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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...
Though the persistent belligerence of Congress MP Jagan Mohan Reddy has often embarrassed the Congress high command since his father and former Andhra Pradesh chief minister Y S R Reddy’s death last year, not much is known about his personal wealth.
Energy explorers will get tax incentives based on their investments in the ninth round of auctions for oil and gas exploration blocks, replacing the existing regime of seven-year tax holiday on profits. The tax benefits will extend to gas exploratio
The high court of Bombay at Goa has recently held that the deduction claimed by a company for expenditure incurred towards machinery hired cannot be rejected by the tax authorities on the ground that that the machinery was lying idle.
The Bombay High Court will soon hear a petition filed by the income tax (IT) department pertaining to a 10-year-old case involving alleged tax evasion of Rs.40 million by Bollywood actor Salman Khan.The IT department has challenged an order of the in
The Income Tax department has received financial details of more than Rs 150 crore in overseas accounts from some tax haven countries of “non- residents” who invested in the IPL. The department had few months ago approached an exclusive cell in the F
We have summarised below few frequently asked questions and answers which arise in respect of deduction of TDS on transport Charges and in respect of TDS return filing requirement when no TDS been deducted on Transport Charges Paid to the Transporte
Deductors are required to file eTDS statement every quarter. Any error/ omission in original statement filed has to be rectified by filing a correction statement. It was possible to file multiple correction statement in respect of one original return
Royalty paid by a taxpayer computed even on sales made to the Associated Enterprise is at arm’s length. Further, a taxpayer paying royalty to its Associated Enterprise can make additional payments for technical services rendered by personnel deputed by the Associated Enterprise.
Central Bank of India v. DCIT- In view of non-discrimination clause under the India-USA tax treaty, the non-resident should be given same treatment as given to resident’s taxpayers. Accordingly, the payment made to USA entities cannot be disallowed on account of non deduction of tax at source.
In a recent ruling, ITAT Mumbai held that no disallowance under section 14A of the Income-tax Act, 1961 is attracted in the case of a life insurance company. The Tribunal also held that disallowance of software expenses and of expenses incurred for increase in authorised share capital, is not attracted in view of the special provisions of section 44 of the Act read with the relevant rules in the First Schedule to the Act.
