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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 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 : ITAT held that a society registered under the Karnataka Societies Registration Act cannot be taxed at the maximum marginal rate un...
Income Tax : ITAT held that interest earned from scheduled and co-operative banks was attributable to the society's business of providing credi...
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 provisions as provided under Section 80A-1 of the Act will have a over ridding effect, over, all other section in the chapter VI-A and the Act as per the intention of the legislature. Thus, section 80HH or any other section up to section 80U in chapter VI-A would be governed by section 80A of the Act as section 80AB makes it clear that the computation of income has to be in accordance with the provisions of the Act. As such, if the income has to be computed in accordance with the provisions of the Act, then not only profits but also losses have to be taken into consideration.
Dubai-based Sunanda Pushkar may have given up her stake in the IPL Kochi franchise, but the taxman may not let her be. Senior income-tax officials in Mumbai said that Sunanda may be asked to pay roughly Rs24 crore in tax for the 19% sweat equity she held in Rendezvous Sports World, a member of the consortium that won the Kochi IPL franchise.
Was there a secret meeting between officials of the income tax (I-T) and enforcement directorate (ED)? It is learnt that the tax sleuths met in Mumbai recently to discuss if certain deals of the Indian Premier League (IPL) are in accordance with the Reserve Bank of India guidelines.
Income tax authorities have asked the Board for Control of Cricket in India (BCCI) to respond by Friday, April 23, to 10 queries, including the one on income from controversy-hit IPL and its structure. The BCCI, sources said, was asked questions relating to owners of IPL teams, their balance sheets, income earned during the various tournaments and the money paid to players.
The Anti-Corruption Bureau (ACB) of the CBI investigating the bribery case involving senior income tax officials on Sunday searched the office and residence of Commissioner Anirudh Rai. Meanwhile, the CBI on Monday arrested assistant commissioner Anjali Bambole thus taking the number of persons in its custody to three.
Mr Lalit Modi has had a trail of failed ventures and defaults till four years back but has a lifestyle now that includes a private jet, a luxury yacht and a fleet of Mercedes S class and BMW cars all acquired in the last three years.’ Thus opens a highly confidential and explosive report by the income-tax department that has been in the possession of the government for six months now but formed the basis of any action only on Thursday evening after a raging controversy over secret ownerships and sweetheart deals in the Indian Premier League, or IPL, stalled both houses of Parliament.
Notification No. 25/2010-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Hong Kong Special Administrative Region of the People’s Republic of China” as ‘specified territory’ for the purposes of the said section.
All eyes are now on S S N Moorthy. A quintessential tax sleuth, he is following the money trail in the Indian Premier League to establish the identity of franchisee owners. Moorthy stepped in to steer the Central Board of Direct Taxes (CBDT) in January last year, when the country was battling the worst-ever economic crisis after the global meltdown. The task of tax collection was daunting. With the economy showing distinct signs of recovery, the top tax administrator is confident of collecting every penny due from taxpayers this fiscal year.
The Anti-Corruption Bureau of CBI on Sunday searched the Chembur residence of Sumitra Banerji, additional commissioner of I-T, Thane, who was arrested along with her husband Subroto, on Saturday for allegedly accepting a bribe of Rs 1.5 crore from a builder.
The income tax department will put to the test a bilateral tax treaty with Mauritius to glean information from the tax haven on investors in Indian Premier League teams as part of a wide-ranging probe into the shadowy flow of money into the T20 cricket tournament.
