CA, CS, CMA : A comprehensive guide covering 175 legal compliances for July 2026 under FEMA, Income Tax, GST, SEBI, Companies Act, Labour Laws, ...
Income Tax : The Income-tax Act does not prescribe a single definition of "relative" for all purposes. Different provisions such as Sections 13...
Income Tax : Understand when 1% TDS applies on purchase of immovable property under Section 194-IA. Learn the Rs. 50 lakh threshold, compliance...
Income Tax : This guide explains when NRIs should use Form 128 and when payers should use Form 129 to reduce or eliminate excess TDS. It also c...
Income Tax : The article argues that Section 58(3) of the Income-tax Act, 2025 does not independently mandate books of account or tax audit for...
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 : Madras HC set aside cognizance under the Income-tax Act, holding Section 223(1) BNSS mandates hearing the accused before cognizanc...
Income Tax : ITAT Mumbai quashed reassessment after finding no Section 143(2) notice and that the AO issued a final order disguised as a draft ...
Income Tax : Gujarat HC quashed a Section 148 notice, holding that a seized inquiry register without a live nexus to the assessee cannot justif...
Income Tax : Gujarat HC quashed Section 148 reassessment as it was issued beyond Section 149 limitation, holding Section 152(3) applies to sear...
Income Tax : Madras HC held that merely issuing a corrigendum acknowledging the return did not rectify the defective assessment process and ord...
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 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...
THE variety of information which is nowadays being sought under the RTI Act has indeed grown in quality and magnitude. One such quality question was volleyed at the CBDT which is related to Sec 11 of the Income Tax Act.
THE High Court stays the transfer of a file from one ITO to another; the transferred ITO ignores the High Court order and proceeds with the assessment. Later on the High Court quashing the transfer, the old ITO proceeds with assessment. Tribunal rules that it is time barred; High Court concurs.The Income Tax Appellate Tribunal, Hyderabad Bench, by its order dated 23.01.1995, referred the following question, which according to it covered the controversy raised in the four questions proposed by the Revenue, for the opinion of this Court under Section 256(1) of the Income Tax Act
This appeal by the taxpayer for the AY 2004-05 is directed against the order of Commissioner of Income-tax (CIT) partially setting aside assessment under Section 263 of IT. Act made vide order dated 30 March, 2005 with directions to the Assessing Officer for the fresh determination of Arm’s Length Price of international transaction with AEs in the light of his directions.
Whereas in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961) and section 44A of the Wealth-tax Act, 1957 (27 of 1957) read with item (ii) of sub-paragraph (a) of paragraph 3 of Article 12 of the Convention between the Government of the Republic of India and the Government of the Republic of Finland for the avoidance of double taxation with respect to taxes on income and on capital, the competent authorities of the Republic of India and the Republic of Finland have agreed to include FINNVERA and Finnish Export Credit in the list of institutions mentioned in item (ii) of sub-paragraph (a) of paragraph 3 of Article 12 of the said Convention.
Individuals will have to start reporting their income from all sources in due course, including tax-free income.The government is vetting a proposal to shift from an exemption to a deduction-based regime for reporting income, a government official said. This means while computing the tax outgo, an individual has to include income from all sources and then claim a deduction on tax-free income. The objective of the proposal, set to feature in the new income-tax code, is to establish an audit trail.
While a co-operative society is treated under the Income-tax Act, 1961, as an assessee for extending certain concessions in computing taxable income, the income of a co-operative society is not exempt in its entirety. The Act has classified co-operative societies on the basis of various activities carried out by them.
In the Bank of India case, the Authority for Advance Ruling pointed out that the section levying MAT should be considered a self-contained code. It should prevail over the other provisions of the I-T Act. The Minimum Alternate Tax (MAT) has been in vogue intermittently for nearly 20 years. It has undergone several changes in structure. But the basic principle remains the same. The idea is that every company with ability to pay should contribute to the exchequer even though it may not show taxable income because of tax concessions and incentives utilised.
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 .
Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the Commissioner of Income-tax (Appeals)’ view that deduction under section 36(1) (viii) of transfer of reserve at 40 per cent, was to be worked out on the gross total income before making deduction under this section as well as under Chapter VI-A of the Income-tax Act, 1961?
RBF Rig Corpn. LIC (RBFRC) v. ACIT (ITAT Delhi) -Section 10(10CC) of the Income-tax Act, 1961 – Perquisite, not provided by monetary payment – Assessment year 2004-05 – Whether payment of tax on behalf of employee at option of employer is a non-monetary perquisite fully covered by sub-clause (iv) of clause (2) of section 17 and, thus, exempt under section 10(10CC) and is not liable to be included in total income of employee – Held, yes – Whether taxes paid by employer can be added only once in salary of employee and thereafter, tax on such perquisite is not to be added again – Held, yes
