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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...
Notification No.S.O.635(E) – Income Tax In exercise of the powers conferred by sub-clause (b) of clause (v) of the sub-section (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the accounts mentioned below, with effect from the first day of April, 1995, as the accounts for the purpose of the said sub-clause
Circular No. 707-Income Tax References have been received by the Board in cases where non-residents are deputed to work in India and the taxes are borne by the employers. In certain cases, an employee to whom refunds are due has already left India and has no bank account here by the time the assessment orders are passed. A question has been raised whether in such cases, the refund can be issued to the employer as the tax has been borne by it
Notification No.S.O.614(E) – 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 XI Series Issue 13.5% (taxable) Secured Redeemable Non-Convertible Bonds bearing distinctive numbers from 1 to 6700000 of Rs. 1000 each aggregating for an amount of Rs. 670 crores (rupees six hundred seventy
Notification No.S.O.610(E) – Income Tax In exercise of the powers conferred by clause (c) of Explanation to clause (23F) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies all articles and things (including computer software) other than the articles or things mentioned in the Eleventh Schedule to the Income-tax Act, 1961 (43 of 1961), for the purposes of the said clause (c).
Circular No. 706-Income Tax Section 80Q inserted by the Finance (No. 2) Act, 1991, with effect from 1-4-1992 provides that where in the case of an assessee the gross total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1992 or to any one of the four assessment years next following that assessment year, includes any profits and gains derived from a business carried on in
Circular No. 705-Income Tax Section 80RRA of the Income-tax Act, 1961 provides, inter alia, for deduction from the gross total income, in respect of remuneration received in foreign currency by a technician for services rendered outside India. The deduction is at the rate of 50 per cent of the remuneration or 75 per cent of the remuneration as is brought into India, whichever is higher. The terms and conditions of services outside India of such technician are to be approved for the purposes of claiming the deduction
Notification No.S.O.530(E) – 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 7-years 13 per cent. (taxable) Secured Redeemable Non-Convertible J-Series Bonds bearing distinctive numbers 101000001 to 101500000 of Rs. 1000 each aggregating an amount of Rs. 50 crores (rupees fifty crores
Notification No.S.O.529(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 9.25 per cent. per annum tax-free Secured Redeemable Non-Convertible Bonds (J-series) bearing distinctive numbers 100000001 to 101000000 aggregating an amount of Rs. 100 crores (Rupees one hundred
The facts of this case were, the assessee had purchased a site and could not complete the construction of the house within the prescribed period of three years. However, the house was constructed and completed subsequently. Relief was given on the ground that the delay had occurred on account of reasons beyond the control of the assessee.
Notification No.S.O.438(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 10.5% Tax-free Bonds (IInd Series Issue) bearing distinctive numbers 250001 to 750000 of rupees one thousand each of the aggregate value of rupees fifty crores only, to be issued by the Indian Renewable
