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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 : Bombay High Court dismisses Shandilya Properties LLP's petition challenging an income tax assessment order, directing them to exha...
Income Tax : ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capita...
Income Tax : ITAT Chennai orders CIT(E) to reconsider Sri Ramajayam Educational Trust’s Form 10AB application, citing rejection on technical ...
Income Tax : ITAT Pune held that approval of Principal Chief Commissioner of Income Tax [PCCIT] required for order passed under section 148A(d)...
Income Tax : Cooperative banks fall within definition of cooperative society under Section 2(19). ITAT concluded that assessee was entitled to ...
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. 615-Income tax Reference is invited to the Board’s Circular No. 579 dated 14-9-1990 regarding deduction of income-tax at source from the payment of interest on securities for the financial year 1990-91.
Circular : No. 618, dated 22-11-1991 The Finance (No. 2) Act, 1991 has inserted a new section 194EE in the Income-tax Act, 1961 with effect from the 1st October, 1991, which reads as follows
Circular No. 614-Income tax Reference is invited to the Board’s Circular No. 570, dated 27-7-1990 wherein the rates at which the deduction of income-tax was to be made during the financial year 1990-91, from payment of income by way of insurance commission under section 194D of the Income-tax Act, 1961 were circulated.
Circular No. 613-Income tax Reference is invited to Board’s Circular No. 539, dated 13-7-1989 on the above subject. According to the provisions of section 194C of the Income-tax Act, 1961, any person responsible for paying any sum to any resident contractor for carrying out any work (including supply of labour for carrying out any work)
Circular No. 612-Income tax Reference is invited to Board’s Circular No.568, dated 27-7-1990 wherein the rates of income-tax deduction during the financial year 1990-91 from the payment of income chargeable under the head “Salaries” under section 192 of the Income-tax Act,1961,etc.,were intimated. The present circular contains the rates of deduction of income-tax from the payment of ‘salaries’ during the financial year 1991-92
Enactment of new provisions in the Income-tax Act, 1961, instead of reducing more than not, increases litigation This is either because of the ambiguity or lack of clarity in the provision enacted or the manner in which the newly enacted provision is applied The present case falls in the second category as we shall presently see
Circular No. 611- Income Tax In the speech while presenting the Union Budget for 1991-92 the Finance Minister had, inter alia, announced introduction of two schemes to attract larger inflow of foreign exchange. For this purpose, the Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Bill, 1991 was introduced in the Parliament during the 1991 just concluded Budget session. The Bill, as passed by both Houses of Parliament received the assent of the President on 18th September, 1991 and
Notification No.S.O.612(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 the ” 10 year 9 per cent. (tax-free) Secured Redeemable Non-Convertible Bonds (Series-I)”, issued by the Housing and Urban Development Corporation Limited, for the purpose of the said item
Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the orders of the Commissioner of Income-tax (Appeals) deleting the addition of Rs. 1,08,644 made in the assessment for the assessment year 1980-81, being the amount transferred to the ‘molasses storage fund’ from the sale proceeds of the molasses ?
Circular No. 610-Income tax Consequent to the judgment of the Supreme Court in the case of Vijaya Bank Ltd. v. CIT [1991] 187 ITR 541, Circular No. 599, dated 24-4-1991 of the Central Board of Direct Taxes, New Delhi may be treated as withdrawn.
