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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...
NC Notification No. 30/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 1501(E), dated 7th September, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 12, “Gift of Vision, Bangalore” by Sri Kanchi Kamakoti Medical Trust
NC Notification No. 29/2010-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 1794(E), dated 23rd October, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 17, “1. Running of Apli Shala. 2. Running of Educational Outreach. 3.
NC Notification No. 28/2010-Income Tax WHEREAS by notification of the Government of India, in the Ministry of Finance (Department of Revenue), number S.O. 844(E), dated the 17th October, 1995, issued under 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 had notified at serial number 5, “Equipments, furnishing and running
Income Tax Act, 1961 was recently amended to enable India to enter into agreements with specified non-sovereign jurisdictions. Pursuant to this amendment, the Government of India (Government) has recently issued Notification no. 22/2010 dated 8 April 2010 (Notification) notifying nine jurisdictions such as Bermuda, Cayman Islands, Jersey etc. as the specified jurisdictions.
This Tax Alert summarizes a recent ruling of the High Court (HC) of Delhi in the case of Van Oord ACZ India (P) Ltd. (Taxpayer) [2010-TIOL-187-HC-DEL-IT] on withholding tax obligation arising under the provisions of the Indian Tax Law (ITL) in respect of reimbursement of expenses to non-resident companies. The Delhi HC held that a payer is obligated to withhold tax only if the payment is chargeable to tax under the provisions of the ITL.
This Tax Alert summarizes a recent ruling of the Authority for Advance Rulings (AAR) in the case of Ernst and Young Pvt. Ltd. (Applicant) on the taxability of payments made for support services provided by an affiliate in the UK to the Applicant. The AAR held that the provision of support services does not ‘make available’ any technology to the Applicant and, hence, the payments made are not taxable in India as ‘fees for technical services’ (FTS) under the India-UK tax treaty (Tax Treaty).
The Authority for Advance Rulings (AAR) in the case of E*Trade Mauritius Ltd. (AAR No. 826 of 2009) has held that that capital gains arising from the sale of shares in an Indian company would be exempt from tax in India under Article 13(4) of the India-Mauritius Tax Treaty (tax treaty).
There is smarter lot of taxpayers who are nowadays trying to beat the May 31 deadline? The lot that’s partly fuelling an unusual spurt in cash deals in recent weeks. Deals to organise a mountain of cash to pay a builder for a home or to keep off a sticky-fingered bureaucrat. For some, these are the last and the easiest routes to transform currency notes stashed inside cupboards into legitimate bank deposits; while for many others, it’s a way to gift a friend without any tax hassles.
As per the aforesaid section 206AA, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVII, shall furnish his PAN to the person responsible for deducting such tax at source. It is further provided therein that if the tax-deductee fails to furnish his PAN to the tax-deductor then the tax will be deductible at source at the higher of the following rates :-
Whether income returned was a profit or loss, was really of no consequence. Therefore, even if no tax was payable, the penalty was still leviable. It is in that context, to be noted that even prior to the amendment it could not be read to mean that if no tax was payable by the Assessee, due to filing of return, disclosing loss, the Assessee was not liable to pay penalty even if the Assessee had concealed and/or furnished inadequate particulars. The necessary consequence thereof would be that even if Assessee has disclosed NIL income and on verification of the record, it is found that certain income has been concealed or has wrongly been shown, in that case, penalty can still be levied. The aforesaid position is no more res integra and it stands answered in favour of the Revenue and against the Assessee.
