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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...
PAN Circular No. 5 2. The PAN Service Providers are hereby directed to use Speed Post as well as Courier mode of delivery of PAN Card. The PAN Service Providers are further directed that if a PAN Card is returned undelivered by one mode of delivery then it should be re-dispatched by using the another mode of delivery i.e. if a PAN Card sent by Speed Post is returned undelivered then it should be re-sent by Courier and if a PAN Card sent by Courier is returned undelivered then it should be re-sent by Speed
A fashion designer is an artist, insisted Tarun Tahiliani’s lawyers before the Bombay HC on Friday. The court has been called upon to decide whether fashion designers are eligible for I-T exemption available to artists. “Designing a garment or jewellery is the work of an artist. The designer conceptualises the work, uses his creative skills,’’ said his lawyers.
In the year ahead, we have a tough task before us. We have to achieve a budget collection target of Rs.4.30 lakh crore. The FM in his speech yesterday had implied and hoped that the direct tax collection will exceed its Budget Estimates. However, I shall be direct and urge all of you to take all necessary steps for not only realizing, but exceeding the B.E. Exceeding our collection targets will be a form of thanksgiving to the FM for the benevolence and encouragement shown towards this Department. “
Finance Minister, Shri Pranab Mukherjee announced the operationalisation of the income tax welfare fund which was pending since 1998. The fund has a corpus of Rs.100 crore and will be available for welfare activities of the employees of the income tax department. The finance Minister made this announcement while addressing the Annual Conference of Chief Commissioners and Director Generals of Income Tax, here today.
The assessee, a Mauritian tax resident, owned a jack-up rig used for drilling of mineral oil. The rig was given on charter basis to an Indian company which in turn leased it to ONGC for operations in Indian territorial waters. On 24.4.1997, the assessee entered into an agreement with Foramer SA, France, to sell the jack-up rig. On 15.9.1997,
The assessee-trust was a public charitable trust engaged in education of women. In the earlier years, the assessee was granted exemption u/ss 11, 10(22) & 10(23C)(vi). The assessee’s application for renewal of exemption u/s 10(23C)(vi) was rejected on the ground that (i) the objects permitted the non-educational object of constructing an ashram
Mr Palanimanickam noted that the Department’s efficiency had to be benchmarked by the satisfaction level of the users. He highlighted that a major source of dissatisfaction of income-tax assessees is with respect to refund of taxes. “The time taken to grant refunds is very high when compared to international standards,” the Minister said, adding that the department should set up a task force to revamp the system of tax refunds.
The BJP today demanded that the income tax department, which has already assessed the documents seized in connection with the multi-crore money laundering scam involving former Jharkhand chief minister Madhu Koda, should submit a copy of its report to the CBI.
Notification No. 43/2010-Income Tax Notification:-The Central Board of Direct Taxes (“CBDT”) has extended the enhanced exemption limit of INR 10 lakhs to the employees of companies who do not fall under the provisions of the Payment of Gratuity Act, 1972. The notification will be effective from 24 May 2010.
Even as Larsen and Toubro withdrew its proposal for an IT/ITeS Special Economic Zone (SEZ) citing uncertainty in tax treatment towards SEZs in the Direct Taxes Code (DTC), the Commerce Ministry has said the Finance Ministry is yet to consult it on the continuity of fiscal sops in the DTC to these tax-free zones.
