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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 held that Section 54F deduction cannot be denied where capital gains are invested in a residential house within the prescribe...
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 : 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 department has decided to celebrate 24th July, as the annual Income Tax Day from this year, to mark 150 years of existence of this levy. “Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of that year, it is proposed to celebrate this day as the Income Tax Investiture Day,” a finance ministry official said.
Taiwan’s ongoing negotiations with India on a Double Taxation Agreement (“DTA”) look set to be concluded in the near future. “I can only say that things are moving very well. We are finalizing the details in the very, very near future,” said Pradeep Kumar Rawat, the director-general of the India-Taipei Association. He did not say when a more detailed announcement may be expected.
A former chief commissioner of the income-tax department, who was instrumental in preparing the revenue department’s case for levying a tax on the $11-billion Vodafone-Hutch Essar deal, has resigned from professional services firm KPMG that has Vodafone as its client. Girish Dave, the former chief commissioner, had joined KPMG after his retirement, a move that was looked at askance by the higher echelons of the Indian Revenue Service.
An infrastructure finance company can issue only 25 percent of its incremental investment as tax-free infra bonds in a year, says the finance ministry. “The volume of issuance (of tax free bonds) during this financial year will be restricted to 25 percent of the incremental infrastructure investments made by the issuer during the fiscal 2009-10,” a senior finance ministry official said.
Direct tax collections in the country are likely to double after the proposed Direct Tax Code (DTC) and the Goods and Service Tax (GST) regime come into effect, a top government official has said. “We are moving towards a scenario where I think there will be a substantial increase in collection of taxes when DTC and GST will be in place. GST will help us in direct tax collection,” Central Board of Direct Taxes (CBDT) Chairman S S N Moorthy said.
Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not be assessed as an A.O.P. (Association of Persons) but the share of each person in the income from the property as computed u/ss. 22 to 25 (i.e., Income from house property) shall be included in his total income.
Income derived from property held under trust or of an institution (‘trust’) wholly for charitable/religious purpose is exempt, if 85% of the income is spent on the objects of the trust, during the year. If the amount spent is less than 85% of the income, the shortfall is taxable, unless the trust has complied with the conditions mentioned in the table below.
A recent media report suggests that the Governments of India and Mauritius are slated to renegotiate the India-Mauritius Tax Treaty (Treaty). The Treaty is one of the few tax treaties that provides for an exemption, from taxation in India, of capital gains arising from alienation of shares of an Indian company. At this stage, it is not known whether the renegotiation would seek to eliminate the capital gains exemption or introduce an anti-treaty shopping provision or merely strengthen the exchange of information clause of the Treaty.
NC Notification No. 57/2010-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table
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