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Income Tax : Taxation plays a key role in reducing income inequality through progressive tax policies, redistribution, and public services. Lea...
Income Tax : Understand tax obligations for freelancers in India, including GST, deductions, advance tax, and compliance strategies to manage t...
Income Tax : The standard deduction is one of the most popular deductions because it makes tax filing easier by lowering taxable income without...
Income Tax : Learn how residential status affects tax liability under the Income Tax Act, 1961. Understand ROR, RNOR, and NR classifications an...
Income Tax : Bombay High Court, in Chamber of Tax Consultants v. Director General of Income Tax (Systems) (2025), ruled that flaws in the ITR u...
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 : ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Chandigarh held that treating capital gains earned on sale of shares as bogus merely on the basis of warning letter of SEBI w...
Income Tax : Bombay High Court invalidates reassessment notice under Section 148 of the Income Tax Act, citing failure to meet jurisdictional c...
Income Tax : ITAT Jaipur held that exercise of revisionary power under section 263 of the Income Tax Act on the basis of audit objection is not...
Income Tax : Bombay High Court dismisses Shandilya Properties LLP's petition challenging an income tax assessment order, directing them to exha...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
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...
Notification No.S.O.2986 – Income Tax It is notified for general information that M/s. Home Trust Housing Finance Co. Ltd., 43, Ashutosh Chowdhuri Avenue, Calcutta—700 019, has been approved by the Central Government as a housing finance company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1997-98 to 1998-99
Notification No.S.O.2667 – Income Tax It is notified for general information that M/s. Vidarbha Housing Development Finance Co. Limited, Amar Palace, West Central Road, Dhantoli, Nagpur, has been approved by the Central Government as a Housing Finance Company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1996-97 to 1998-1999
Notification No.S.O.770(E) – 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, having regard to seventy-five per cent. of the average rise in the Consumer Price Index for urban non-manual employees, hereby specifies the Cost Inflation Index as mentioned in column (3) of the Table below for the financial year
Circular No. 758-Income Tax Under the provision of section 192 of the Income-tax Act, an employer is required to deduct tax at source from any payments in the nature of salary which includes, inter alia, any arrear payments. The manner of determining the amount of tax to be deducted at source from these payments is set
Notification No.S.O.2829 – Income Tax In exercise of the powers conferred by clause (ix) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Indira Gandhi National Centre for the Arts, New Delhi, for the purpose of the said sub-clause for the assessment years 1999-2000 to 2000-2001
Circular No. 757-Income Tax Reference is invited to Circular No. 747, dated 2nd December, 1996 wherein 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 1996-97, were intimated. The present Circular
Notification No.S.O.2776 – Income Tax It is notified for general information that M/s. Happy Home profin Ltd., Suite A-I, 75, C. P. Ramaswamy Road, Abiramapuram, Chennai-600 018, have been approved by the Central Government as a housing finance company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1997-98 to 1998-99
Circular No. 756-Income Tax The Central Government has recently notified new scales of pay and allowances for different categories of Government employees based on the recommendations of the 5th Pay Commission. In addition, the employee will be entitled to substantial amounts of arrears. As a result of this increase
Notification No.S.O.714(E) – Income Tax In exercise of the powers conferred by section 80-IA of the Income-tax Act, 1961, (43 of 1961), as amended by section 3 of the Income-tax (Amendment) Ordinance, 1997 (15 of 1997), and in supersession of the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) number 636(E), dated 3rd September, 1997, except as respects things done or omitted to be done before such supersession, the Central Government specifies the following districts as
Notification No.S.O.713(E) – Income Tax In exercise of the powers conferred by section 80-IA of the Income-tax Act, 1961 (43 of 1961), as amended by section 3 of the Income-tax (Amendment) Ordinance, 1997 (15 of 1997), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
