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Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
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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...
Circular No. 646-Income tax Under the Wealth-tax Act, value of any asset on the valuation date has to be determined in the manner laid down in Schedule III. Valuation of jewellery is to be made as per rules 18 and 19 contained in Part G of this Schedule. For values of jewellery exceeding Rs. 5 lakhs the assessees are required to obtain a report of a registered valuer in the prescribed form and furnish the same along with his return of net wealth.
Circular No. 645-Income tax Provisions of the Expenditure-tax Act apply in relation to any chargeable expenditure incurred in a hotel wherein the room charges for any unit of residential accommodation at the time of incurring of such expenditure are Rs. 1,200 or more per day per individual. (Up to 1-6-1992, the Act was applicable to chargeable expenditure incurred in a hotel having
Circular No. 644-Income tax Section 37(2) of the Income-tax Act, 1961, as it is substituted w.e.f. 1-4-1993, places restrictions on the quantum of deduction permissible on account of entertainment expenditure. The expression ‘entertainment expenditure’ has been defined to include, inter alia,expenditure on provision of hospitality of every kind by the assessee to any person whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason
Notification No.S.O.123(E) – Income Tax In exercise of the powers conferred by sections 35AC and 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
Notification No.S.O.122(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 BOB Mutual Fund set up by the Bank of Baroda, being a corresponding new bank under column 2 of the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), as a Mutual Fund of public sector banks for the purpose of the said clause
The question whether the charge was voluntary or involuntary will have to be decided with reference to the facts relating to the creation of such charge. If the charge is created voluntarily, it remains so, whether it is created before the amendment or after the amendment.
Circular No. 643-Income tax Section 194A of the Income-tax Act, 1961 requires any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident, any income by way of interest, other than interest on securities, to deduct income-tax at the prescribed rate thereon, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
Notification No.S.O.258 – Income Tax In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby orders that
Notification No.S.O.18(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 MTNL 7-years 17 percent. (Taxable) Secured Redeemable Non-Convertible Telephone Bonds, 1992 (6th Series), issued by the Mahanagar Telephone Nigam Limited, New Delhi, for the purpose of the said clause
In terms of the Finance (No. 2) Act of 1991, section 43D of the Income-tax Act, 1961, came into force with effect from 1st April, 1991. However, it was inadvertently mentioned in para 22.3 of the boardýÿs Circular no. 621, dated 19th December, 1991, hat this provision would apply in relation to the assessment year 1992-93 and subsequent years. It is clarified that section 43D will take effect from 1st April, 1991 and will apply in relation to the assessment year 1991-92 and subsequent years.
