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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 Income Tax department is planning a drive against tax evaders in the Kashmir Valley and to begin with will use “coercive” tools in the law to get people to file annual returns on their income.
For the purpose of allowability of any expenditure under the Act , what is material is the classification between the capital and revenue and the same does not recognise any concept of deferred revenue expenditure.
We have heard both the parties and gone through the facts of the case and the decisions cited before us. The issue before us as to whether or not the assessee is entitled to claim deduction u/s 80IA in terms of the provisions amended w.e.f 1.4.2000 even when the assessee had already started providing telecommunication services in the period relevant to the AY 1997-98. Before proceeding further, we may have a look at the provisions relevant to the AY 1997-98 and
Australia’s plan to impose a 40 per cent ‘super tax’ on the profits of mining companies has sent Indian miners scouting for acquisitions into a tizzy.The tax , proposed to be effective by July 2012, aims to raise an estimated Australian $9 billion for the government every year. This may severely dent the internal rate of return for projects already under consideration. This has prompted Indian firms to reassess their plans of entering the booming resources sector in Australia.
Although the Income Tax Department is going all out to nab tax evaders in the high profile IPL-related cases, its past record shows that the agency managed to secure prosecution in barely 15 per cent of the cases. Going by this low prosecution rate, suspended IPL commissioner Lalit Modi and the franchisees he is said to have favoured, may not have much to worry about in the immediate future. That is assuming all the investigations against them result in chargesheets prosecutable in court.
Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5 lakh to Rs10 lakh as also the exemption threshold from income tax on it. Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5 lakh to Rs10 lakh as also the exemption threshold from income tax on it.
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect “the interests of the (tax) department”. “Sometimes, retrospective effect is to be made in order to protect the interests of the department. Otherwise, instead of collecting taxes, we shall have to refund the amount due from them,” the minister said during debate on the Finance Bill in the Rajya Sabha. He said the government would look into these legal aspects.
Therefore, since it has been held in this judgement that it is imperative on part of the respondents to issue order under section 127(3), the letters/notices under challenge are set aside and quashed. The writ petition is allowed. Consequential proceedings are also set aside and quashed. Accordingly, the notice dated 6th January, 2010 regarding the penalty proceedings under section 271(1)(c) for the assessment year 2006-07 is also set aside and quashed. The application being G.A.No. 81 of 2010 is also allowed.
The Delhi High Court Wednesday asked the government to refund Rs.80 lakh fine to the heirs of Maharani Gayatri Devi of the erstwhile Jaipur royal family, which was penalised 35 years ago for possessing undeclared gold. The income tax department had seized 800 kg of undeclared gold which was listed as the private property of Gayatri Devi’s husband, the late Maharaja Sawai Man Singh in 1975.
Citizens aggrieved by the orders of income tax assessing officers may soon find earlier resolution of their appeals before the Commissioners of Income Tax (CsIT), the first appellate authority for such disputes. The department of revenue has constituted a committee to monitor the huge number of cases locked in such appeals and suggest a plan for 2010-11 to increase their disposal.
