income tax act 1961

Assessees having income from salary have to file return of income before July 31 of the assessment year. This is the `due date' prescribed in section 139(1) of the Income Tax Act, 1961. Self-employed businessmen and professionals, and those deriving income from let-out property too have to file their returns by this date. Full Article

Assessments under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criteria’s for selection of cases for scrutiny has been increased. While making the assessment the assessing officer has to appreciate all the facts properly. If there is any misinterpretation of facts it may result in injustice to the assessee. Some times when there is confusion regarding interpretation of facts as appearing in a particular case or confusion regarding any law point the assessin.. Full Article

Reference is invited to Circular No. 01/2010, dated 11-1-2010 whereby the rates of deduction of income-tax from the payment of income under the head Salaries under section 192 of the Income-tax Act, 1961, during the financial year 2009-10, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2010-11 and explains certain related provisions of the Income-ta.. Full Article

Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/ institutions NOTIFICATION NO. 83/2010 [F.NO.203/05/2010/ITA-II], DATED 1-11-2010 It is hereby notified for general information that the organization Raman Centre for Applied and Interdisciplinary Sciences, Kolkata has been approved by the Central Government for the purpose of clause (ii) of [...] Full Article

NOTIFICATION NO. 82/2010 It is hereby notified for general information that the organization Centre for the Study of Developing Societies, New Delhi has been approved by the Central Government for the purpose of clause (iii) 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 year 2010-11 onwards in the category of ‘other Institution’ partly engaged in research a.. Full Article

Section 80IA(4)(i) of the Income-tax Act, 1961 (the Act) provides for a tax holiday to an undertaking engaged in developing, or operating and maintaining, or developing, operating and maintaining any infrastructure facility subject to satisfaction of Full Article

The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of Rs. 20,000/- paid or deposited during the financial years 2010-11 as subscription to long-term infrastructure bonds shall be allowed as deduction in computing the income of an individual or a Hindu Undivided Family. Full Article

Notification No. 65/2010, [F.No.187/28/2005-ITA-I], dated 28-7-2010 In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes number S.O. 732(E), dated 3rd July, 2001, namely:- Full Article