Income Tax : The Income Tax Act, 2025 replaces old reassessment provisions with Sections 279 to 286 and increases reopening timelines in certai...
Finance : The amended Finance Bill 2026 abolishes the Tax Recovery Officer’s power to arrest and detain taxpayers for recovery of dues. Th...
Income Tax : The article explains why advertisement expenses for brand building remain deductible under Section 37. Courts have consistently ru...
Income Tax : The article explains how Section 115BAE offers newly established co-operative societies a concessional 15% tax rate for manufactur...
Income Tax : The Income-tax Act, 2025 replaces old Sections 68 to 69D with a simplified sequential structure under Sections 102 to 106. The cha...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : The government informed Parliament that taxpayer-specific details of income tax searches cannot be disclosed due to confidentialit...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
Income Tax : The representation highlights large-scale pendency and administrative bottlenecks under Sections 12AB and 80G, urging immediate re...
Income Tax : ITAT Delhi held that the assessee was covered under the search proceedings even though its name did not specifically appear in the...
Income Tax : Bangalore ITAT ruled that only solar days and not cumulative man-days should be considered while determining the existence of a Pe...
Income Tax : SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue ...
Income Tax : The Rajasthan High Court held that the benefit of Section 115BAA could not be denied when Form 10-IC was filed within the period p...
Income Tax : The Court held that the petitioner had no connection with the entities or individuals from whose devices the disputed material was...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The government enforced a tax collection assistance agreement with Japan effective from 8 July 2025. The notification enables cros...
Income Tax : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The CBDT introduced Form ITR-U to allow taxpayers to update previously filed returns. The amendment promotes voluntary compliance ...
Income Tax : The CBDT has substituted the ITR-V form to strengthen verification of electronically filed returns. The amendment enhances accurac...
Even though standing counsel for the department contended that if the Director of Lottery has made unauthorised deduction it is for the assessee to pursue his remedy elsewhere, we do not think that the assessee can be expected to recover this amount through the litigation against the State Government On the other hand we feel that if the State Government is recovering income tax and retains it for itself payment to the Central Government
what needs to be done by an assessing authority under the Income-tax Act, 1961, in examining the claim of an assessee that the payment made by such assessee was a deductible expenditure under $.37 of the Income-tax Act although called a penalty is to see whether the law or scheme under which the amount was paid required such payment to be made as penalty or as something akin to penalty,
Notification No : 67/2009 – Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709(E), dated the 20th August, 1998, namely
Section 32 of the Income Tax Act allows depreciation on both tangible and intangible assets and clause [ii] thereof enumerates the intangible assets on which depreciation is allowable. The assets which are included in the definition of `intangible assets’ given in clause [ii] are know-how, patents, copy rights, trademarks, licenses, franchises etc.,
Whether profit from Duty Entitlement Passbook Scheme (DEPB) and Duty Drawback Scheme could be said to be profit derived from the business of the Industrial Undertaking eligible for deduction under Section 80-IB of the Income-tax Act, 1961.
The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.
ICAI won the Income Tax Exemption Case in the High Court – Scope of the term “Charitable Purpose” defined by the High Court – In order to have a charity, you must have a source of income – Section 10(23C)(iv) September 2, 2009. Director General of Income Tax (Exemption) has denied the exemption to Institute of Chartered Accountants of India (ICAI)
Notification No. 65/2009 – Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
1. This is an appeal preferred by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the „Act‟) against the judgment dated 09.03.2007 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the „Tribunal‟) in ITA No. 4125/Del/1999 in respect of assessment year 1996-97. The Revenue is aggrieved by virtue of the fact that by the impugned judgment
Notification No. 64/2009 – Income Tax It is hereby notified for general information that the organization P.S.G. & Sons Charities for the unit P.S.G. College of Technology, Coimbatore, 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), from Assessment
