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Income Tax : Taxation plays a key role in reducing income inequality through progressive tax policies, redistribution, and public services. Lea...
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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...
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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. SO 9447-Income Tax Whereas a draft notification was published by the Central Government in exercise of the powers conferred by item (B) of clause (ii) of the proviso to sub-clause (c) of clause (1A), and item (b) of sub-clause (iii) of clause (14), of section 2 of the Income-tax Act, 1961 (43 of 1961), in the Gazette of India, Extraordinary, Part II, section 3,
Circular No. 675-Income tax Section 80RR of the Income-tax Act, 1961 provides that an individual resident in India, being an author, playwright, artist, musician, actor or sportsman (including an athlete) who derives income in exercise of his profession from the Government of a foreign State or any person not resident in India
Circular No. 674-Income Tax The scope of application of the provisions of section 43B to the sales tax collected but not actually paid under deferral schemes of the State Governments was considered in Board’s Circular No. 496, dated 25-9-1987 [Clarification 2], and it was decided that, where the State Governments make an amendment in the Sales-tax Act to the effect
Notification No.S.O.373 – Income Tax It is notified for general information that M/s. Pariwar Finance Company Limited, 104, Gajanan Market, Old Cotton Market, Akola, Maharashtra, 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 1992-93 to 1994-95
Notification No.S.O.372 – Income Tax It is notified for general information that M/s. Manoj Housing Finance Company Limited, 501, Blue Moon Apartments, Lith Road, Bandra, Bombay-400 050 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 1993-94 to 1995-96
Notification No.S.O.1032(E) – Income Tax In exercise of the powers conferred by clause (a) of sub-section (1) of section 115AC of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993, for the purposes of the said clause in respect of the assessment year 1993-94 (previous year 1992-93)
Circular No. 673-Income Tax Government of India (Ministry of Finance, Department of Economic Affairs), on 17-11-1987, notified the issue of 9% Relief Bonds, 1987. This notification, regarding tax concession on these Bonds, provided as under
Circular No. 672-Income Tax Attention is invited to Board’s Circular No. 471, dated 15-10-1986. It was clarified therein that cases of allotment of flats under the Self-Financing Scheme of the Delhi Development Authority (DDA) should be treated as cases of construction for the purposes of sections 54 and 54F of the Income-tax Act. The Board has since received representations that even in respect of allotment of flats/houses by co-operative societies and other institutions
Notification No.S.O.934(E) – Income Tax In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Commonwealth Equity Fund Mutual Fund set up by the Canara Bank, being a corresponding new bank under column (2) of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act
Notification No.S.O.933(E) – Income Tax In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Indbank Offshore Mutual Fund set up under a trust deed dated June 27, 1993, by the Indian Bank, a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act
