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Income Tax : Learn about the planned overhaul of India’s Income Tax Act 1961, set to simplify and modernize tax laws by 2025, aiming for clar...
Income Tax : Learn how to revise TDS returns online via TRACES, correct errors, and ensure compliance. Get step-by-step guidance and understand...
Income Tax : In the alternate, assessee has also raised a ground that Assessing Officer ought to have allowed the expenditure incurred in culti...
Income Tax : Explore the updated income tax slabs for FY 2024-25, comparing the new and old regimes, including deductions, rebates, and surchar...
Income Tax : Learn how losses from speculation business can be set off only against speculation income, with provisions for carry-forward....
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
Income Tax : CBI files chargesheet against Principal Commissioner of Income Tax and four others in a Rs 10 lakh bribery case. Investigation det...
Income Tax : CBDT sets transfer pricing tolerance range at 1% for wholesale trading and 3% for other transactions for AY 2024-25, providing cla...
Income Tax : KSCAA highlights critical issues on India’s Income Tax Portal, impacting timely filings for returns and TDS with glitches, timeo...
Income Tax : CBDT simplifies compounding procedures under the Income-tax Act, 1961 by reducing charges, removing limits, and easing filing requ...
Income Tax : ITAT Bangalore directed CIT(A) to condone delay of 484 days in filing of an appeal and consider the issue on merits as it is alleg...
Income Tax : ITAT Bangalore held that deduction towards reversal of provision for inventory written off due to obsolescence allowable since the...
Income Tax : The assessee is engaged in the business of letting out buildings both residential and non-residential. The case of the assessee wa...
Income Tax : ITAT Vishakhapatnam allowed weighted deduction under section 35(2AB) of the Income Tax Act since amount received from Department o...
Income Tax : ITAT Visakhapatnam held that addition under section 68 r.w.s. 115BBE of the Income Tax Act deleted as the source for capital inves...
Income Tax : CBDT sets new monetary limits for waiver of interest on delayed tax payments under Section 220(2) of the Income Tax Act, 1961, eff...
Income Tax : CBDT issues Notification No. 5/2024 for mandatory electronic filing of Forms 3CEDA and 3C-O under Income Tax Rules, effective from...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
Income Tax : The CBDT extends the Income Tax Return due date for AY 2024-25 to November 15, 2024, as per Circular No. 13/2024 issued on October...
Income Tax : CBDT exempts income of West Bengal Pollution Control Board under Section 10(46) of the Income-tax Act, 1961, subject to non-commer...
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business
this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of accounts are maintained in respect of such business
Notification No.9 – Income Tax In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, (43 of 1961), the Central Government hereby specify Central Provident Fund Commissioner, Employees’ Provident Fund Organisation, India or any other officer, not below the rank of Regional Provident Fund Commissioner, duly
Notification No.8 – Income Tax In exercise of the powers conferred by the clause (22B) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the “The Press Trust of India Limited, New Delhi” as a news agency set up in India solely for collection and distribution of news for the purposes of the said clause for the assessment years
The only dispute in the present appeals is as to whether the assessee is entitled to deduction under section 80P(2)(a)( i) of the Income-tax Act, 1961, in respect of the income from the investment of rupees two crores in the purchase of 13.5 per cent. PSEB Bonds, 2003 First Series on September 20, 1993.
Circular No. 13 of 2002-Income Tax Reference is invited to Circular No. 15/2001, dated 12-12-2001 wherein the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 2001-2002, were intimated.
Notification No. 384-Income Tax In exercise of the powers conferred by clause (ii) of subsection (1) 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-February
Notification No. 382-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) 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-October, 2000, for the purpose of the said clause
Notification No. 381-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) 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-August, 2000, for the purpose of the said clause
Notification No. 385-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) 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, 2001, for the purpose of the said clause
