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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 confirmed the Section 69A addition after the assessee failed to produce evidence identifying the alleged farmers or explainin...
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 : 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. 65/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes number S.O. 732(E), dated 3rd July, 2001, namely:-
Notification No. G.S.R. 639(E)-Income Tax In case of death of a depositor before maturity, the account shall be closed and deposit refunded on an application in Form ‘F’ alongwith interest as applicable to the scheme till the date on which the depositor expired, to the nominee or legal heirs in case the nominee has also expired or nomination as provided in rule 6 was not made, as the case may be. For the period between the day following the date of death of the depositor and the date on which refund is made, simple interest shall be paid at the rate applicable from time to time to saving accounts as provided in Rule 6 of Post Office Savings Accounts Rules, 1981”.
The assessee made payments to sub-contractors during the previous year and though s. 194C requires TDS at the stage of payment/credit, did not do so. The tax was, however, deducted on 31st March and paid over in Sept before the due date for filing the return. The AO took the view that while the payment made to the sub-contractor for March was allowable, the payments for the earlier months was disallowable u/s 40(a)(ia).
Corporate affairs minister Salman Khurshid has said the Competition Act amendment bill, seeking to invest the competition watchdog CCI with powers to vet big-ticket takeovers, is likely to be tabled in the Monsoon session.
Notification No. S.O. 62/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes number S.O. 732(E) dated 3rd July, 2001, namely:-
Since the assessee disclosed additional income consequent to the search and seizure proceedings, the A.O. and the CIT(A) were correct in levying penalty.
Companies sitting on the fence are trying to see if they can use the eight month window still available to set up units in special economic zones. Units have to come up before March 31, 2011, to avail of income-tax concessions available for SEZ units.
Calling it the biggest litigant in the entire Government, Finance Minister Pranab Mukherjee has asked the Income Tax Department to reexamine the way it handles tax disputes. He said, the Department is filing appeals in a routine manner without careful thought and examination leading to the Income Tax Department earning the dubious distinction of being the biggest litigant in the Government of India.
As the last date for filing tax returns nears, those who earned income abroad (‘global income’) may have to make some extra effort while computing their tax liability. In case of employees on deputation abroad, the Income Tax (I-T) Department computes the tax on the basis of their residence status over a certain period of time.
Revised Citizens’ Charter Released. I-T Department Celebrates 150 Years of Income Tax in India. The Finance Minister Shri Pranab Mukherjee has asked the income tax department to make double digit contribution to GDP by collecting high revenues and help in building strong nation. He was addressing the senior officials of the Department on the occasion of 150 years of income tax in India, here today.
