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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...
Views expressed by smaller bench of a Supreme Court in the case of Azadi Bachao Andolan on tax avoidance are binding on the High Courts because it has interpreted the decision of the larger bench in the case of Mcdowell & Company. Accordingly, the transactions was not a colourable transaction.
The Income Tax department today conducted searches at the business premises of steel giant Jindal Steel works here for alleged charges of tax evasion. A team of I-T officials from the investigation and tax collection wings of the department reached the premises of the company and began scrutinising documents related to purchase orders and other financial dealings, sources said.
The Supreme Court today asked the Centre as to why the tax payers’ money should be used for subidising foodgrains under the public distribution system (PDS) for those who are above the poverty line. “We don’t understand the logic as to why a person, let us say earning an annual income of Rs 10 crore, should be (given) subsidy (by using) the tax payers’ money for distribution of the grains.
The government today said over Rs 1.60 lakh crore has been locked up in disputes between the income tax department and taxpayers as on January, 2011. “Out of the total arrears, the amount locked up in disputes between the income tax department and taxpayers as on January, 2011 is Rs 1,60,499 crore,” Minister of State for Finance S S Palanimanickam said in a written reply to Rajya Sabha.
India’s first multilateral agreement (MA) entered into with the South Asian Association for Regional Cooperation (SAARC) nations comprising Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka apart from India is a limited MA on avoidance of double taxation and mutual administrative assistance in tax matters with a view to promote economic cooperation amongst its member States. The MA was signed on 13 November 2005 and is in force from 19 May 2010. In India, the MA would be effective from 1 April 2011 and would apply in respect of income derived in tax year beginning from 1 April 2011 and subsequent years.
The income tax department has initiated inquiry regarding several investors who had signed memorandums of understanding (MOUs) with the Gujarat government at this year’s Vibrant Gujarat Summit (VGS). Revealing this in the state assembly on Tuesday, minister of state for industries Saurabh Patel blamed Congress for this.
The Hon’ble Finance Minister has expressed his deep concern at the rising litigation with employees of the Income Tax Department. A committee is already been set up in CBDT to i. Identify systematic causes for service litigation and litigation with taxpayers in the CBDT. ii. To prepare a roadmap for reducing the existing litigation and also to avoid litigation for future. iii) TO act as standing committee to reduce litigation.
As per clause (a) of Rule 49, an ‘authorized income-tax practitioner’ is any authorized representative as defined in clause (v) or clause (vi) or clause (vii) of sub-section (2) of section 288 for appearing before this Tribunal.
M/s Varun Developers Vs CIT, Bangalore (Karnataka High Court)- In view of the submission made to consider whether the calculations have to be made on completion of the project after registering the plots in favour of the intended purchasers or customers, who had invested the amount from time to time, or as and when the amount is paid and accrued to the benefit of the petitioner for each assessment years and, also to consider the deductions available as per Section. 801B(10) of the Act and to pass appropriate orders in accordance with law, the matter is remanded to the Assessing Officer by quashing the impugned orders passed by the Assessing Officer as well as by the Revisional Authority. All the contentions are left open to be urged, Petitions are accordingly allowed.
Finance Minister Pranab Mukherjee today said the income tax department has recovered undisclosed income of Rs 25,000 crore in the last two years during its search and seizure operations. In Income Tax Act there is regular provision for search and seizure. And this year search and seizure when we intensified, we have got undisclosed income of Rs 25,000 crore in last 24 months and out of that Rs 7,000 crore additional taxes have been realised,” Mukherjee said while replying to the discussion on the General Budget 2011-12 in Lok Sabha.
