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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
In partial modification of the Notifications issued by Central Board of Direct Taxes Department of Revenue Ministry of Finance Government of India.
Commissioner of Income-tax v. K. Chinnathamban – Section 69A of the Income-tax Act, 1961 – Unexplained money – Firm ‘V’, allegedly floated for carrying on business of prize tickets and for collecting deposits from public, was managed by one ‘K’ – During search certain amount was seized – Assessing Officer on basis of statements given by ‘K’ concluded that firm was not genuine and observing that ‘K’ was not in position to explain source of deposit of seized amount, treated said amount as undisclosed income of persons (assessees) in whose name deposit appeared in various banks –
starting from April 1, 2008, the deductors of TDS are not required to give TDS certificates to the recipients of income or payment in respect of which tax has been deducted. It is one thing to abolish the requirement to attach TDS certificates with the returns filed by the taxpayers but quite another to abolish the very requirement of furnishing TDS certificates to the recipients of income because it can cause considerable inconvenience to them.
In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India Ministry of Finance Department of Revenue.
The assessee’s contention that above income is to be assessed under the head other sources as he is not owner of the premises, is well taken and is required to be accepted. There is no question of estimating annual letting value of the property. It is to be assessed as per agreement between the parties under the head other sources. The Revenue authorities were not justified in assessing rental income under the head house property. On facts of the case, we direct the AO to take assessee’s rental income under the head other sources. The assessee would also be entitled to consequential relieves under the law. This ground of appeal of the assessee is accepted.
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 account are maintained in respect of such business
Notification No. 224 – Income Tax ln exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in suppression of the notification of the Government of India, Central Board of Direct Taxes vide S.O.882(E) dated 14.9.2001 and its subsequent modifications, and in partial suppression of the notification S.O.732(E) dated 3rd July, 2001, in so far as they relate to
Notification No. 223 – Income Tax In exercise of the powers conferred by section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendment to the Notification of the Government of India, Ministry of Finance, (Department of Revenue), Central Board of Direct Taxes, number S.O. 733(E) dated the 31st July, 2001, namely
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
