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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.248(E)-Income Tax In exercise of the powers conferred by the Explanation below sub-section (1) of section 54G of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the population, concentration of industries, need for proper planning of the area and other relevant factors, hereby declares the areas falling within the limits of municipal corporation or municipality, as the case
Circular No. 680-Income tax Clause (iii ) of the Explanation to section 115J, which was inserted by the Direct Tax Laws (Amendment) Act, 1989 with effect from assessment year 1989-90, provides for a deduction from the book profits attributable to a business, the profits from which are eligible for deduction under section 80HHC or 80HHD. It also provides that the amount of deduction shall be computed
Circular No. 679-Income tax The Board vide Circular No. 645, dated 15-3-1993 read with Circular No. 650, dated 31-5-1993 had clarified that luxury tax and such other taxes levied by the State Government will form part of the ‘room charges’ for the determination of applicability of the Expenditure Tax Act to any particular hotel
Circular No. 678-Income tax In the wake of the unfortunate earthquake which caused wide-spread devastation in certain areas of Maharashtra in the month of September, 1993, the Government of India has issued a Press Note informing the general public that all donations made to the Chief Minister’s Earthquake Relief Fund, Maharashtra, will qualify for 100% deduction, without any ceiling
Circular No. 677-Income tax The Board in Circular No. 594, dated 27-2-1991 (Sl. No. 461) and corrigendum dated 15-5-1991 has granted, subject to conditions therein specified, benefit of ad hoc deduction for expenses @ 50 per cent of the gross receipts of commission, to the authorised agents of the Unit Trust of India and the
IT authorities are empowered to amend any order passed by them under the Act with a view to rectifying any mistake apparent from the record. A mistake is an omission made not by design but by mischance. A mistake apparent is a mistake that is manifest. In other words, the mistake must be so plain or obvious that it could be realised without a debate or dissertation
Notification No. S.O.37(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 “10. 5 per cent. (tax-free bonds) (Series 1-A bearing Serial Numbers 1 to 5,19,800 ; Series 1-B bearing Serial Numbers 1 to 3,100 ; Series 1-C bearing Serial Numbers 1 to 2,18,900 and Series 1-D bearing Serial
Notification No. S.O.38(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 “10.5 per cent. (tax-free bonds) (Series 2-A bearing Serial Numbers 1 to 40,00,000) of an amount of Rupees 400 crores” to be issued by the Konkan Railway Corporation Limited for the purpose of the said item
Circular No. 676-Income tax Representations have been received by the Board seeking waiver of interest chargeable under sections 234B and 234C of the Income-tax Act, 1961 for default in payment of instalments of advance tax by the due dates which are prescribed under section 211 of the Income-tax Act. In cases where the last date for making payment of such instalments
Notification No. S.O.371-Income Tax It is notified for general information that M/s. Parashwanth Housing Finance Corporation Limited, Harsiddha Chambers, 3rd Floor, Ashram Road, Ahmedabad-380 014 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 1987-88 and 1991-92 to 1994-95.
