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Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Indian crypto investors who thought they could dodge taxes by trading on foreign platforms like Binance are in for a rude awakenin...
Income Tax : Erroneous application of Section 87A rebate has led to tax demand notices for eligible taxpayers, while others receive undue benef...
Income Tax : Explore the major amendments in Finance Act, 2025 compared to 2024, covering Income-tax Act changes, compliance updates, tax refor...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Delhi rules reassessment invalid as AO initiated it while rectification proceedings were pending. Cites Supreme Court ruling ...
Income Tax : Bombay HC dismisses Revenue appeal vs Vodafone Essar (AY 08-09). Upholds ITAT view: Call centre payments fall under TDS Sec 194C (...
Income Tax : ITAT Mumbai ruled that a show-cause notice must be issued before rejecting an 80G application. The case involved a trust's inadver...
Income Tax : ITAT Pune addressed appeal delay in Altekar vs. ITO, focusing on unexplained fixed deposits and CIT(A)'s limitation dismissal....
Income Tax : ITAT Ahmedabad addressed unexplained cash deposits during demonetization in Jaisinghani vs. ITO, focusing on Sec. 69A and 115BBE....
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Notification No.S. O. 48(E) – Income Tax 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 amendment in the notification of the Government of India in the Ministry of Finance S. O. 548(E), dated 9th July, 1990, published in the Gazette of India, Extraordinary, Part II, section 3
Beware! Changes in Income-Tax Act 1961 impact educational and medical institutions. Understand the consequences of omitting Sections 10(22) and 10(22A) and the amendments to Section 10(23C). Stay informed to ensure compliance. Disclaimer: For informational purposes only.
Notification No. 289 – Income Tax It is notified for general information that “Vijaya Home Loans Ltd., Bangalore”, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1998-99 to 2000-2001
Notification No. 522 – Income Tax It is notified for general information that “Vysya Bank Housing Finance Ltd., Bangalore”, has been approved by the Central Government for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1999-2000 to 2001-2002
Notification S.O. 418 corrects the earlier Notification No. 10775 under section 10(23G) of the Income Tax Act, 1961 issued on 2nd January 1999.
Circular No.772 – Income Tax In respect of incomes of all categories of taxpayers (corporate as well as non-corporate) liable to tax for the assessment year 1998-99, the rates of income-tax have been specified in Part I of the First Schedule to the Act and are the same as those laid down in Part III of the First Schedule to the Finance Act, 1997
Notification No. S. O. 1087(E)-Income Tax In exercise of the powers conferred by sub-clause (h) of clause (iv) of sub-section (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 10.5% tax-free (7A-Series) Konkan Railway Bonds bearing distinctive numbers 1 to 11,40,000 for an amount of rupees one hundred fourteen crores only issued by Konkan Railway Corporation Limited
The current Section 44AB of the IT Act has been challenged by the Appellant on behalf of the Income Tax Practitioners. The Appellant contends that the Income Tax Practitioners should be entitled to be authorized representatives and that they are excluded for auditing accounts which violates their Fundamental Rights, specifically Article 14 and 19 of the Constitution.
Notification No. S. O. 1014(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 : (i) the 5 years 13.25% ICICI Regular Income Bonds-I bearing distinctive numbers 1 to 74061 of the face value of rupees five thousand each;
Notification No. S. O. 1015(E)-Income Tax In exercise of the powers conferred by sub-clause (ii) of clause (10AA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the maximum amount receivable by its employees as cash equivalent of leave salary in respect of the period of earned leave at their credit at the time of their retirement, whether on superannuation
