Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : The framework permits taxpayers to settle offences by paying prescribed compounding charges instead of facing prosecution. It clar...
Income Tax : CBDT amended Income-tax Rules to include crypto-assets and digital financial products in CRS reporting. The move expands disclosur...
Income Tax : The Draft Income-tax Rules, 2026 require salaried taxpayers to disclose their relationship with landlords, enabling enhanced scrut...
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 : CBDT signed a record number of APAs to provide clarity on transfer pricing and reduce disputes. The framework ensures advance dete...
Income Tax : The Government stated that representations on own merit promotions are examined regularly as per existing rules, with no separate ...
Income Tax : Draft Income-tax Rules and Forms have been released for public feedback before the new law takes effect, with inputs to shape the ...
Income Tax : Following judicial criticism of delayed appeals, officers urged structural reforms to fix institutional gaps rather than penalisin...
Income Tax : The Tribunal observed that CBDT instructions prohibit the AO from examining issues beyond the specific reason for limited scrutiny...
Income Tax : Bombay High Court held that delay in filing Form No. 10 for claiming accumulation under Section 11(2) should be condoned where gen...
Income Tax : Court found that the appellant failed to clearly identify which exceptional clause applied. Since the tax effect was below Rs.2 cr...
Income Tax : The issue was whether jewellery found during search can be taxed despite CBDT limits. ITAT held that jewellery within prescribed l...
Income Tax : The case examined whether scrutiny selection without meeting CBDT conditions was valid. The ITAT held that failure to satisfy mand...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The notification requires payers to generate UINs and file quarterly details of declarations even where no tax is deducted. It enh...
Income Tax : Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of inco...
Income Tax : The Central Government notified an urban development authority under section 10(46A) of the Income-tax Act. The exemption applies ...
A Central Board of Excise & Customs (CBEC) circular that clears the air on utilisation of central value-added tax (Cenvat) credit is expected to lead to saving of crores of rupees by Indian companies. This clarification could not have come at a better time, as most companies are reeling under the pressure of recession.
SSN Moorthy, a 1973 batch IRS officer, was on Saturday appointed as the new chairman of the Central Board of Direct Taxes. He replaces NB Singh. Prior to his new assignment, Moorthy was a member in CBDT from August 2008. The government also appointed Sudhir Chandra, a 1973 batch IRS, in the CBDT as a […]
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand […]
When it rains, it pours. The Central Board of Direct Taxes (CBDT) has launched an investigation into Satyam Computer Services, joining a growing list of authorities investigating the company whose fate hangs in the balance following an admission of financial irregularities by its founder-chairman. The company, which is likely to be issued with a show […]
Notification No. 1/2009 – Income Tax The Finance Act, 2008, w.e.f. from 1 April 2008, introduced a new concept of Electronic Meal Cards (‘EMC’), for the purpose of Fringe Benefit Tax (‘FBT’) on hospitality expenses. Hospitality expenses do not include any expenditure incurred by an employer on provision of EMCs1, which fulfils the prescribed conditions. Accordingly, FBT will not be payable on expenditure incurred on such EMCs. Hospitality expenses are valued at 20% of the expense incurred for the purpose of FBT (except in case of certain industries).
A number of trusts, societies and other organization avail exemption under Section 11 or Section 10(23C) by virtue of having income derived from property held under trust wholly for charitable or religious purposes, to the extent of the application of such income. Background of amendment Section 2(15) of the Act defines the term ‘Charitable Purpose’, […]
Concerned at the government’s ‘revenue loss’ due to giving ‘large deductions’ while calculating the income tax payable by banks, tax authorities have decided to scan the accounts of lenders, including foreign banks, in minute detail.
The CBDT, Chairman Shri N.B. Singh said that the decision of the Mumbai High Court in favour of the Income Tax Department in the case relating to transfer of securities of Vodafone Essar Limited has strengthened the hands of the Income Tax Department.
In a major departure from the usual practice, the Central Board of Direct Taxes (CBDT) has issued directions that scrutiny of the self-assessment returns filed by September 30, 2008 for the financial year 2007-08 will be taken up in the current fiscal.
The subscribers of the post office savings scheme, which attracts tax-free interest accrued on deposits of Rs one lakh and Rs three lakh on single and joint accounts respectively, may have a reason to cheer soon. The finance ministry is closely looking at a proposal for upward revision of the tax-free interest deposit limit.
