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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.2449-Income Tax In exercise of the powers conferred by clause (viii) of sub-section (1) of section 36 on Income-tax Act, 1961, the Central Government hereby approves Indian Renewable Energy Development Agency Limited, 3, Ring Road (FF), Kilokari, Opposite Maharani Bagh, New Delhi-110 014, as a company for the purpose of the said clause for the assessment years 1995-96 to 1997-98.
Notification No. S.O.2450-Income Tax In exercise of the powers conferred by clause (viii) of sub-section (1) of section 36 on Income-tax Act, 1961, the Central Government hereby approves M/s. Delhi Financial Corporation, Saraswati Bhavan, E-Block, Cannaught Place, New Delhi, as a company for the purpose of the said clause for the assessment years 1989-90 to 1995-96.
Notification No. S.O.634(E)-Income Tax In exercise of the powers conferred by sub-clause (xiiic) of clause (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Retirement Benefit Unit Scheme set up by the Unit Trust of India as a pension fund for the purposes of the said sub-clause.
Notification No. S.O.635(E)-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 7 years-16.5 % (taxable) Secured Redeemable (Xth Series Issue) Bonds bearing serial Numbers J00000001 to J01875000 of rupees one thousand each of the aggregating value of rupees one hundred eighty-seven crores
Circular No. 689-Income tax owSection 143(1)(a) authorises, with effect from assessment year 1989-90, inter alia, disallowance of any loss carried forward, deduction, allowance or relief claimed which, on the basis of information available in the return or the accompanying accounts or documents, isprima facie inadmissible
Circular No. 688-Income tax A doubt has been raised whether graduate or post-graduate courses in architecture would be covered as a branch of engineering for the purpose of the tax concession under section 80E of the Income-tax Act.
Circular No. 687-Income tax Kisan Vikas Patras were introduced on 1st April, 1988. The Department of Economic Affairs, Ministry of Finance, in its notifications dated 23-3-1988, 16-12-1991, 24-4-1992 and 2-9-1993 had specified the amount payable on these after 2½ years and up to the date of maturity. However, interest and maturity amount during 2½ years had not been provided in these notifications
Notification No. S.O.600(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 mentioned in the corresponding entry in column (2) of the said Table.
Circular No. 686-Income Tax Reference is invited to Board’s Circular No. 685, dated 20-6-1994 (File No. 275/69/94-ITB) providing for non-initiation of proceedings under section 221/276B/271C of the Income-tax Act, 1961 in respect of employers defaulting in deducting tax at source on the salaries and allowances paid abroad or perquisites provided abroad to their employees for services rendered in India.
Notification No. S.O.482(E)-Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 5 years 10.5 per cent. (tax-free) Secured Redeemable Non-Convertible Bonds (II-Series Issue bearing distinctive number B 2360001 to B 2500000 aggregating to an amount of rupees fourteen crores) of Rs. 1000 each
