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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 remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to...
Income Tax : ITAT held that a BSNL employee absorbed from DoT is entitled to exemption for ex gratia and leave encashment by treating the emplo...
Income Tax : ITAT held that foreign tax credit cannot be denied solely because Form No. 67 was filed after the return, subject to verification ...
Income Tax : ITAT directed the AO to verify Form 26AS and the corresponding income before deciding the TDS credit claim instead of denying it o...
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 : 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 assessee purchased shares of an Indian company from Alcan Inc, Canada. Alcan filed an application u/s 197(1) for issue of a TDS certificate on the basis that the capital gains was Rs. 317.71 crores and tax at 10% was chargeable. The AO issued a certificate directing the assessee to withhold Rs. 40 crores on a provisional basis subject to regular assessment.
Mumbai Ruling: In order to constitute a fixed place permanent establishment (PE), three criteria have to be satisfied viz. (a) the physical criterion (existence of physical location) (b) subjective criterion (right to use that place) and (c) functional criterion (carrying on business through that place). It is only when the three conditions are satisfied that a PE under the basic rule can be said to have come into existence. The onus is on the Revenue to show that the assessee has a PE (Airlines Rotables Limited v JDIT).
Vodafone moved Bombay High Court on 07th June 2010, challenging the income tax (I-T) department’s right to levy a tax on its $11.1-billion deal in 2007 to acquire Cayman Island-based Hutchison International’s stake in Hutchison Essar.
The UK’s Vodafone, fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa Ltd’s mobile business there, said authorities had set a June 14 hearing to discuss the size of the tax bill.
The Income Tax department has requested the Finance Ministry to approach the authorities in Switzerland and other tax havens for details of overseas accounts of “non-residents” who invested in the Indian Premier League. The step is part of the ongoing investigations into investment of foreign funds in the IPL.
THE Central Board of Direct Taxes (CBDT) has directed the Income Tax Department ( ITD ) to make arrangements for receiving income tax returns on 31 st July 2010, the due date for filing tax returns by most taxpayers, as that day happens to be a Saturday. ITD has also been asked to make special arrangements by setting up additional counters from 28 th July to 31 st July 2010, to facilitate taxpayers in filing their income tax returns.
British telecom major Vodafone Plc today received a new showcause notice from the income tax (I-T) department, quantifying its liability at Rs 12,000 crore on its 2007 acquisition of a majority stake in Hutchison Essar. The company is expected to approach the High Court here over the next few days to challenge the notice.
The Central Board of Direct Taxes (“CBDT”) had released the draft Direct Tax Code (“DTC”) in August 2009 with a view to simplify tax legislation in India. Based on the response and comments received for the DTC, the CBDT has released “Revised discussion paper on The Direct Tax Code” (“revised draft” / “revised discussion paper”). The revised draft proposes certain modifications to the DTC. The revised DTC is proposed to be presented in the monsoon session 2010 of the Parliament and will become law effective 1 April 2011 once enacted.
A survey u/s 133A was conducted on 28.10.04 at the premises of a charitable trust of which the assessee was the managing trustee. The assessee admitted unaccounted income of Rs. 1.93 crores.
In respect of other employees, it is to be determined whether they receive gratuity from an employer covered under the Payment of Gratuity Act, 1972 or not. It is pertinent to note that every gratuity payment received by an employee is not exempt from tax per se. In this context, it is important to note the provisions of the Payment of Gratuity Act, 1972 read with the Income Tax Act, 1961.
