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Income Tax : CS 04 scrutiny examines whether trusts and NGOs validly claimed exemption in ITR-7 despite registration, approval, renewal, cancel...
Income Tax : This guide explains the exemptions, deductions, allowances, perquisites, and retirement benefits available to salaried taxpayers f...
Income Tax : This guide consolidates the latest TDS rates applicable to residents, non-residents, companies, and firms under the Income-tax Act...
Income Tax : This guide explains the income-tax rates applicable to individuals, HUFs, companies, firms, co-operative societies, and other taxp...
Income Tax : This guide compiles the depreciation rates applicable to buildings, machinery, vehicles, computers, renewable energy assets, ships...
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 ITAT Pune held that detailed agreements, invoices and supporting records established that management support services were act...
Income Tax : Calcutta High Court quashed the assessment, demand and penalty proceedings after holding that the assessee was denied a meaningful...
Income Tax : ITAT excluded EDCIL, Just Dial, Info Edge and India Exposition Mart as transfer pricing comparables due to functional differences ...
Income Tax : ITAT held interest on government grant funds was not taxable as the MOU required it to be added to the project corpus....
Income Tax : The Chhattisgarh High Court declined to direct the Income Tax Department to investigate alleged tax evasion after noting that the ...
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. 12-Income Tax It is hereby notified for general information that the organization Indian Institute of Technology Bombay, 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), with effect from 1-4-2006 in the category
THE Mumbai tribunal has recently said that for the purpose of scrutinising the assessee’s income, the assessing officer (AO) can issue a notice only for the limited scope as against loss, exemption and allowance or relief, which in his opinion is inadmissible, and not beyond that.The assessee filed the return declaring the income earned from sub-letting a premises as income from business. The AO selected the case for scrutiny and issued a notice for assessing the income as income from other sources.
NOTIFICATION NO 11/2008, Dated: January 18, 2008 Valuation of specified security not being an equity share in the company. 40D. For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security, not being an equity share in a company, on the date on which the option vests with the employee, shall be such value as determined by a merchant banker on the specified date.
EAGERNESS to appropriate the refund claim against pending dues was best observed in the case of Birla Copper vs. CCE, Vadodara . In that case, against an order-in-original of June 2003, the assessee had obtained an Unconditional Stay from the Tribunal in the month of August 2003. Later, in the month of June 2005, the Tribunal extended the Stay by stipulating “pending disposal of the appeal”. Incidentally, the matter came to be referred to the Third Member in view of difference in opinion.
When agreements are entered into for purchase of property, rights are created in favour of the parties to the agreement. Failure to honour the agreement can lead to breach of contract and claims for damages or specific performance. Quite often, such breach of contract ultimately results in a compromise settlement of the dispute and monies are paid as quits. Will the receipt of such compensation for breach result in tax consequences?
THE jinxed tax that is Service Tax on GTA , is haunting the tax administration, courts and the hapless assessees for more than a decade. While the net collection from this tax would be less than peanut, the amount of litigation it has generated, must have cost the nation heavily – the Government should seriously consider doing away with this tax or maybe levying a flat 2% without credit.
ISEVA SYSTEMS PVT LTD Vs THE ASSTT COMMISSIONER OF INCOME TAX – The grounds relating to levy of interest u/s. 234B has not been considered by the ld. CIT(Appeals) . However, we are inclined to hold that levy of such interest is to be mandatorily levied in accordance with the mandatory provisions of the section, which the AO is directed to levy. The agitation with respect to initiation of penalty proceedings u/s. 271(1)(c) is premature and is dismissed as rightly not considered by the ld. CIT(Appeals) as well.
TILL a few months back, it used to be a rare event in which the Delhi High Court used to impose costs on the Income Tax Department. And this is what perhaps encouraged the Revenue to keep filing appeals indiscriminately and virtually in all cases. But such a cosy run has evidently run out of luck now. So much exasperated is the High Court over the Department’s thick-skinned approach to curb frivolous appeals that it can now be seen imposing costs in most of the cases. And it happened even in this case where the issue revolves around allowance of bad debts and stock damages. While computing book profits u/s 115JA, the AO added back the provisions of doubtful debts and stock damages as he felt that such provisions cannot be categorised as ascertained liabilities in advance.
Even a conjoint reading of Section 36(1)(iii) as existing prior to the proviso thereto and Section 43(1) explanation 8 clearly shows that any interest paid on the capital borrowed for the acquisition of an asset cannot be allowed as a revenue expenditure. The capital might have been borrowed by an assessee for the purpose of business. However, once it is admitted that a part thereof was used by the assessee for the purpose of acquisition of an asset, which is not in the form of replacement or modernization the interest component thereon upto the date it is first put to use has to be dealt with in terms of provisions of Section 43 (1) explanation 8 as otherwise cost of the asset shown in the balance sheet will not depict its true picture. This is in conformity with law and the accounting principles.
Notification No. 10-Income Tax It is hereby notified for general information that the organization Nature Conservation Foundation, Mysore 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), with effect from 1-4-2006 in the category of ‘other Institution’
