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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 : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
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 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 : ITAT Pune remands appeal for reconsideration, citing leniency for a senior citizen taxpayer's advance tax shortfall. Case to be de...
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...
Circular No. 682-Income tax A Convention for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes of income and capital gains was entered into between the Government of India and the Government of Mauritius and was notified on 6-12-1983. In respect of India, the Convention applies from the assessment year 1983-84 and onwards
Notification No. S.O.942-Income Tax In exercise of the powers conferred by clause (viii) of sub-section (1) of section 36 of the Income-tax Act, 1961, the Central Government hereby approves Messrs. Can Fin Homes Limited, Shanti Kutir, No. 32, 11th Floor, Race Course Road, Bangalore–560 001, as a company for the purpose of the said clause for the assessment years 1994-95 to 1996-97.
Notification No. S.O.251(E)-Income Tax In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Taurus Mutual Fund authorised by the Securities and Exchange Board of India and registered in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1993, made under the Securities
Notification No. S.O.232(E)-Income Tax In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Kothari Pioneer Mutual Fund authorised by the Securities and Exchange Board of India as a Mutual Fund for the purposes of the said clause.
Circular No-681-Income tax Clarification on several points arising out of the scheme of tax deduction at source from payments made to contractors and sub-contractors in certain cases have been given in this circular and printed in the bulletin
Circular No : 681 Subject: Deduction of income-tax at source under section 194C of the Income-tax Act, 1961, from payments made to contractors/sub-contractors-Supreme Court judgment dated 23rd March, 1993, in Associated Cement Co. Ltd. v. CIT-Instructions-Regarding. Sub-section (1) of section 194C of the Income-tax Act, 1961, lays down that any person responsible for paying any sum to any resident (herein-after referred to as ”contractor”) for carrying out any work (including supply of labour for carrying out any work)
Notification No. S.O.248(E)-Income Tax In exercise of the powers conferred by the Explanation below sub-section (1) of section 54G of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the population, concentration of industries, need for proper planning of the area and other relevant factors, hereby declares the areas falling within the limits of municipal corporation or municipality, as the case
Circular No. 680-Income tax Clause (iii ) of the Explanation to section 115J, which was inserted by the Direct Tax Laws (Amendment) Act, 1989 with effect from assessment year 1989-90, provides for a deduction from the book profits attributable to a business, the profits from which are eligible for deduction under section 80HHC or 80HHD. It also provides that the amount of deduction shall be computed
Circular No. 679-Income tax The Board vide Circular No. 645, dated 15-3-1993 read with Circular No. 650, dated 31-5-1993 had clarified that luxury tax and such other taxes levied by the State Government will form part of the ‘room charges’ for the determination of applicability of the Expenditure Tax Act to any particular hotel
Circular No. 678-Income tax In the wake of the unfortunate earthquake which caused wide-spread devastation in certain areas of Maharashtra in the month of September, 1993, the Government of India has issued a Press Note informing the general public that all donations made to the Chief Minister’s Earthquake Relief Fund, Maharashtra, will qualify for 100% deduction, without any ceiling
