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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 : SC issued notice as Delhi HC quashed Section 153C notices beyond the ten-year block period while clarifying key principles on sear...
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 : 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...
Where the assessee entered into an agreement with the Vidharbha Irrigation department for supply, erection and installation of dam gates and the question arose whether it was “developing an infrastructural facility” so as to be eligible for deduction u/s 80-IA (4) or it was a mere contractor, HELD:
Power transmission utilities, including PowerGrid Corporation, the country’s largest, have sought relaxation in tax deducted at source (TDS) on ‘wheeling’ charges, which they say are higher than their tax liability. Wheeling charges are levied by the transmission utilities for use of their network. Following strict enforcement of TDS rules and show-cause notices, state electricity boards […]
A Mumbai Income-Tax Appellate Tribunal (ITAT) has permitted Bank of America (BankAm) to set off losses related to securities transactions against profits gained in similar deals, despite the Income Tax department and the Commissioner (Appeals) disallowing such a set-off on grounds that such deals were in contravention of the Securities Contracts (Regulation) Act (SCR Act). […]
Some of country’s top telecom companies are being accused of deducting lower amounts of tax at source on payments made to each other for roaming and interconnection charges, but the companies deny any wrongdoing. Interconnect charges, which include call termination fees, port charges and carriage fees, account for about 30% of the tariff charged to […]
7. It is the first contention of the appellant that the amount in issue is not an income within the definition of the term `income’ set out in section 2(24) of the said Act. We are unable to accept this contention of the appellant and we agree with the findings rendered in this regard by all the lower authorities, including the Income-tax Appellate Tribunal by its impugned order dated 26th July, 2006
19. We have given careful thought to the rival submissions of the parties and examined them in the light of material available on record, statutory provisions and case law cited at the Bar. At the very outset, we may state that the basic contention of the assessee that he is and should be considered as an agent under clauses (a), (b) & (c) u/s 163(1) of the Act, is misplaced
6. Section 54EC provides that where the capital gain arises from the transfer of a long term capital asset and the assessee has at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long term specified asset, the capital gain shall be dealt with in accordance with the provisions of this section, that is to say, if the cost of the long term specified asset
60. Consider that what sections 2(14)(iii)(a) and (b) of the Income tax Act obviously envisage is one single municipality and not two. When the land under consideration admittedly falls outside the Phagwara municipality, as notified by the Central Govt. in accordance with section 2(14)(iii)(b) of the Act. There is no question of it being considered within the limits of the Jalandhar City municipality
30. In our opinion, the assessee must succeed on his Ground. There is no dispute about the fact that the assessee being an employer made the valuation of the perquisite provided to Mr. Brian Brown at Rs. 90,40,880/-. The definition of the salary is given in section 17 of the Act and as per the said definition salary includes perquisites. The perquisites in its normal meaning means direct and indirect benefits
6. On the issue as to whether the provisions for warranty liability is deductible for income-tax purposes, a useful reference may be made to a decision of the Hon’ble Kerala High Court in the case of CIT v. Indian Transformers Ltd. (2004) 270 ITR 259, where the Hon’ble Kerala High Court found that the provision for after sales services of transformers on the facts of that case was a reasonable one
