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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...
Finance Minister Pranab Mukherjee today said revenue authorities have detected tax evasion of about Rs 1 lakh crore during the past 18 months as a result of international cooperation as well as domestic surveillance. “Almost one lakh crore of rupees, may be a little less than that, we have been able to bring under the tax net in last 18 months,” Mukherjee said while replying to the general discussion on Budget in Rajya Sabha.
Our commitment to issue all refunds before March 31 2011 – CBDT’s requests / instructions / advice made on Feb 24, March 5 & again on March 8 2011. At the moment we are issuing around 30,000 refunds every day. Around 2,000 refunds cases are being approved every day by Jt / Addl CITs. Though there is a definite progress in the issue of refunds, it is still far short of desired output.
Swiss banks have asked their government to reject any “mass-requests” for account details, even as the European nation plans to relax its norms for sharing banking information with countries such as India. Known for providing utmost secrecy to their customers and their assets, Swiss banks have also warned the Switzerland government against signing any automatic information exchange agreement with any foreign country.
In the present case, we are of the opinion that even if the websites had materialized, the expenditure could not have been viewed as capital expenditure because the website is put up for the purposes of day-to-day running of the business and even if one were to view that some enduring benefit is obtained by the assessee, the benefit cannot be said to accrue to the assessee in the capital field. A website is something where full information about the assessee’s business is given and it helps the assessee’s customers in dealing with it. A website constantly needs updating, otherwise it may become obsolete. It helps in the smooth and efficient running of the day-to-day business. The expenditure would have been allowable as revenue expenditure; as a corollary, when the website did not materialize, the amounts advanced to the companies who were engaged to develop the websites, when they became irrecoverable, can be written off and claimed as loss incidental to the business. The loss is thus allowable as business loss in terms of section 28 of the Act. We accordingly uphold the assessee’s alternative plea.
Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. As on 09/3/2011 it has processed over 38.42 lakh e-filed returns of AY 2010-11 in all categories of ITRs including Corporate Returns and generated refunds in over 10.44 lakh cases.
Update on CPC – Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following: 1. Status of receipt of ITR-V at CPC 2. Processing status of e-filed returns 3. Refund issues 4. Any other information related to processing of returns at CPC
All the CCITs, including the CCITs (CCA), were advised by the Board on Feb 28 & again on March 05 11 to provide data regarding paper refund cases not yet entered on the system. The CBDT feels anguished that, except CCITs Nagpur, Ranchi, Panaji & Guwahati, no other CCIT has taken care to comply with the Board’s appeal.
After being rapped by a local court for not doing its “homework”, the Enforcement Directorate today took the line that “certain links” of Hasan Ali Khan needed to be probed as it has a bearing on “national security” and pressed for his 14-day custodial interrogation.
The Minister of State for Finance, Shri S.S. Palanimanickam, in written reply to a question raised in Lok Sabha today, said that the Government has taken steps to operationalise 8 new Income Tax Overseas Units (ITOUs) in France, Germany, Netherlands, Cyprus, U.S.A, U.K., U.A.E. and Japan in the next financial year .
The tax effect involved in the present appeal is Rs. 4,65,860/-. As per the recent guidelines of the CBDT, appeal in those cases where the tax effect is less than Rs. 10 lacs, are not to be entertained. In this case court has taken the view that such circular would also apply to pending cases. A contrary view has been taken in CIT vs. M/s Varindera Construction Co (P&H High Court – Full Bench)
