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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...
Notification No. [SO 732(E) (File No. C.4/1/2010-SEZ)]-Income Tax In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely :— 1.(1) These rules may be called the Special Economic Zones (Third Amendment) Rules, 2010.
The President has assented to the Personal Laws (Amendment) Act, 2010 on 31st August, 2010 and it is published in the Gazette of India as Act 30 of 2010 on 1st September, 2010. The Act has amended the Guardians and Wards Act, 1890 and the Hindu Adopt
While the tax burden for an average taxpayer will lighten marginally, for tax evaders the Direct Taxes Code proposes to reduce penalties substantially. The DTC Bill, tabled in Parliament on Monday, proposes that anyone under-reporting their tax base would have to pay a maximum penalty of two times the tax sought to be evaded.
The new direct taxes code has provisions to restrain public sector undertakings and the tax department from taking their disputes beyond a certain level, a move aimed at curbing wasteful litigation.
In our view decision in the case of Green Emirate Shipping & Travels (supra) is squarely applicable to the facts of the present case. As held in the aforesaid easel expression liable to tax’ in that contracting state as used in Article 4(l)of Indo-UAE-DTAA does not necessarily imply that the person should actually be liable to tax in that contracting state land that it is enough if other contracting state has right to tax such person, whether or not such a right is exercised
In our considered view, the AO was within his realm to invoke the provisions of s.40(a)(ia) of the Act on the premise that the assessee had failed to deduct tax at source while making the interest payments. The assessee’s stand that the payees have approached the AOs concerned for issuance of No TDS/lower TDS etc., authorization which they have failed to obtain etc., doesn’t hold water. Further contention of the assessee that TDS obligation was not was required, considering the computation of income shown in each case where F No.13 application was made to the AO concerned for authorization, in our considered view, to put it gently, the assessee had over-stepped in his perception which he was not obliged to do so under any provisions of I.T.Act.
In this bunch of four appeals, the assessee has challenged the impugned common order of the Learned CIT(A) for the A.Y. 2003-04 to 2006-07 dated 24.11.2006 and all these four appeals are arising out of the orders passed by the I.T.O.(TDS) – 3(1), Mumbai (in short the A.O.) treating the assessee in deemed default for not deducting the tax at source u/s. 194C and 194J of the Act.
The judgment of the Supreme Court is an expression of opinion on the interpretation of statute. Merely because a judgment has been rendered, the same cannot be a ground for reopening the assessment u/s 147 as it amounts to a change of opinion. Austin Engineering 312 ITR 70 (Guj) followed).
Pension products offered by insurers and mutual funds could be included in the long-term savings schemes eligible for tax concession available to individual under the new Direct Taxes Code provided they meet the norms laid out by the government.
The government may allow the Leave Travel Allowance (LTA) to be exempted from taxation once the Direct Tax Code (DTC) comes into effect. The directive to this extent will figure in the rules to be framed by the finance ministry after the DTC is passed by Parliament.
