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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 Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Ministry of Finance including Shri Sunil Mitra, Revenue Secretary, Shri Shashi Shekhar Sharma, Secretary, Financial Services, Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes (CBDT) and Chairman and Managing Director of Union Bank of India, Shri M.V.Nair were present among others on the occasion.
From the desk of Chairman,CBDT, S.N. 30 /March 31 ,2011. As we all know, in recognition of the contribution of the Income tax since 1861 in building this great country & as a part of celebrations of 150 yrs of Income Tax Department in India, the Union Finance Minister had released on Feb 26 2011 a set of commemorative coins of denomination of Rs 150 and Rs 5.
American search engine Google, which recently accused the Chinese government of blocking its services, has been charged with tax evasion along with three of its affiliate companies. Three Google-affiliated companies have been found using fake invoices and accounting and business tax irregularities were also discovered that involved more than 40 million yuan (USD 6.06 million), the state-run Economic Daily reported today, citing sources in China’s tax authority.
Andhra Bombay Carriers v. Additional Commissioner of Income-tax (ITAT Hyderabad)- Whether when assessee is able to lead evidence to show that not only was there reasonable cause for taking money in cash, but amount did not also represent unaccounted money either of assessee or of persons from whom they were taken, normally that should be sufficient to hold that penalty is not justified – Held, yes
CIT Vs Sanjay Chhabra ( Chandigarh High Court)- The sole point for consideration in this appeal is that once the Revenue had come to the conclusion that the assessee had made sales of apples amounting to Rs. 5,75,654/- to one Jagdish Chawla, whether it was the entire amount, or the 5% profit thereof, being commission on such sale, that was to be added to the income of the assessee.
Singareni Collieries Company Ltd Vs ACIT (ITAT Hyderabad) – Whether book profits is to be computed with reference to each assessment year – Whether profits earned during the period of sickness and available for setting off under normal provisions of Income Tax are to be excluded from the ambit of book profit of non-sick years. – Assessee’s appeal dismissed.
DIT v Sahu Jain Trust – Exemption under s 11 — A charitable trust, if acquires tenancy right in respect of some immovable property owned by a different person, and thereafter sublets the said tenancy right and in the process earns some income, such income should not be treated to be an income from business as to attract the provisions contained in s 11(4A) — as held by KolHC in DIT v Sahu Jain Trust; ITA No. 38 of 2001, 13 April 2011
“Whether in the facts and circumstances of the case where the delay in the disposal of the relevant appeals is not attributable to the assessee, the Tribunal can extend the stay already granted beyond the period of 365 days even after 01.1 0.2008 or it has no power to grant/extend such stay as a result of amendment made by the Finance Act 2008 by substituting third proviso to Section 254(2A) w.e.f. 01.10.2008?”
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ITO v. Galaxy Saws P. Ltd. (ITA No.3747/M/2010) (Judgement Date: 11 March 2011, Assessment Year: 2005-06) held that revaluation reserve not routed through Profit & Loss Account but directly transferred to balance sheet could not be added to net profit while computing the book profit for the purpose of Minimum Alternate Tax (MAT). Further, the Tribunal reiterated that principle that once the accounts have been prepared as per the provisions Schedule VI of the Companies Act and adopted at the Annual General Meeting (AGM) of the company, the net profit disclosed in such accounts cannot be tinkered with by the Assessing Officer (AO) while computing the book profit.
The income tax department has conducted a search operation on Mumbai-based Kanakia Group. The raids were conducted early morning, in Mumbai and Lucknow, for alleged tax evasion pursued by Kanakia Group, reports CNBC-TV’s Ashwin Mohan quoting sources.
