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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 has ruled that private companies cannot complain about violation of their contractual rights by government when national interest is involved in awarding contracts for public projects involving taxpayers’ massive money. A bench of justices V S Sirpurkar and T S Thakur in a judgement expressed anguish at the manner in which the Tehri Pump Storage Plant could not be taken up for the past three and half years due to the legal battle involving two MNCs–Voith GMBH (respondent No.1) and Alstom (respondent No.2).
The second meeting of the Inter-Ministerial Group (IMG) on inflation was held today under the Chairmanship of Dr Kaushik Basu, Chief Economic Advisor (CEA), Ministry of Finance. The IMG was set-up at the suggestion of the Prime Minister on 2nd February,2011 in order “to review the inflation situation and suggest corrective measures.” The IMG has been entrusted with the task of studying and proposing policies pertaining to (a) food article inflation and (b) macro-economic demand management.
India plans to open income tax offices in eight countries including United States, Britain, Germany and the UAE to trace tax evaders, parliament was told Friday. The government has taken steps to operationalise eight new Income Tax Overseas Units in France, Germany, the Netherlands, Cyprus, US, Britain, United Arab Emirates, and Japan in the next financial year, Minister of State for Finance S.S. Palanimanickam told the Lok Sabha in a written reply.
If a search under section 132 of the Income Tax Act, 1961 is challenged on the ground that information leading to reasons to believe for authorising search was irrelevant then how should this question be resolved? Should the court, Look into the records and decide it alone; or Disclose the information to the aggrieved person and then adjudicate upon it, after hearing the parties (a)The Director of Income-tax (Investigation) Kanpur had jurisdiction to authorise the search;
Over Rs 3 lakh crore in direct taxes, which is more than the annual corporate tax collection, is locked up in litigation at various levels. While Rs 2.2 lakh crore of revenue was locked up in appeal cases with Commissioner of Income Tax (Appeals) in 2009-10, the amount involved in litigation at the higher levels was Rs 91,087 crore, said the latest CAG report.
Bigger corporate you are, the lesser tax you pay as more exemptions are available to you, the Comptroller and Auditor General (CAG) has found. As against the statutory 33.9%, 179 top companies with profit before tax (PBT) of Rs 500 crore and above paid an effective tax rate of 22.1% in 2008-09.
Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ITO v. TCFC Finance Limited (ITA No.1299/Mum/2009) (Judgement date- 9 March 2011 Assessment Year 2004-05) held that the provisions of Minimum Alternate Tax (MAT) deals with amount of provision for diminution in the value of any asset and not with the value of asset which remains after diminution. Once provision is made for diminution in the value of any asset, the same has to be added for computing book profit, regardless of the fact whether or not any balance value of the asset remains after diminution.
Sealed Technical and Financial bids are invited from eligible bidders for implementation of E-Filing of Returns and Other Forms and Web-Enabled Services for Income-Sealed Technical and Financial bids are invited from eligible bidders for implementation of E-FILING OF RETURNS AND OTHER FORMS AND WEB-ENABLED SERVICES for INCOME-TAX DEPARTMENT project. A complete set of Bid Document may be purchased by interested eligible bidders from the Department upon payment of a non-refundable cost of Rs. 10,000/- (Rupees Ten Thousand) and on submitting the Non Disclosure Agreement (NDA). The payment should be made in the form of a Demand Draft in favour of “Accounts Officer, Zonal Accounts Office, CBDT, New Delhi” and payable at New Delhi. The bid document may be purchased personally from the office of undersigned during office hours on all working days from Monday – Friday.Tax Department.
Blaming use of black money in real estate to archaic laws, India’s largest realty firm DLF today said Prime Minister Manmohan Singh’s emphasis on reduction of stamp duty will help in cleansing the sector. “Real estate industry is the least reformed. Wherever any reforms have not taken place, parallel economy exists… This industry’s laws, regulations everything is archaic. No reform has taken place since Independence,” DLF Chairman K P Singh said at the India Today Conclave here.
At present, a foreign national coming to work in India is required to obtain an Employment Visa (“EV”) from the Indian Mission in his / her home country or country of residence. The accompanying spouse is required to obtain an Entry visa (“X” visa) to stay in India. A spouse who is on an X visa cannot undertake employment in India. To undertake employment in this case, the spouse is required to go back to his / her home country to obtain an EV. The Ministry of Home Affairs (“MHA”) has recently relaxed the visa norms and a spouse is now permitted to convert his / her X visa into an EV in India subject to the fulfillment of following conditions.
