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Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Learn about Sovereign Gold Bonds (SGBs), including eligibility, investment limits, interest rates, redemption, and tax implication...
Income Tax : Rental income from sub-letting is taxed as "Income from other sources," not "Income from house property." Deemed ownership rules a...
Income Tax : Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance ...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary�...
Income Tax : ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the o...
Income Tax : ITAT Ahmedabad held that deduction under section 54 of the Income Tax Act towards Long Term Capital Gains admissible even when ret...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
The Foreign Exchange Regulations Appellate Board (FERAB) has pointed out that in most of the cases of foreign gifts, the recipients made cash payments to the account holders, their nominees or agents on receipt of the amount by cheque in India. In the Shanti Devi Jain vs Director of Enforcement (1996 89 Taxman 198) case, the FERAB observed: “It is also not unreasonable to take note of the common phenomenon that receiving gift cheques in this manner is a common mode of money laundering.”
Notification No. 217 – Income Tax In supercession of the Income-tax Welfare Fund Rules [published in the Gazette of India under the notification of the Government of India, Ministry of Finance (Department of Revenue), vide S.O. 627(E) dated the 24th July, 1998] made to govern the administration of Income-tax Welfare Fund which was established for the benefit of the officers and staff of the Income-tax
Notification No. 216 – Income Tax In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Act), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth-tax Rules, 1957, namely
Notification No. 215 – Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
NOTIFICATION NO. 214/2007, DATED 3-8-2007- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the financial year commencing from the 1st day of April, 2006 and ending on the 31st day of March, 2007 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the financial year commencing from the 1st day of April, 2007 and ending on the 31st day of March, 2008 and for that purpose further makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, Number S.O. 709(E), dated the 20th August, 1998, namely
Notification No. 213 – Income Tax In exercise of the powers conferred by clause 48 of section 2 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause, namely
Notification No. 212 – Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and
Notification No. 211 – Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and
NEW SCRUTINY NORMS FOR FINANCIAL YEAR 2007-08 – Board hereby lays down the following procedure for selection of returns / cases of *Non-Corporate Assessees* for scrutiny during the current financial year i.e. 2007-08.2. The following categories of cases shall be compulsorily scrutinized; –
Notification No. 210 – Income Tax In exercise of the powers conferred by sub-section (1B) of sections 139 and 139D of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (3) of rule 12 of the Income-tax Rules, 1962 and in supercession of the Electronic Furnishing of Return of Income Scheme, 2004 published in the Gazette of India, Extraordinary, Part II, Section 3 – sub-section (ii) under the notification of the
