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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...
This Tax Alert summarizes a recent ruling of the Authority for Advance Rulings (AAR) [A.A.R. No. 797 of 2009] in the case of M/s Umicore Finance Luxembourg (Applicant). There was a sale of shares of a company by its shareholders which had received such shares on conversion of a firm into the company, under the provisions of Part IX of the Indian Company Law (ICL).
Recently Mumbai Income Tax Appellate Tribunal in the case of Valentine Maritime Mauritius Ltd (Taxpayer), [2010-TIOL-195-ITAT-MUM] held that the number of days relating to each of the contracts cannot be aggregated to determine the ‘duration test’, as the activities carried out therein are not inextricably interconnected or interdependent and do not form a coherent whole in conjunction with each other.
India has settled a dispute over taxing profits of captive IT services units and research arms of US firms, bolstering New Delhi’s position as a preferred destination of such investments. The negotiated settlement between the tax authorities of the countries allows India to tax 17.5% of the profits earned by Indian subsidiaries of the US companies in 2004-05. India had sought to tax 25-30% of the profits.
Circular No.4/2010-Income Tax Section 80-IA(4)(i) provides for a deduction to an undertaking engaged in developing, or operating and maintaining, or developing, operating and maintaining any infrastructure facility subject to satisfaction of the conditions laid down in the Section. The Explanation to sub-section 80-IA(4)(i) states that for the purpose of this clause, infrastructure facility means inter alia
The Finance Ministry has suspended the facility of e-filing of income tax returns, as security certification for the Income Tax Department’s website is not yet in place. In an official statement here on Monday, the Central Board of Direct Taxes (CBDT) said: “Pending completion of the certification procedure,
Currently, tax department is issuing more than 7.5 million permanent account numbers (PANs) in a year through NSDL and, nowadays, PAN is being allotted in less than a week time. With increased modernisation of the Tax Department and electronic processing of tax returns non- quoting of PANs by deductees is creating serious problems in processing of tax returns and in granting credit for tax deducted at source.
Income Tax department has released utility of ITR-1 for online filing of Income Tax return for A.Y. 2010-11/ F.Y. 2009-10. The same can be downloaded from the following link:-Download Return Preparation Software – ITR-1 (Saral II) Excel Utility (Version 1.0)
The Income Tax department is looking to bring rural traders and others into the tax net. The department which is attempting to expand the taxpayer base in the country will now focus their attention on a large swathe of rural businesses that have so far remained untouched.
Last week, Finance Act, 2010 came into effect. A few days earlier, Finance Minister Pranab Mukherjee had spelt out his response to several representations regarding his Budget proposals. Apparently, there were hardly any representation about the changes that will create tax liability for taxpayers with retrospective effect, or he decided not to yield to the representations.
The Central Board of Direct Taxes (CBDT) has come out with a new income tax Form – Saral-II . The new form aims at making the process of filing tax returns easier for individual taxpayers. The form is to be used to file the income tax returns for the financial year 2009-10 (assessment year 2010-11 ).
