the facility here.
This Notification is containing summary of Income Tax Amendment made by Budget 2010 which are applicable for Assessment Year 2011-12 and Financial Year 2010-11. Topis which are covered are as follows:- 1. Rates of income-tax in respect of incomes liable to tax for the assessment year 2010-11. 2. Income deemed to accrue or arise in India to a non-resident. 3. Computation of exempted profits in the case of units in Special Economic Zones .4. Cancellation of registration obtained under section 12A. 5. Weighted deduction for scientific research and development. 6. Investment-linked deduction for specified businesses. 7. Disallowance of expenditure on account of non-compliance with TDS provisions. 8. Limit of turnover or gross receipts for the purpose of audit of accounts and for presumptive taxation 9. Conversion of a private company or an unlisted public company into a limited liability partnership (LLP).
Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. As on 01/4/2011 it has processed over 44.7 lakh e-filed returns of AY 2010-11 in all categories of ITRs including Corporate Returns and generated refunds in over 15.45 lakh cases. The Income Tax Department has now extended the last date for sending ITR Vs for AY 2010-11 to 31st July, 2011 or 120 days whichever is later.
INSTRUCTION NO. 4/2011 [F. NO. 279/MISC./M-20/2011-ITJ], DATED 9-3-2011 – Several instructions and directions have been issued by the CBDT from time to time emphasizing upon the need for timely filing of appeals/SLPs in the Supreme Court and proper conduct of litigation. However, a number of SLPs are being filed with inordinate delay. In the wake of repeated displeasure expressed by the Hon’ble Supreme Court on the present state of affairs, Ld. Attorney General for India has advised the Board to work towards a “Zero Delay Regime” in the matter of filing of appeals/SLPs.
CIT v Grewal Brothers – No doubt the firm and the partners may be separate entities for income tax and it may be permissible for a firm to give a contract to its partners and deduct tax from the payment made as per s 194C, but it has to be determined in the facts and circumstances of each case whether there was any separate subcontract or the firm merely acted as an agent as pleaded in the present case. The case of the assessee is that it was the partners who were executing the transportation contract by using their trucks and the payment from the companies was routed through the firm as an agent. The CIT(A) and the Tribunal accepted this plea on facts. Once this plea was upheld, it cannot be held that there was a separate contract between the firm and the partners in which case the firm was required to deduct tax from the payment made to its partners under s 194C.
Notification No. 19/2011 – Income Tax – In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 5C, – (a) the word “scientific”, wherever it occurs, shall be omitted; (b) in sub-rule (1) in clause (i) after the words, brackets and letters “clause (ii)”, the words, brackets and letters “or clause (iii)” shall be inserted. 3. For the rule 5D of the said rules, the following rule shall be substituted, namely:– “5D. Conditions subject to which approval is to be granted to a research association under clause (ii) or clause (iii) of sub-section (1) of section 35.–(1) The sole object of the applicant research association shall be to undertake scientific research or research in social science or statistical research as the case may be.
