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Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Notification No. 4/2011 – Income Tax [F.NO.V-27015/1/2011-SO(NAT.COM)]/S.O. 845(E), DATED 27-4-2011 WHEREAS by Notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 606(E), dated the 7th June, 2002, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 1, “Running of Omayal Achi Community Health Centre at Arakambakkam” by Mr. Omayal Achi Mr. Arunachalam Trust, Coral Manor, ‘A’ Ground Floor, 40-41, Second Main Road, Raja Annamalaipuram, Chennai – 600028, as an eligible project or scheme for a period of three years beginning with assessment year 2002-03, which was extended further vide Notification number S.O.512(E), dated the 9th April, 2004 for a period of three years beginning with financial year 2003-04; which was extended further vide Notification number S.O. 999(E), dated the 5th July, 2006 for a period of three years beginning with financial year 2006-07 and which was extended further vide Notification number S.O. 835(E), dated the 25th March, 2009 for a period of three years beginning with financial year 2009-10;
In comments that could fuel a fresh controversy over the black money issue, WikiLeaks founder Julian Assange on Tuesday said there are Indian names in the Swiss bank data list that are going to be made public. “Yes, there are Indian names in the data that we have already published or are going to publish. I can’t remember specifically whether there are Indian names in the coming publication. But I have read Indian names,” Assange said in an interview with a news channel.
Itr 4 -Who can use this Return Form? This Return Form is to be used by an individual or an Hindu Undivided Family who is carrying out a proprietary business or profession. Annexure-less Return Form- No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.
FORM ITR-2 Who can use this Return Form? This Return Form is to be used by an individual or an Hindu Undivided Family whose total income for the assessment year 2011-12 includes:- (a) Income from Salary / Pension; or (b) Income from House Property; or (c) Income from Capital Gains; or (c) Income from Other Sources (including Winning from Lottery and Income from Race Horses) Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
The Supreme court on Wednesday directed the Income Tax department to provide a transcript of tapped conversations of corporate lobbyist Neera Radia with corporate honchos, politicians and bureaucrats to CBI and ED which are probing 2G scam case. A bench of Justices GS Singhvi and AK Ganguly passed the order after CBI complained that the IT has not provided the transcript of 5000-hour tapped conversations.
CIRCULAR NO. 2/2011-Income Tax The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board
Delhi High Court (the High Court) in case of DIT v. SNC Lavalin International Inc [2011] 332 ITR 314 (Del) held that fees received by the taxpayer for providing technical drawings and reports in relation to infrastructure projects would qualify as Fees for Included Services under India-Canada tax treaty (tax treaty). Accordingly, tax was to be deducted at 15 percent on payments made to the taxpayer. Further, the High Court observed that the term transfer as used in Article 12(4) of the tax treaty does not refer to absolute transfer of ownership; but refers to transfer of technical drawings or designs for the use or the benefit of other party.
On April 8, 2011, the Luxembourg tax authorities issued circular LIR n° 164/2Bbis that supplements to Circular LIR n°164/2 published on January 28th, 2011 by clarifying the transition period question for confirmations on financing margins issued by the tax authorities before January 28th, 2011 to taxpayers engaged in intercompany financing transactions.
The income tax (I-T) department may make quoting of PAN in documents for sale and purchase of bullion or jewellery involving cash transfer of Rs 500,000 or more mandatory. PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies. The department is also considering changes in the limits for cash payment for foreign travel. At present, the cap is Rs 25,000, including fare, the fee of a travel agent/tour operator and purchase of foreign currency.
Aiming to give more teeth to the investigation against black money, Income Tax Department hit by staff shortage today said it has sought an additional 22,000 staff to strengthen its various operations. Besides, the tax department will redeploy its existing manpower towards intelligence gathering, investigations and prosecutions.
