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Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
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 : 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 CPC could not make adjustments under Section 143(1) without issuing the mandatory prior intimation. The order was q...
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 : 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...
The transfer pricing concept is new to the Indian tax system. These provisions are intended to curb the mischief of avoidance of payment of tax in India either by understating the receipt or by overstating the expenses in respect of international transaction with Associates Enterprises. As observed by the Honourable Supreme Court in Morgan Stanley’s case (292 ITR 416) The object behind enactment of transfer pricing regulations is to prevent shifting of profits outside India.
The finance ministry is expected to announce the abolition of tax deducted at source (TDS) on corporate bonds in Budget 2008-09, official sources told media. The move is expected to stoke the near-dormant secondary market in corporate bonds by bringing them on a par with government securities (G-Secs). TDS on G-Secs was abolished in 2000, a move that had a positive impact on secondary trading in these bonds.
The Budget 2008-09 could bring some cheer to a host of self-employed professionals, like engineers and architects, with the likely increase in the threshold for tax deducted at source (TDS) for these professionals. The existing ceiling for deduction of tax at source is Rs 20,000. As per section 194J of the Income Tax Act, 1961, if the fee for professional or technical service contract undertaken by any of these professionals is more than Rs 20,000, the contract awardee has to deduct tax at the rate of 10%. The government had hiked the rate of TDS from 5% to 10%.
the various managerial, technical and consultancy services provided by the foreign contractor from the foreign country in connection with the construction project without actually taking up any such activities in India, will not be covered within the meaning of the words used in the Explanation 2 to section 9(1)(vii). In other words the payments made for various services provided from abroad by the foreign contractor will be taxable as income in the hands of the recipient under the provisions of the Act and accordingly the payments made by the assessee to the foreign contractor are liable for the deduction of tax at source.
Notification No. 292 – Income Tax The President of India is pleased to give his assent to the constitution of the Directorate of Income Tax, Human Resource Development (HRD), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, with immediate effect
The rigour of sec.43B may be applicable in the case of Sales-tax or Excise Duty but the same cannot be said to be the position in case of Service-tax because of two reasons. Firstly, the Assessee is never allowed deduction on account of service tax which is collected on behalf of the Govt., and paid to the Govt. accordingly. Therefore, a service provider is merely acting as an agent of the Govt., and is not entitled to claim deduction on account of service tax. Hence, on this account alone addition under sec.43B could not be made
NABARD Rural Bonds of National Bank for Agriculture and Rural Development (NABARD) have been notified. The notification will take effect from the 1st April, 2008 and will, accordingly, apply in relation to the assessment year 2008-2009 and subsequent years .
The issue before the Tribunal is the gifts amounting to Rs. 12 lakhs in cash and Rs. 62 Lakhs in immovable property received by Mayavati. The donors had even borrowed money and made the gifts to her. The AO was not convinced but the CIT(A) was and Revenue is in appeal before the Tribunal. Assessee Mayavati is also before the Tribunal pleading Standard deduction of Rs. 30,000/-.
Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or (ii) incurring expenditure on tuition fee and repayment of housing loan.
Right to Information is a fundamental right – Income Tax Department to furnish information sought within two weeks – serious note taken of lackadaisical approach of Department in releasing information – Delhi High Court
