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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 learned Assessing Officer has failed to appreciate the Development Control Rules of Pune Municipal Corporation and the provisions of The Bombay Provincial Municipal Corporation Act 1949 and has further erred in holding that the authority to issue the completion Certificate to the building vests with the PMC.
Growth in Corporate Income Tax was 22.07 percent (Rs.2,03,244 crore as against Rs.1,66,503 crore), while Personal Income Tax (including STT, and residual FBT / BCTT) grew at 14.57 percent (Rs.92,295 crore as against Rs.83,178 crore). Growth of Securities Transaction Tax was 11.97 precent (Rs.5,117 crore against Rs.4,570 crore).
A continuing debit balance, in our humble understanding, is not an international transaction per se, but is a result of the international transaction. In plain words, a continuing debit balance only reflects that the payment, even though due, has not been made by the debtor.
Supreme Court upholding the order of the Delhi High Court, denied reduction from book profit, for the purpose of Section 115JB (Section) of the Indian Tax Law, of the amount withdrawn from revaluation reserve. This is for the reason that such reserve was not added back to the net profit in the year of creation of revaluation reserve (year of creation), in terms of the requirement of the Section.
The words ‘belonging to’ have to be read along with the Explanation of section 4 and under this Explanation the expression ‘transfer’ includes any agreement or arrangement. The assessee, in the instant case, was allotted the land by the State Government. It constructed sheds thereupon and rented out the same and derived income therefrom. The sheds were, therefore, under the domain and control of the assessee. Even if legal ownership had not passed to the assessee, the property in question belonged to it. The assessee was deriving rental income and collecting the same which itself showed that it was the assessee to whom the property belonged.
It was held that the payment of National roaming charges is not rent for the use of telecom equipments in accordance with Section 194-I of the Income-tax Act, 1961 (the Act) and accordingly not liable for deduction of tax at source.
It was held that clause (iii) of Explanation 1 to section 115JB of the Income-tax Act, 1961 (“the Act”) cannot be said to be discriminatory and hence unconstitutional. This clause relates to set-off of unabsorbed business loss or unabsorbed depreciation, whichever is lower. The HC also held that the approach of reading down a provision by modifying the language of a statute to achieve the intention of the legislature, cannot apply to such a provision.
The income-tax department’s hands are tied by the law even if it wants to go after Ottavio Quattrocchi, following the observations of the Income Tax Appellate Tribunal (ITAT). Sections 148 and 149 of the Income Tax Act prevent authorities from reopening assessment in any case that goes beyond six years.
CUP method is the ‘most appropriate method’ to determine the arm’s length price in the cases of generic drug manufacturers so long as comparables are available and while innovators of drugs are allowed monopolistic pricing during the period when patents are in force so as to recoup the R & D costs, once the patent period expires, the higher pricing of the drug vis-à-vis prices of generic drugs manufactured by competitors cannot be justified on the ground of heavy R&D costs.
Supreme Court today said it would waive the 1 per cent court fee on the Income Tax Department, on the Rs 2,500 crore deposited by the Vodafone International Holdings, if the government gives an undertaking that it would not make claim of unjust enrichment
