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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 Income Tax raid at Priyanka Chopra’s premises has revealed that the Bollywood actor has unaccounted assets worth Rs six crore, a senior official said today. Primarily of what we have scrutinised, we have found that assets worth Rs six crore were not accounted for, the Income Tax official said. However, the official did not divulge details of the unaccounted assets.
Ms. Katrina Kaif is a rather pained woman. The IT tax raids and the unsavoury publicity, notwithstanding, Kaif is rather miffed over tabloids tinting her a slimy tax evader. And this whole talk of her unaccounted moolah running into crores of rupees and the undisclosed lockers have quite rankled her starry nerves.
The government said it has no plans to bring out a tax amnesty scheme to lure black money stashed away in foreign accounts. The finance ministry made this submission before Parliament’s standing committee on finance.
From the language of section 205, it is clear that once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction. Once it is established that the tax has been deducted at source from the salary of the employee, the bar under section 205 of the Act comes into operation and it is immaterial as to whether the tax deducted at source has been paid to the Central Government or not, because elaborate provisions are made under the Act for recovery of tax deducted at source from the person who has deducted such tax.
Income-tax officials on Thursday claimed to have detected documents revealing unaccounted wealth of around Rs 11 crore during their searches at the properties of actress Priyanka Chopra and photographer Atul Kasbekar. Documents seized during searches at the office and homes of the two celebrities have reportedly revealed a total unaccounted income of around Rs 11 crore.
Expressing concern that black money stashed in banks abroad might have originated from arms deals, drug trafficking and smuggling, the Supreme Court today asked the government as to what action it had taken against individuals and firms having foreign accounts.
Corporate funding to political parties should be treated as expenditure in order to increase transparency in financial statements and curb black money flow, Accounting regulator ICAI has said. It also added that Companies Bill should incorporate this
Income tax department is upgrading its system to ensure an assesse, scrutinised for a particular financial transaction, does not land in trouble the year after. The income tax department has undertaken intensive upgrade of its software and systems responsible for picking up cases for intensive scrutiny.
Sinhgad Technical Education Society vs. ACIT (ITAT Pune) -Though section 153C of the Income Tax Act confers jurisdiction if the Assessing Officer is ‘satisfied’ that ‘documents’ seized belong to a person other than the person referred to in section 153A so as to be able to assess that other person, the document must have prima facie incriminating information. The document seized must not only be a ‘speaking one’ but also be prima facie ‘incriminating one’ for attracting section 153C. If the impugned documents merely contain the notings of entries which are already recorded in the books of account or subjected to scrutiny of the AO in the past in regular assessment u/s 143(3) of the Act, such document cannot be said to be containing the incriminating information so as to confer jurisdiction u/s 153C.
The government plans to widen the scope of wealth tax in Budget 2011-12 to include several assets that escape the tax net as they are acquired through cash transactions.Armed with a survey on ostentatious display of wealth, the government is collecti
