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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...
Circular No. 667-Income tax Sections 54 and 54F provide for a deduction in cases where an assessee has, within a period of one year before or two years after the date on which the transfer of a capital asset takes place, purchased, or has within a period of three years after that date constructed, a residential house. The quantum of deduction is itself dependent upon the cost of such new asset.
Circular No. 666-Income tax Reference is invited to the Board’s Circular No. 632, dated the 20th August, 1992 on the above subject. According to the provisions of section 194C of the Income-tax Act, 1961 any person responsible for paying any sum to any resident contractor for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor
Circular No. 665-Income tax By Circular No. 599, dated 24-4-1991 (see clarification 2), it was clarified that securities held by banks must be regarded as their stock-in-trade and the claim of loss, if debited in the books of account, should be given the same treatment as is normally given to the stock-in-trade. It was also clarified that the interest paid for broken period on the purchase of securities
Circular No. 664-Income tax Reference is invited to the Board’s Circular No. 597, dated 27-3-1991, containing instructions regarding the use of Form Nos. 16, 16A and 16B for issuing certificates of tax deducted at source, under the various provisions of the Income-tax Act, 1961. These three forms had replaced the earlier unified Form No. 16 with effect from 28-2-1991 vide the Income-tax
Circular No. 663-Income tax Section 2(m ) of the Wealth-tax Act has been amended with effect from 1-4-1993. Under the amended clause (m) in the computation of the net wealth, the assessee is to be allowed deduction only for the debts owed by him on the valuation date which have been incurred in relation to the assets liable to the wealth-tax. Up to the assessment year 1992-93, the assessee was to be allowed deduction for all the debts owed by him excluding certain debts such as those incurred in relation
Circular No. 662-Income tax Board’s Instruction No. 133 [F. No. 40/25/69-IT(A-I), dated 10-12-1969 (Annex) provides that the taxable perquisite in the hands of the employee on account of the services of gardeners, night watchmen and sweepers provided by the employer should be calculated on the following ad hoc basis
Circular No. 661-Income tax Reference is invited to the Board’s Circular No. 631, dated 20-8-1992 on the abovementioned subject wherein the rates at which the deduction of tax under sections 194B, 194BB and 194G of the Income-tax Act, 1961 was to be made during the financial year 1992-93 from winnings from lotteries, crossword puzzles, horse races and from commission, etc., paid on sale of lottery tickets, were communicated.
Notification No.S.O.693(E) – Income Tax In exercise of the powers conferred by item (ii) in sub-section (1) of section 32 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
Notification No.S.O.691(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 18 per cent. (Taxable) Secured Redeemable Non-Convertible (IVth Series) Bonds, issued by the Damodar Valley Corporation, Calcutta, for the purpose of the said clause
Circular No. 660-Income tax Attention is invited to the Board’s Circular No. 634, dated 20-8-1992 regarding collection of income-tax at source under section 206C of the Income-tax Act, in respect of profits and gains from the business of trading in alcoholic liquor, forest produce, etc., during the financial year 1992-93.
