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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...
NOTICE The following benches will not function during the period 01.06.09 to 04.06.09 ” H, I, J, K, L, WT & SMC “
Now, as per admitted facts of this case and as also noted by this Tribunal in their earlier order, the returns where assessee claimed interest were treated as non est returns. Hence, assessee had relied upon Hon’ble Madras High Court in the Narayanan Chettiar Industries case cited above. In this case the Hon’ble High Court was of the opinion that in respect of remission of liability,
This Petition under Article 226 of the Constitution of India seeks the issuance of a writ to waive the interest levied under Section 220 (2) of the Income Tax Act, 1961 (IT Act for short) pertaining to three consecutive years in respect of which the original Demand had already been paid. The Petitioner has contended that for the Assessment Years 1980-81, 1981-82 and 1982-83, the Revenue has raised a demand of Rupees 2,84,546/-, Rupees 6,95,479/- and Rupees 15,23,079/- respectively in regard whereof Demand Notices were served on 30.03.1983, 27.04.1983 and 27.04.1983 respectively.
The income-tax department has the right to carry out a raid and attach property, if it has reason to suspect that income is likely to escape tax net in absence of prompt action, a division bench of the Bombay High Court has ruled. The division bench, comprising Justice Ranajana Desai and Justice JP Deodhar, passed […]
The I-T department has found over Rs 1,200 crore lying unaccounted in lakhs of frozen demat accounts across the country and has sought a detailed probe on the possibility of their use for illegal transaction and tax evasion. The department has now sent the reports of such accounts to the respective Chief Commissioners of Income […]
If apparently reliable material could not be directly used against an assessee solely because it was not collected during a Search of that assessee, a fortiori, material palpably concerning a third party with no connection with the raided party must be ignored.
In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in respect of production and export of computer software within the meaning of provisions of section 10B of the Act, especially when the AO himself concluded so for the purpose of section 80HHE of the Act. We are also in agreement with the uncontroverted submission of the Id. AR on behalf of the taxpayer that the taxpayer did not claim any deduction in AY 1996-97 and for the first time claimed deduction u/s 10B in AY 19987-98 and this being the 5th year, claim has to allowed.
12. The provisions of sections 80IB/80IA are the code by themselves as they contains both substantive as well as procedural provisions. Therefore, we need to examine what these provisions prescribe to the issue of the manner of `computation of the profits and gains of the eligible business’. In this regard, the relevant sub-sections ie 80-IB(l), 80-IB(13) & 80-IA(5) of the said sections are important and they are reproduced here under for ready reference.
MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this link: http://www.incometaxindia.gov.in/CCIT/refundsearch.asp You can get the information from the menu `undelivered salary refund management system’, using your PAN number. If any refund has been returned undelivered due to a […]
In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax positions resulting […]
