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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...
Finance ministry on Thursday ruled out any profit-linked tax benefit to special economic zones (SEZs) under the proposed Direct Taxes Code (DTC), aimed at reforming tax structure in the country. “There will be no profit-linked deductions for special economic zones under Direct Taxes Code. But SEZ developers and units may still get investment-linked tax deductions,” revenue secretary Sunil Mitra said in an interview.
Under the direct taxes code (DTC) regime, what happens if a salaried employee withdraws money from his/her approved Provident Fund (PF)/Superannuation fund (SF) /Gratuity and other retrial benefit schemes? How will the DTC affect pension plans?
The Income Tax Department has carried out search operations at companies engaged in real estate business, I-T department sources said here today. Over 50 premises including business and residence of five builders are being searched by more than 250 I-T sleuths, sources said, adding some of the business premises in Ahmedabad are also being searched.
Revised discussion paper on the Direct Taxes Code (DTC) has suggested that donations be made taxable in the hands of the donor. At present, 50 per cent deduction is allowed on the donations made to religious institutions. So, if you donate Rs 1,001 to, say Tirumala Tirupati Devasthanams, you can claim a deduction of Rs 500 from your income. The first draft of DTC had proposed this deduction be available only if the funds are used for renovation or repair of a religious body.
The Parliamentary Standing Committee on Finance has sought details of the financial dealings of the Indian Premier League from the UPA government. It has also questioned finance ministry and corporate affairs ministry officials on why no enquiry was conducted during the first two years of the the T20 extravaganza.
New rules have been introduced on Tax Deduction at Source, the latest in a set of recent changes. This will impact the manner in which individuals deal with their TDS certificates. There have been changes that will impact a lot of procedural areas. One set of aspects will impact those deducting the tax and paying this to the government. The other impact will be on the person whose amount is deducted.
The Income Tax Department is likely to slap a demand of Rs 8,500 crore on foreign companies and their domestic subsidiaries which allegedly transferred profits to other countries to reduce tax liability. “Income Tax Department is likely to raise over Rs 8,500 crore from transfer pricing audits. There has been scrutiny of 8,105 such cases,” Finance Ministry sources told PTI.
The assessee, a charitable trust claimed exemption u/s 10(23C)(vi). The return was processed u/s 143(1)(a). No assessment order u/s 143(3) was passed. Subsequently, the AO issued a notice u/s 147 on the ground that as the assessee had not invested a sum of Rs. 1.02 crores in investments u/s 11(5), the said sum of Rs. 1.02 crores was chargeable to tax. The reopening was upheld by the CIT(A). On appeal by the assessee, HELD allowing the appeal:
Finance Minister Pranab Mukherjee on Friday said the government will take a view on new tax slabs after receiving inputs from different stakeholders on the revised draft of the Direct Taxes Code (DTC).
New facility added in My Account allows registered E-filers to View the Tax Credit Statement (Form 26AS) to verify if the tax payments made by you or TDS deducted from salary or interest etc are correctly reported to the Department. This is crucial to ensure that you receive complete and accurate tax credit for tax payments and TDS reported by you in the I-T return. Please immediately contact the bank or deductor in case of any discrepancy or missing entries.
