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Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Receiving an income tax notice can be disconcerting, particularly for individuals who are not well-versed with tax laws and compli...
Income Tax : Discover key highlights of India's Income Tax Bill 2025, effective April 2026, featuring simplified tax structures, revised slabs,...
Income Tax : Supreme Court clarifies the applicability of TOLA to reassessment notices under the Income Tax Act, addressing the interplay with ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material ...
Income Tax : ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value...
Income Tax : ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting prope...
Income Tax : ITAT Bangalore upheld CIT(A)'s acceptance of additional evidence in local language, dismissing AO's addition under Section 69A. Re...
Income Tax : ITAT Bangalore set aside penalty orders under Section 271B due to improper notice delivery to an unrelated email ID and failure to...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Income Tax : CBDT notifies the Income-tax (Seventh Amendment) Rules, 2025, updating Forms 26Q and 27Q to include Section 194T on payments to fi...
Congress leader Kripashankar Singh, who is currently under various investigating agencies’ scanner for allegedly amassing huge wealth, has been asked by the income-tax department to explain his income source for properties acquired in the city and elsewhere. The I-T department will also estimate the properties’ value.
NC Notification No.58/2012-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1794(E), dated 23rd October, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 6, recurring expenses for Community Health Centre by Smt. Sharda Jhatakia Memorial Trust, 17-Station Plot, Old Cement Road, GONDAL – 360 311 (Gujarat), as an eligible project or scheme for a period of
Notification No. 58/2010-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1794(E), dated 23rd October, 2007, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 6, recurring expenses for Community Health Centre by Smt Sharda Jhatakia Memorial Trust,
At the outset, we may note that although in view of the orders passed by the Committee on disputes, advising the Revenue not to file appeals against Tribunal’s orders, we find some substance in the objection of learned counsel for the Assessee about the maintainability of Revenue’s appeals before the High Court but as we have heard learned counsel for the parties on merits of the appeals, at this stage, we do not propose to go into this question. We also reject at the threshol
In this context we notice that the decision of the Supreme Court in TARA AGENCIES’ case abovereferred was on assessee’s entitlement for weighted deduction on export market development allowance provided under Section 35B(1A) of the Act which is no longer in the statute. In our view, the scheme of deduction of export market developmen
S.O It is hereby notified for general information that the organization MEPCO Schlenk Engineering College, Sivakasi, Tamil nadu has been approved by the Central Government for the purpose of clause (ii) of sub-section ( I) section 35 of the Income-tax Act. 1961 (said Act), read with Rules SC and sE of the Income-tax Rules, 1962 (said Rules), from Assessment Year 2010-2011 onwards
Notification No. 58/2010-Income Tax S.O. It is hereby notified for general information that the organization Astra Zeneca Research Foundation India, Bangalore has been approved by the Central Government for the purpose of clause (ii) of sub-section ( 1) of section 35 of the Income-tax Act 1961 (said Act), read with Rules 5C and 5E of the Income-lax Rules, 1962 (said Rules), for the period 1.4.2003 to 31.3.2006 in the category
The Union government has warned a deputy commissioner of income-tax for releasing diamonds seized during a raid without proper orders. The government has said that A K Suri did not act in a manner expected of an officer while on search duty.
The Income Tax department’s tax fair, which starts on Monday, is expected to see 50,000 more taxpayers filing their returns this year. Last year about 4.5 lakh people filed their returns in the tax fair organised at Palace Grounds. This year, the department is expecting 50,000 more footfalls totaling more than 5 lakh tax payers at the fair. Many taxpayers faced problems while filing returns online last year.
The Supreme Court has remanded the income tax department’s appeal raising pertinent issues related to taxability of foreign telecasting companies to the Bombay High Court.The issue revolves around the method of computation of profits by non-resident firms from their Indian operations especially those which don’t have branch offices or permanent establishments in India or are not maintaining country-wise accounts of their operations.
