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Income Tax : CBDT has identified six categories of returns for compulsory scrutiny during FY 2026-27. Selection triggers detailed examination b...
Income Tax : Tax on dividends, interest, royalties and FTS earned by non-residents is governed by the more beneficial rate under the Income-tax...
Income Tax : The applicable withholding tax depends on the Income-tax Act or the relevant DTAA, whichever is more beneficial. Treaty rates diff...
Income Tax : The document provides a detailed summary of the special tax provisions applicable to different securities and classes of taxpayers...
Income Tax : The Income-tax Act determines residential status based on an individual's stay in India, income, citizenship and tax liability abr...
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 stamp duty paid for lease registration was deductible as revenue expenditure in the year it was incurred....
Income Tax : The Tribunal upheld the set-off of eligible unit losses against other business profits by following binding judicial precedents....
Income Tax : The Tribunal allowed 60% depreciation and deleted TDS disallowance after distinguishing a copyrighted article from copyright....
Income Tax : ITAT held that subsidy recognised as income could be claimed as bad debt when it became unrecoverable, even if written off in the ...
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 : 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...
Notification No. 95/2009 – Income Tax It is hereby notified for general information that the organization Diabetic Association of India, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2007-08 onwards in the category of
This article summarizes a recent ruling of the Special Bench (SB) of the Mumbai Income Tax Appellate Tribunal (ITAT) [ITA No. 7315/Mum/2007] in the case of DCIT vs. Manjula Shah (Taxpayer) which held that, in the case of gifted capital asset, indexation benefit is available to a donee from the year of its acquisition by the previous owner. The SB adopted a purposive construction of the definition of ‘Indexed Cost of Acquisition’ (ICOA) by looking at the scheme of the Indian Tax Law (ITL), which seeks to grant the benefit of cost and holding period of the previous owner to the donee.
This ruling provides guidance that withdrawal from a revaluation reserve is permitted to be reduced from the book profit, computed under the MAT provisions, only in a case where the book profit was increased by the amount of revaluation reserve in the year of creation.
The fringe benefit tax (FBT) was strongly opposed by India Inc, but there is no doubt that it was beneficial to the employees — they did not have to directly bear the tax on many perquisites. The repeal of FBT meant uncertainty on taxation of perks. Thankfully, there are few changes to the valuation rules when compared to the rules that existed prior to the introduction of FBT.
The Supreme Court has stayed the Karnataka High Court ruling that asked technology firms to deduct tax on all payments made to non-residents on software purchases.A Bench headed by Justice S H Kapdia stayed the Karnataka High Court judgement on a couple of petitions by GE India Technology Centre Pvt Ltd and Engineering Analysis Centre of Excellance Pvt Ltd (EACEPL) seeking to set aside the high court judgement that held them legally bound to withhold tax on all cross-border payments.
At the beginning of each calendar year i.e. in the month of January, the Range Head in consultation with the concerned Assessing Officer would identify at least 5 pending time-barring assessment cases in respect of each Assessing Officer of his Range for monitoring. These should normally include cases taken up for scrutiny with the permission of CCIT. The selection should be done jointly by the Range Head and the concerned Assessing Officer. Cases of PSUs and loss-making concerns should normally not be identified for this purpose. This exercise should also include those Ranges which are held as additional charge by a Range Head in January.
In this case, we noted that the Assessing Officer has not brought out any specific charge for which the penalty has been imposed on the assessee under section 271(1)(c) of the Income Tax Act. He has not brought out whether the assessee has concealed the income or whether the assessee has furnished the inaccurate particulars of income.
The income by way of royalty accruing to the Japanese company is liable to be taxed in terms of Article 12 of the DTAA between India and Japan at a rate not exceeding 10 per cent from the assessment year 2008-09 onwards.
Income of foreign companies providing technical services and data to oil exploration and production companies in India will be taxed at a concessional rate, the Authority for Advance Rulings (AAR) on income tax has said in a recent decision. The ruling will be a big help to oil prospecting companies in India as they step up exploration activities, allowing them to avail of technical services and data more easily.
While the statute is to be interpreted on the basis of the; plain language or terms of the sections need for interpretation when the words of the statute are ambivalent and do not manifest the intention of the Legislature. As explained above the interpretation canvassed by the assessee will lead to unintended results if the purpose for which the section is introduced is kept in mind. Therefore in our option a purposive approach has to be adopted in interpreting the provisions of sec 80 RR.
