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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 Central Bureau of Investigation has arrested an Income Tax Officer of Central Revenue Building, Civil Lines, Raipur for demanding and accepting a bribe of Rs.20,000/- from the complainant. A case was registered against Income Tax Officer, Central Revenue Building on the allegation that the accused had demanded a bribe of Rs 30,000/- from the complainant for settling an Assessment Case (Assessment Year 2008-09) in his favour. The bribe amount was, however, reduced to Rs 20,000/- subsequently.
Income tax (I-T) raid operation on Lodha group has concluded reports CNBC-TV18 quoting sources. Beginning on 10 January, the taxmen conducted search at around 40 premises of Lodha Group. It is learnt that around Rs 200 crore of alleged disclosure
The plea of the assessee based on Minda Investments Ltd that the disallowance should be deleted cannot be accepted as in the later decisions similar matters have been restored to the file of the AO and according to rule of precedence, later decision passed by similar strength of the Bench has to be followed in preference to the earlier decision.
The profits from the offshore supply contract held to be not liable to tax in India on the ground that the transfer of title in the goods had passed outside India.
An expert group with the mandate of suggesting measures to plug revenue leakages under existing tax laws will be constituted by March, 2011, the Income Tax Department has said. Constitution of the expert group to be done before the end
We hold that Section 80IA(9) does not affect the computability of deduction under various provisions under heading ‘C’ of Chapter VIA, but it affects the allowability of deductions computed under various provisions under heading ‘C’ of Chapter VIA, so that the aggregate deduction under Section 80IA and other provisions under heading ‘C’ of Chapter VIA do not exceed 100% of the profits of the business of the assessee. Our above view is also supported by the C.B.D.T. Circular No.772 dated 23121998, wherein it is stated that Section 80IA(9) has been introduced with a view to prevent the taxpayers from claiming repeated deductions in respect of the same amount of eligible income and that too in excess of the eligible profits.
The government may soon be able to obtain classified financial data from tax-haven countries and some foreign shores as it plans to set up new overseas Income Tax offices in countries like the US, the UK and Cyprus to liaise with local tax authoritie
The Supreme Court today waived one per cent court fee on the Income Tax Department , on the Rs 2,500 crore deposited by the Vodafone International Holdings , after the government gave an undertaking that it would not make claim of unjust enrichments.
The income-tax department on Monday raided four premises of realty developer Lodha Group on alleged misreporting of income. The raid was based on a tip off suggesting inflated expenditure using fake receipts and cash payments from clients.
The AO can not apply Rule 8D without pointing out any inaccuracy in the method of apportionment or allocation of expenses as adopted by the assessee. Rule 8D r.w.s. 14A(2) can be invoked only if the AO “having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of expenditure incurred” in relation to tax-free income.
