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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 Income-Tax Act extends to the whole of India, that is, the territory of India mentioned in the Constitution and the territorial waters, continental shelf, etc (Section 2(25A) of the Income-Tax Act, 1961). If two persons who are residing outside India and are not Indian citizens, enter into transactions covering property in India, will they be affected by the provisions of our tax law? This is not an academic issue. The matter came up before the Authority for Advance Ruling (AAR) last month.
Under section 254(2) of the Income-tax Act, 1961, the Tribunal has the power to rectify mistakes in its order. However, the power to rectify a mistake is not equivalent to a power to review or recall the order sought to be rectified. Rectification is a species of the larger concept of review. Although it is possible that the prerequisite for exercise of either power may be similar to rectifying a mistake apparent from the record, by its very nature, the power to rectify a mistake would not result in the recall and review of the order sought to be rectified. This was held by the Delhi High Court in C.I.T. v Hindustan Coca Cola Beverages P Ltd (293 I.T.R. 163).
Principles for reckoning of limitation period for completion of block assessment under provisions of S 158 BE- conclusive proof is required to show that seized documents disclose concealment of any income but assessee and not disclosed – ITAT
NOTIFICATION NO. S.O. 2127(E), DATED 13-12-2007 In exercise of the powers conferred by clause (xxi) of sub-section (2 ) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, further to amend the Bank Term Deposit Scheme, 2006, namely :– 1. (1) This Scheme may be called the Bank Term Deposit (Amendment) Scheme, 2007. (2) It shall come into force on the date of its publication in the Official Gazette.
(a) Paper Books must be legibly written or type-written in double space of printed. (b) Each paper filed should be certified as true copy by the party filing the same, or by his authorized representative. (c) Each paper should be indexed in such a manner as to give the brief description of the relevance of the document, with page numbers stating the authority before whom it was filed. (d) Xerox copy of a document should be legible.
TAXING rent from house property has always been a taxing issue for the Income Tax Department. In the latest case the Revenue wanted to tax notional interest income on refundable interest-free deposit made by the tenant with the landlord u/s 28(iv) but the High Court has dismissed the same as the relevant Section 23(1)(a) does not contemplate taxing such income. The HC also observed that in a taxing statute it would be unsafe for the Court to go beyond the letter of the law and try to read into the provision more than what is already provided for.
THE Notification No. 264/2007 dated October 23, 2007 issued by the CBDT, specifying the Income-tax (12 th Amendment) Rules, 2007 seems to have brought in a lot of welcome clarity in terms of the methodology to be adopted for the determination of the Fair Market Value of ESOPs issued by Indian Companies, listed or unlisted. However, the question of levy of FBT, in respect of ESOP schemes given by foreign / overseas companies to employees working in their Indian Subsidiaries, seems to have gone unanswered.
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
Sub-section (2) of Section 254 of the Income-Tax Act,providing for rectification of orders by the Income Tax Appellate Tribunal (ITAT), reads thus: “The Appellate Tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the assessee or the assessing officer.
