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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 : Karnataka HC held that a Section 148A(b) notice granting less than seven days for compliance is invalid, making all consequential ...
Income Tax : ITAT Surat held that rural agricultural land falls outside Section 2(14), deleting capital gains and related additions....
Income Tax : ITAT held no TDS was required as the Revenue failed to prove the services made technical knowledge available under the India-US DT...
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
Income Tax : ITAT held that failure to obtain a tax audit does not automatically justify rejecting books and estimating profit at 8% without pr...
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...
Whether on a true and correct appreciation of the relationship between the assessee and its distributors, the learned Income Tax Appellate Tribunal erred in holding that the payments paid by the assessee is not commission as envisaged under Section 194H of the Act?” This question has arisen for determination for the Assessment Years 2003-04 and 2004-05
This appeal preferred by the revenue is directed against the Income Tax Appellate Tribunal .s order dated 28.07.2006 passed in ITA No. 491/Del/2000 and relates to the assessment year 1998-1999.
The object of Section 80IA was to provide an impetus to the growth of infrastructure in the nation. A sound infrastructure is a sine qua non for economic development. Absence of infrastructure poses significant barriers to growth and development. A model which relied exclusively on the provision of basic infrastructure by the State was found to be deficient.
The principal challenge in these proceedings is to the notices issued by the first respondent under section 148 of the Income Tax Act, 1961 proposing to assess the income of the petitioner for assessment years 2005-06 and 2006-07 on the ground that there is reason to believe that income chargeable to tax had escaped assessment, within the meaning of section 147.
Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel or the business of repairs to ocean-going vessels or other powered craft to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent thereof:
Official auditor CAG on Friday pulled up the Income Tax department for not being able to retain the existing tax base in 2008-09, particularly among corporate taxpayers. “The number of assessees declined by 3 per cent compared to an increase by 7.6 per cent in 2007-08. The decline was sharper among corporate assessees, indicating, inter alia, stop-filing which would nee to be reviewed by the Board (Central Board of Direct Taxes),” the Comptroller and Auditor General (CAG) said in a report tabled in Parliament today.
The director-general of Income Tax moved the Supreme Court alleging that the reward paid to an informer for furnishing information about black money of any taxpayer cannot be claimed as a matter of right.
The assessee made a provision for bad debts by debiting the P & L A/c and crediting the Provision for Bad debts A/c. Thereafter, the provision account was debited and the loans and advances a/c was credited. The AO denied the claim for bad debts u/s 36(1)(vii) on the ground that the individual account of the debtor had not been written off.
Mumbai Income Tax Appellate Tribunal (Tribunal) [2010-TIOL-195-ITAT-MUM] in the case of Valentine Maritime Mauritius Ltd (Taxpayer), on the taxability of certain contracts executed in India. The issue primarily focused on how the ‘duration test’ of nine months under the India-Mauritius Tax Treaty (Tax Treaty) should be applied for determining whether the Taxpayer has a permanent establishment (PE) under the Construction PE rule of the Tax Treaty.
The Taxpayer had reduced the amount debited to the Profit and Loss Account (P&L) from the Loans and Advances/Debtors Account (Debtors A/c) on the assets side of the Balance Sheet. Considering this, the SC held that such a treatment constituted actual write off for the purposes of the Section and it was not necessary to credit individual debtor’s account to claim the deduction for write off.
