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Income Tax : The guide compiles the principal Income-tax Act provisions applicable to non-residents establishing business in India and resident...
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 : 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 the assessment time-barred as the AO failed to pass the final order within the mandatory timeline under Section 144C(13)...
Income Tax : Tribunal partly allowed the assessee's appeals by granting relief on transfer pricing, scientific research deduction, product regi...
Income Tax : The High Court held that the assessment was time-barred as it was not completed within the mandatory period under Section 144C....
Income Tax : ITAT held that mere transfer of records cannot replace a valid transfer of jurisdiction under Section 127, rendering the assessmen...
Income Tax : The Court held that the Section 148 notice was invalid as it was issued by an Assessing Officer who no longer had jurisdiction....
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...
Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011. The draft code, circulated for public comments, had suggested that life insurance policies should be taxed at the time of maturity. So, the […]
The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family […]
Notification No. 72/2009 – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 117 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby appoints the officer specified in column (2) of the Schedule below to be the Income tax authority as specified in column (3) having his headquarters at the place specified in column (4) of the said Schedule for such jurisdiction as
Notification No. 74/2009 & Notification No. 75/2009 – Income Tax Section 120(1) and (2) of the Income-tax Act, 1961 – Jurisdiction of income-tax authorities In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 196I (43 of 1961), the Central Board of Direct Taxes hereby directs that Chief Commissioner specified in column (2) of the Schedule below, having his headquarters at the place specified in the corresponding entries in column (3) of the said Schedule, shall exercise the powers and perform the functions in respect of such territorial area
S. 260A permits the filing of an appeal to the High Court within 120 days. In CIT vs. Velingkar Brothers 289 ITR 382 (Bom) (FB), The Full Bench held that the Court had power to condone delay u/s 260A. However, in Hongo India 236 E.L.T. 417 and Chaudharana Steels 238 E.L.T. 705, the Supreme Court held in the context of sections 35H & 35G
ACIT Vs M.K. Agrotech Pvt. Ltd. (ITAT Bangalore) Per A. Mohan Alankamony, Accountant Member These two appeals preferred – (i) by the assessee and (ii) another by the Revenue– are directed against the order of the CIT (A), Mysore, for the assessment year 2005-06. ITA NO.401 (By the assessee): 2. The assessee company has raised […]
There are no two opinions that but for the addition of sub-section [4] in section 115JA of the Act and which was conspicuously absent in section 115J of the Act, the ruling of this court and the reasoning and ratio mentioned in KWALITY BISCUITS* case (supraj would conclusively govern the question as the Judgment of this court had come to be affirmed by the Supreme Court in an appeal preferred by the revenue, though by simply dismissing the appeal without any reasons but granting leave and converting the special leave petition into an appeal.
A golden rule of interpretation is the contextual interpretation. A word has always to be interpreted only with the context with which, one is seized. Here we are concerned with the provisions of Sec.40(b) hence, the interpretation has to be done accordingly. Interpretation of the provisions otherwise or the way the Id. AO has done, if accepted, has the effect of rendering the very Explanation 3 totally nugatory or purposeless. Needless to say, that every word used by the legislature, is significant and cannot be lost sight of.
On consideration of the reports of local disturbances caused due to Swine Flu and riots in the Pune, Satara, Kolhapur and Sangli Districts of Maharashtra, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961,
September 30th is the Due Date for filing Income tax Returns for corporate assessees and those who come under compulsory audit. Virtually the Government of India is on a vacation, with Puja and other holidays. Yesterday was a holiday and tomorrow the banks are closed.
