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Income Tax : This guide explains the income-tax rates applicable to individuals, HUFs, companies, firms, co-operative societies, and other taxp...
Income Tax : This guide compiles the depreciation rates applicable to buildings, machinery, vehicles, computers, renewable energy assets, ships...
Income Tax : This comprehensive guide summarizes all major tax exemptions, deductions, rebates, TDS reliefs, and procedural benefits available ...
Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : The guide compiles the principal Income-tax Act provisions applicable to non-residents establishing business in India and resident...
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 held that Section 154 cannot be used where applicability of Section 167B requires factual examination, making the issue debat...
Income Tax : Gujarat HC quashed the reassessment proceedings after holding that ignoring the assessee's adjournment request violated natural ju...
Income Tax : ITAT held that once Form 10IE is validly exercised and not withdrawn, it continues for later years. AO was directed to grant Secti...
Income Tax : Madras HC upheld deduction for site restoration expenses, holding the contractual obligation under the PSC is allowable under Sect...
Income Tax : ITAT Mumbai held that a deduction claim supported by prevailing judicial precedents cannot attract Section 270A penalty merely bec...
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 Direct Code Bill 2010 is in public domain now, after a long debate and discussion on the Draft DTC put on public domain in August 2009. The Chapter of INCOME TAX SETTLEMENT COMMISSION having no space in the Draft DTC and has been made part of Direct Taxes Bill 2010, therefore requires proper public debate and sufficient discussions as to the Chapter XVI of DTC Bill 2010.
In a recent decision, in the case of Entertainment One India Ltd. v. ITO [2010-TIOL-210-ITAT-MUM] (“the assessee”), the Income-tax Appellate Tribunal (“the Tribunal”) has held that there is no liability to withhold tax under sections 194C and 194J of the Income-tax Act, 1961 (“the Act”) on payments made to producers, directors and actors for financing film production.
The Mumbai Bench of Income-tax Appellate Tribunal (“the Tribunal”), in its recent ruling in the case of M/s Hinduja TMT Ltd. [2010-T11-18-ITAT-MUM-TP] , has held that the onus is on the assessee to prove the arm’s length nature of its international transactions with associated enterprises. In this regard, the uncontrolled comparable data as well as other relevant details submitted by the assessee must be examined by the Revenue. Arm’s length price (“ALP”) must eventually be established with reference to appropriate uncontrolled comparable data and other relevant details, and by applying the methods prescribed in the Indian Transfer Pricing Regulations. In the same ruling, on a separate ground of appeal, the Tribunal considered whether the sale of investment made by the assessee was in the nature of capital gain or business income. Based on the facts, the Tribunal has, without giving any findings, restored the file back to the assessing officer (“AO”) so that the AO may take a view, consistent with those taken in earlier assessment years on identical issues, after considering the assessee’s contentions and having regard to the decision of the Bombay High Court in the case of Gopal Purohit (228 CTR 582; 188 Taxman 140).
Income from services in connection with seismic surveys, data acquisition, processing and interpretation of such data is covered under Section 44BB of the IT Act, 1961 and cannot be regarded as ‘fees for technical services’
In a recent case of SET Satellite Singapore Pte Ltd.1 the Income Tax Appellate Tribunal, Mumbai (“ITAT”) has held that royalty payments made by a resident of Singapore to another Singaporean entity, as consideration of rights to transmit and broadcast matches etc. in India, are not subject to Indian withholding tax requirements. The ITAT in this case relied on Article 12(7) of the India-Singapore Tax Treaty (“Treaty”), which provides that royalty payments will be considered to arise in India, only if the royalty is paid by a resident of India or incurred in connection with its permanent establishment (“PE”) in India and such royalty is borne by such PE.
It is mandatory for the assessee to follow one of the methods prescribed in Section 92C of the Income Tax Act, 1961 read with Rule 10B of the Income Tax Rules, 1962 and demonstrate that the international transactions entered with the associated enterprise are at arm’s length.
The government has decided to cap the number of national commodity exchanges at eight to foster sustained growth of the commodity futures market. “The Consumer Affairs Ministry in consultation with the sector regulator FMC has decided to allow only e
Shri Anand Sharma, Union Minister for Commerce & Industry today flagged off the implementation of the Coffee Debt Relief Package, 2010 by distributing the first batch of certificates to those small coffee growers whose loans have been waived under th
In a major crackdown, the Income Tax department is conducting nationwide searches on more than 70 premises of major real estate developers in the NCR including Paras and Amrapali group over alleged tax evasion. According to sources, more than 450 off
The government will look into more cross-border mergers involving Indian assets, like the Vodafone-Hutchison deal, after the Bombay High Court on Wednesday rejected UK-based Vodafone’s petition against the imposition of tax by authorities here.
