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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.10 – Income Tax In exercise of the powers conferred by clause (ix) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Indira Gandhi National Centre for Arts, New Delhi, for the purpose of the said sub-clause for the assessment years 1995-96 to 1998-99
Notification No.S.O.898(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 year 9% per cent. (tax-free) Secured Redeemable Non-convertible Bonds (G Series bearing distinctive numbers 71900001 to 71970000 aggregating an amount of rupees seven crores) of Rs. 1,000 each, issued
Notification No-S.O.9 – Income Tax It is notified for the general information that M/s. Peerless Abason Finance Limited, 9, London Street, Calcutta–700 017, have been approved by the Central Government as a housing finance company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1991-92 to 1995-96
Notification No.S.O.873(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 10 years-9 per cent. (tax-free) Secured Redeemable non-convertible Bonds (E Series 5th issue bearing distinctive numbers E 2800001 to E 3800000 aggregating to an amount of rupees one hundred crores) of
Notification No.S.O.825(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 ICICI Mutual Fund set up under Trust deed dated 25th August, 1993, by the Industrial Credit and Investment Corporation of India Limited, a public financial institution under section 4A of the Companies Act, 1956, as a mutual
Circular No. 671-Income Tax References have been received as to whether the amount paid by an assessee for obtaining a new telephone connection under the “Tatkal Telephone Deposit Scheme” can be allowed as a revenue expenditure under section 37(1) of the Income-tax Act, 1961, while computing the income under the head “Profits and gains from business or profession
Circular No. 670-Income Tax I am directed to forward herewith the order contained in F. No. 225/208/93/ITA-II, dated 12th October, 1993, passed by the CBDT in exercise of the powers conferred on it under section 119(2)(b) of the Income-tax Act. By virtue of this order the Assessing Officers can admit belated refund claims under section 237 of the Income-tax
Circular No. 669-Income tax Attention is invited to Board’s Circular No. 581, dated 28-9-1990 [Clarification 1], wherein it was, inter alia, stated that where a deduction claimed is disallowed as, prima facie, inadmissible for want of evidence in support thereof under section 143(1)(a), it cannot be subsequently allowed by a rectification order under section 154
Notification No.S.O.2463 – 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 specifies, for the purposes of the said sub-clause, any police officer not below the rank of Superintendent of Police or any officer specially authorised in this behalf by a police officer of or above the rank of Superintendent of Police of
Circular No. 668-Income tax According to the provisions of section 249(2)(c) an appeal has to be presented within 30 days from the date of service of the order sought to be appealed against. Also, the proviso under section 154(2)(b ) provides that if the Assessing Officer does not rectify, within a period of three months from the end of the month in which a mistake in an intimation under section 143(1)
