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Income Tax : This guide explains all ten Income Computation and Disclosure Standards (ICDS) and provides reconciliation formats between Account...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
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 : 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 the AO could not change the valuation method adopted under Rule 11UA and deleted the addition under Section 56(2)(v...
Income Tax : ITAT accepted the Section 158A declaration and directed the AO to apply the High Court's final ruling to the relevant assessment y...
Income Tax : The High Court dismissed the Revenue's appeals as infructuous after the Tribunal disposed of the main appeals, leaving the legal q...
Income Tax : ITAT deleted the addition after holding that a retracted statement alone could not justify it where documentary evidence supportin...
Income Tax : Provisions that were typically restricted or viewed as contingent become fully deductible business expenses the moment they were q...
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...
Having heard learned counsel for the parties, we have perused the impugned order and the material available on record. The apex Court, in the case of Rajesh Kumar v .Dy. Commissioner of Income Tax reported in (2006)287 ITR 91 while considering the scope of Section 142(2A)of the Act
Section 153C provides that where an Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs to a person other than the person referred to in section 153A, then the books of account, or documents or assets seized or requisitioned shall be handed over to the Assessing Office having jurisdiction over such other person and that Assessing Office shall proceed against such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153A.
The assessee, a private limited company, provided for depreciation in its Profit & loss account by adopting the rates specified in the Income-tax Rules and computed its “book profits” u/s 115J on that basis. The AO recomputed the book profits by adopting the depreciation rates as per Schedule XIV to the Companies Act as those were lower than the income-tax rates.
”We are considering having pre-merger consultations clause for vetting mergers under sections 5 and 6 of the Competition Act,” said CCI chairman Dhanendra Kumar at the Indo-US Economic Summit held in the capital. The provision of pre-merger consultations will allay fears of the corporates that the CCI’s approval process, which can be as long as 210 days, could delay strategic investments and M&As.
Transfer pricing is a major international tax compliance issue as multinational entities tend to set transfer pricing on cross-border transactions to reduce taxable profits. Being organized by CBDT and OECD from 17th to 19th February 2010, the seminar is a part of capacity building of transfer pricing resources in India and aims to discuss various important issues of transfer pricing like intangibles, cost sharing arrangement, etc.
Section 154 of the Income Tax Act, 1961 provides that any mistake apparent from the record can be rectified by the assessing authority within expiry of four years from the end of the financial year in which the order sought to be amended was passed.
Income Tax Order No. 2/FT&TR/2010 In partial Modification of order No. 1/FT&TR/2010, dated 10th Feb., 2010 and in supersession of order No. 173/2009, dated 30th November, 2009 and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Director of Income-tax as Members of DRP at the places given below with immediate effect and until further orders.
The CBDT and OECD are jointly holding an International seminar on transfer pricing at Vigyan Bhawan, New Delhi, India from 17th to 19th February 2010. Shri Pranab Mukherjee, Finance Minister of India, will inaugurate the seminar. Shri. S.S. Palanimanickam Minister of state for Finance (Revenue); Shri. Sunil Mitra, Secretary (Revenue); Shri. S.S.N. Moorthy, Chairman CBDT; Mrs. Caroline Silberztein, Head of transfer pricing unit OECD;
Calcutta High Court asked film actress Suchitra Sen to deposit Rs five lakh before opening up a hearing of her appeal challenging the income tax (I-T) department directive to pay hefty taxes for her flat in the city’s southern part. This is for the second time Ms Sen moved an appeal against the I-T department for imposing a wealth tax penalty of over Rs 30 lakhs on her property.
Income-Tax officials on Tuesday conducted raids at the residents of senior state officials, including that of Chief Minister Shibu Soren’s personal secretary M L Pal, in connection with a multi-crore money laundering scam involving former chief minister Madhu Koda.
