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Input tax credit is a concession granted by the State Government against the output tax liability on the sale or purchase of goods within the State jurisdiction. To avail such concession one has to fulfill the conditions imposed by the statue subject to which such concession is available. Amendment w.e.f. 01.04.2014: One of the most […]
Kaushal Agrawal Learn, understand and memorise 1. Why agricultural Income has been made exempted. 2. What is rider? 3. Definition of agricultural Income. 4. Computation of agricultural income 5. Part agricultural income and part non agricultural income of tea, coffee and rubber. 6. Partial Integration of agricultural Income with non agricultural Income.
As you may be aware, the department has been working on a project to create an electronic database of all income tax appeals and judgments of the ITAT, HCs and the Supreme Court. The project is titled the National Judicial reference System (NJRS), and is being taken up under the Directorate General of Income Tax (Legal & Research). The project is expected to provide information which will enable all officers to take timely action in appeal matters, aid decision making and improve litigation management in the department in general. A brief note on the project is attached for your reference at Annexure A.
Notification No. 25/2014-Income Tax In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Bank for Agriculture and Rural Development (PAN: AAACT4020G) established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (No. 61 of 1981)
