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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...
Once provisions of Municipalities Act are applicable to notified area and they are treated as a separate class of self-governing institution then they have all the ingredients of a municipality and, therefore, they are covered by clause (ii) of section 10(20)
Transfer of an asset is a primary condition which must be satisfied before a receipt can be treated as capital gain and/or capital loss u/s 45. The transaction regarding surrender of US-64 units for converting the same into Unit Trust of India 6.75% tax free bonds in terms of the scheme of the Unit Trust of India would not amount to transfer for purpose of section 45.
Notification No. 5/2011 – Income Tax WHEREAS, an Agreement between the Government of the Republic of India and Bermuda as authorised by the Government of the United Kingdom of Great Britain and Northern Ireland for the Exchange of Information with respect to taxes was signed at New Delhi on the 7th day of October, 2010
Dissemination of informations, furnishing guidelines and suggesting plans of action aimed at uniformity and seamless quality in business dealings of participating group entities do not per se amount to making available to them technical knowledge and experience possessed by EMEIA to a substantial extent; There is no transfer of technical know-how in that pro
Where it has not been established before the Court that there has been any failure on the part of the Commissioner(Appeals) or the Tribunal to take into consideration relevant and germane circumstances; consequently, it would not be appropriate or proper for this Court to substitute its own conclusion of fact for a conclusion which has been arrived at by the Tribunal.
While dismissing the appeal filed by the Revenue, it was noted by the Tribunal that nothing had been brought on record, by the Assessing Officer, to suggest that the expenditure was not incurred for the business purpose of the assessee. In the opinion of the Tribunal, if somebody, other than the assessee, benefited from the expenditure incurred by it, that woul
The undisputed fact now is that assessee has imported ascorbic acid FCC grade-iv and after undergoing some processing has made ascorbic acid IP. In the processing the assessee is using certain other chemicals, such as methanol and sulphuric acid for the purpose of cleaning and removing iron and lead contents, if any. The fine grade of ascorbic acid IP i
We find that at the time of survey the sample processing was carried out and according to the sample processing, the bi-products consists of chuni, dust, waste, etc. which comes to 8.46% and the books of account reflected the waste and bi-products at 10%. We find from the facts that out of 100 kg. of mug the production of mugdal is 90 kg. and bi-product is 10 kg, which is called `kurma or chuni’. Kurma is bi-product and not a waste or process loss. Kurma is sold in open market and sale proceed has already been credited by the assessee in the books of account. According to the assessee, the actual wast
Merely because the assessee is not required to disclose the particulars of sale and purchase of units in audit report obtained under the Companies Act, it cannot be a bona fide reason or an excuse for not disclosing the same in the statement of accounts or any annexure filed along with the return of income for the purpose of determining the total income under the Act
In a meeting with Software Vendors on Jan 21, 1011, NSDL has outlined the following changes in eTDS Statement filing for the Fourth Quarter filing Mandatory Mobile Number It will be mandatory for responsible person to provide mobile number. Howev
