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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...
In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Indira Gandhi National Centre for Art, New Delhi for the purpose of the said sub-clause for the assessment year 1989-90.
Circular: No. 548-Income Tax . Rules 11 and 12 of the Third Schedule to the Wealth-tax Act lay down the manner of computing the value of unquoted equity shares on the basis of the balance-sheet of a company. The Explanation to rule 11 provides that for purposes of this rule, “balance-sheet” in relation to any company will be the balance-sheet of such company as drawn up on the relevant valuation date and where there
It will submit to the (a) Director-General (Income-tax Exemptions), (b) Secretary, Department of Scientific and Industrial Research, and (c) Commissioner of Income-tax/Director of Income-tax (Exemptions) having jurisdiction over the organisation, by the 30th June, each year, a copy of its audited annual accounts showing its income and expenditure, and its assets and liabilities.
Notification No.S.O.850(E) – Income Tax In exercise of the powers conferred by sub-clause (ia) of clause (h) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Home Loan Account Scheme of the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), for the purposes of the said sub-clause for the assessment year 1990-91 and the subsequent assessment years
In exercise of the powers conferred by sub-clause (iid) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), Central Government hereby notifies the NRI Bonds, 1988 issued by the State Bank of India, a bank established under section 3 of the State Bank of India Act, 1955 (23 of 1955), for the purposes of the aforesaid sub-clause.
Circular : No. 547-Income Tax Attention is invited to the Board’s Circular No. 385C dated 3-7-1984 laying down the procedure regarding taxation under the W.T. Act of assessees in respect of their properties left in erstwhile East Pakistan after Indo-Pak conflict of 1965 and the relief granted to them in respect of such properties
Notification No.S.O.803(E) – Income Tax In exercise of the powers conferred by clause (iii) of the Explanation to sub-clause (viia) of clause (6) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the field of “cookery” for the purposes of the said sub-clause (viia)
In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Institute for Indian Labour, Calcutta, for the purpose of the said sub-clause for the assessment years 1986-87, 1987-88 and 1988-89.
Circular : No. 546-Income Tax Under the provisions of section 230 of the Income-tax Act, 1961 it has been prescribed, inter alia, that a person who is not domiciled in India cannot leave the territory of India by land, sea or air unless he obtains a certificate from the “Competent Authority” that he has no liability under various Acts mentioned therein, or that satisfactory arrangement have been made for the
Provided that the benefit under the said clause shall be admissible in the case of transfer of such bonds, by endorsement or delivery, only if the transferee informs the said Corporation by registered post within a period of sixty days of such transfer.
