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 ...
The proviso to s. 92C (2) consists of two limbs. Under the first limb, where, through the Most Appropriate Method, more than one price is determined, the arithmetic mean of such price has to be taken to be the Arm’s Length Price in relation to the international transaction. The second limb gives “an option” to the taxpayer to take Arm’s Length Price which may vary from the arithmetic mean by an amount not exceeding 5% of such arithmetic mean. This option is applicable even to cases where the taxpayer intends to challenge the Arm’s Length Price taken as arithmetic mean and determined through the Most Appropriate Method. The argument of the Revenue that where the difference is much more than 5%, then the taxpayer cannot have the benefit of the said provision, particularly where the taxpayer has not accepted such arithmetic mean, is not correct. Sony India (P) Ltd. v. DCIT
Mysodet (P) Ltd vs. CIT (Supreme Court) -Where in respect of the asst. year 1990-91, the assessee claimed deduction under section 80-HHC on traded goods on the proportion that the export turnover bore to the total turnover even though there were no profits from the export activity and the High Court held, relying on IPCA Laboratories vs. CIT 266 ITR 521 (SC), that in the absence of export profits deduction u/s 80-HHC was not available,
SET Satellite (Singapore) vs. DDIT (Bombay High Court) – Where the assessee had a ‘Dependent Agency Permanent Establishment’ (‘DAPE’) (“SET India”) in India and it was admitted by the Revenue that the assessee had paid ‘arms length’ remuneration to the said dependent agent but the Tribunal still held (106 ITD 75) that notwithstanding the taxability of the said dependent agent in accordance with domestic law, the assessee had to be assessed in respect of the profits attributable to the said DAPE, held, reversing the judgment of the Tribunal that
It has been decided that in all the Corporate cases selected for scrutiny as per the guidelines contained in the Action Plan document 2008-09 which have returned income of Rs.5 crore or more and where provisions of FBT apply, assessment order shall also be passed under section 115WE after scrutiny of all such cases.
CIT vs. Gold Coin Health – The recommendations of the Wanchoo Committee and the CBDT Circular make it clear that the amendment to Expl. 4 to s. 271(1)(c) was to make explicit what was otherwise implicit i.e. that penalty can be imposed even in a case where the assessment results in a loss.
The Central Board of Direct Taxes (CBDT) expanded the scope of professional services to cover sportspersons, umpires and referees, making them liable for a higher tax deduction at source (TDS) at the rate of 10% against 1-2%.
Discover the latest MSME policy urging MSEs to include EM numbers on documents for better identification and compliance with income tax provisions.
Refund Banker is a scheme wherein a scheduled bank is authorised to issuerefund instruments, either in paper form or electronically, on behalf of theIncome-Tax department. Under this scheme, assessees benefit from faster tax refunds and direct credit into their bank accounts on the lines of dividend payments made bycorporates to shareholders. State Bank of India (SBI) is already operating as the ‘Refund Bank’ for the Income-Tax department in Delhi, Patna, Chennai,
Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT).
In what could be a major relief to the corporate sector, the Central Board of Direct Taxes (CBDT) has decided not to scrutinize tax returns of more than 1,000 top companies provided no serious disputes are pending against them. The annual returns of tax complying companies would not be scrutinized this year. The decision has been taken by the CBDT to encourage better tax compliance among the corporate,” a senior finance ministry official, who did not wish to be identified, said.
