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Income Tax : Have questions about income tax payment? Read this article to find answers to frequently asked questions about income tax, includi...
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Income Tax : Learn about clubbing of income under Indian tax laws, where income of one person is included in another's taxable income, includin...
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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 Ahmedabad held that matter needs to be remanded back as assessee failed to furnish corroborative documentary evidence to prov...
Income Tax : ITAT Mumbai held that notice issued u/s. 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb is unsu...
Income Tax : Kerala High Court held that condonation application for delay in filing the audit report in Form-10B should have been considered ...
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 : 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...
Circular No. 8/2001-Income Tax The Board’s order under section 119(2)(b), dated 12th October, 1993 and Circular No. 670 dated 26th October, 1993 [F. No. 225/208/93/IT (A-II)] lay down procedure for condonation of delay in belated claims of refunds. These provide that CIT has power to condone delay in case of genuine hardship of refund claims up to Rs. 10,000 and CCIT up to Rs. 1,00,000. The power of condonation
Notification No.S.O.425(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 Nuclear Power Corporation of India Limited Tax-free (Series-XIV Secured Redeemable, Non-cumulative Tax-free Bonds Redeemable after 15 years with a
Notification No.410(E) – Income Tax In exercise of the powers conferred by the proviso to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the following areas for the purposes of the said proviso, namely
Notification No.409(E) – Income Tax In exercise of the powers conferred by the first proviso to sub-section (1) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby specifies the immovable properties referred to below, as immovable properties for the purposes of clause (i) of the said proviso
Notification No.385(E) – Income Tax In exercise of the powers conferred by sub-section (1) section 44AA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby notifies the profession of information technology for the purposes of the said sub-section
It was held that while granting registration under section 12A of the Act where the objects of the assessee society were genuine, merely because it had incurred certain expenditure, which fell within the category of benefit to a person under section 13(3) of the Act and hence, the assessee society was held to be hit by the provisions of section 13(1) (c) of the Act, does not entitle the CIT to deny the exemption of income claimed under section 11 of the Act.
Explanatory memorandum issued with the Finance Bill, 2001 FINANCE BILL, 2001- PROVISIONS RELATING TO DIRECT TAXES The provisions in Finance Bill, 2001, in the sphere of direct taxes relate to the following matters:- (i) Prescribing the rates of income-tax on incomes liable to tax for the assessment year 2001-2002; the rates at which tax will be deductible at source during the financial year 2001-2002 from interest (including interest on securities), winnings from lotteries or crossword puzzles, winnings from horse races, card games and other categories of income liable to deduction of tax at source under the Income-tax Act
Circular No. 7 of 2001-Income Tax In view of the occurrence of unforeseen national calamities of immense magnitude like the Gujarat earthquake employees of the Central Government, State Government, Public Sector Undertakings, Private Sector Companies and Corporations, and local authorities are making donations to the Prime Minister’s Relief Fund, the Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund
Notification No.228 – 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), theCentral Government, hereby specifies tax-free bonds of the Indian Renewable Energy Development Agency Limited, 1998-99 (Series-VI) of rupeesninety crores carrying an interest of 10.5 per cent. per annum for a period of seven years, bearing
Notification No.237(E) – Income Tax In exercise of the powers conferred by clause (ii) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the bonds in the nature of debentures, detailed below, issued by the Industrial Credit and Investment Corporation of India Limited, Mumbai, in its public issue of Safety Bonds-March, 2000, for the purpose of the said clause