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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 Department today conducted nation-wide searches at more than 30 premises of steel maker Ispat Industries in connection with alleged tax evasion. The searches were conducted at Mumbai, Nagpur, Delhi, Kolkata and 25 other places of the
Section 69 of Income Tax Act deals with the cases of unexplained investments which have been made by the assessee but not accounted for in his books of accounts if any maintained and for which no satisfactory explanation is offered by the assessee.
Income Tax Department is releasing 3 new services on the e-filing website Income Tax Department is releasing 3 new services on the e-filing website. These are available from the ‘Services’ menu on the Menu Bar on top. The services are available without requiring any login (and are also available under ‘My Account’ as well) are: […]
Indian economy is buoyant, strong and has kept recession at bay and to keep the progress going, the contribution of chartered accountants is important. They must act as the watchdogs of economy and contribute to nation building,
Income Tax Department is releasing 3 new services on the e-filing website. These are available from the ‘Services’ menu on the Menu Bar on top. The services are available without requiring any login (and are also available under ‘My Account’ as well)
Assistant Commissioner of Income tax v. Srj Peety Steels (P) Ltd. (ITAT Pune) – When noting incriminating was found in the course of search relating to any of the assessment years, the assessments for such years could not be disturbed; further, consumption of the electricity for the manufacture of mild steel ingots / billets depends on various factors and the AO did not attempt to establish a direct nexus between production and electricity consumed and therefore no addition was called for.
After a gap of 25 years, the government has set the ball rolling again for estimating black money in India as well as the causes of its generation and has sought proposals from national institutes on the subject. Finance Minister Pranab Mukherjee has asked four institutes to send their suggestions for undertaking a study to estimate the quantum and nature of unaccounted money in the country.
Non-resident individuals and organisations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department.
The AAR held that the ‘source of income’ for hire charges of a vessel is to be determined having regard to the place where the agreement for hire was executed and the place where the vessel was delivered/situated at the time of entering into the agreement. In the present case, since at the time of renewal of the agreements the vessels were situated in India, the hire charges pertaining to that period are taxable in India.
The Tribunal while upholding the order of the CIT(A) and after relying on the decision of the AAR in the case of Brown and Root Inc. held that since an installation project was not carried on for more than six months, as per Article 5(2)(k) of the tax treaty the taxpayer did not create PE in India.
