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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 remanded the matter after holding that the CIT(A) passed a non-speaking order without giving reasons or properly considering ...
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 : 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...
Income-Tax and Customs Departments are facing a nearly 50 per cent staff shortage at the senior levels. This was stated here on Saturday by the Revenue Secretary, Mr Sunil Mitra, on the sidelines of Fostering trade led growth: strategies and prepare
The survey carried out by sleuths of the Income Tax Department on the Greater Mohali Urban Development Authority (GMADA) on Thursday has revealed that the GMADA has failed to deposit timely advance tax instalments on receipts exceeding Rs 150 crore o
Notification No. 85/2010-Income Tax Exemption Limit in respect of employee working in any transport system:- From 01.09.2008- Any Allowance granted to an employee working in any transport system for meeting his personal expenditure during his duty performed in the course of running of such transport from one place to another place, provided that such employee is not in receipt of daily allowance – up to 70% of allowance, maximum of Rs. 10,000 p.m.
Notification No. 84/2010-Income Tax In exercise of the powers conferred by sub-section (1) of section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby amends the Tax Return Preparer Scheme, 2006, published vide notification number S.O. 2039(E) dated the 28th November, 2006
The Income Tax Appellate Tribunal (ITAT) has ruled in favour of Reliance Industries chairman Mukesh Ambani in a tax case involving income of over Rs2,000 crore. In a significant ruling, the Mumbai bench of ITAT has held that pledge of equity shares
The Vasai Branch of the Western India Regional Council of the Institute of the Chartered Accountants of India conducted a seminar on ITAT Proceedings & Mock Tribunal on 21 November 2010. The idea to hold such a seminar was the brainchild of the Secre
It was held by ITAT, Mumbai that computer software when put into a media and sold becomes goods like any other audio cassette or painting on canvass or book. Accordingly, the amount paid by taxpayer towards purchase of such computer software from a Singapore company cannot be treated as royalty as per the India-Singapore tax treaty (tax treaty).
The Bangalore Income Tax Appellate Tribunal (Tribunal) has ruled on the transfer pricing aspects of management services fees paid by the Taxpayer to its regional headquarter company (associated enterprise or AE). The Tribunal upheld the contention of the Transfer Pricing Officer (TPO) that the Taxpayer has not proved the commensurate benefits received for the service fees paid to the AE and, hence, ruled that the payment of the management services was not justified under arm’s length principles.
The ITL permits deduction of expenditure representing statutory liabilities like sales tax etc., only upon actual payment. Under a specific provision of the ITL, if any allowance or deduction is made by way of expenditure, loss or trading liability in previous tax years and, subsequently, the taxpayer is in receipt of the amount of the loss or expenditure or certain benefit accrues to the taxpayer by way of remission or cessation of trading liability, the same is chargeable to tax as business income.
Once the payment of ‘off-the shelf software’ held not to be chargeable to tax as a royalty on the basis of the certificate obtained from a chartered accountant, no penalty and interest can be levied on the grounds that the assessee did not take prior approval of the assessing officer under section 195(2) of the Act.
