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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 : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
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 : 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 : ITAT held that low declared income alone cannot negate creditworthiness where loans were genuine, documented, received and repaid ...
Income Tax : ITAT held that mandatory interest can still be examined for correct computation. CIT(A)'s ex parte dismissal without merit-based a...
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 Central Board of Direct Taxes (CBDT) was chasing tax evaders so far. Now they have to deal with hackers too as incidents of fraudulent tax refunds were detected involving at least Rs 4 crore from the Income Tax Department, Mumbai with CBDT planning to put in place a more robust and foolproof system for handling high value refunds.
The Central Board of Direct Taxes recently framed a scheme for ensuring quality tax assessments by its officers across India. In the preface to the scheme (issued in December 2009), the CBDT has expressed its concerns on the need for improving the general quality of tax assessments conducted by its officers.
The assessee, an Indian company, advanced interest-free loans to its 100% foreign subsidiaries. The subsidiaries used those funds to make investments in other step-down subsidiaries. On the question whether notional interest on the said loans could be assessed in the hands of the assessee under the transfer pricing provisions of Chapter X
In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement.
The tax code comes in the economic background of over 400 million people being below the poverty line; with many areas disturbed due to underdevelopment; sustained policies of inclusive growth having reduced the poverty ratio but not absolute numbers; and a huge lack of infrastructure.
Inordinate delays in filing appeals for recovery of tax dues by the government have often attracted the attention of the apex court. These delays caused by lapses on the part of revenue officials at Centre and states, however, also represent a systemic failure, legal experts say.
This is good news for Multi-national companies (MNCs) operating in India. Over 1,600 such companies, who were asked to pay additional corporate taxes on account of their overseas transactions, now, have the option to appeal before the conventional forum of Commissioner (Appeal) as well as Dispute Resolution Panel (DRP) for redressal of their grievances. An appeal before the commissioner (Appeal) may take a year or two for a decision.
CIT vs Reliance Petro Products (P) Ltd. (322 ITR 158) Supreme Court- It was held that a mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee and if the contention of the Revenue to this effect is accepted then in case
The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-10. The unadjusted amount, if any, may be claimed as refund in the return of income for AY 2010-11 to be filed later this year.
Dismissing the notion that Mauritius is a tax haven, the island nation’s Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes. However, Sithanen, who is also the finance and economic development minister, promised to cooperate with Indian authorities to check tax evasion in case of complaints, but added his country would not welcome ‘fishing expeditions’.
