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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 : 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 : 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 : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Delhi High Court rules on Section 153C notices for AYs 2014-15 to 2020-21 in Dev Technofab Limited Vs DCIT, citing lack of incrimi...
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...
In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Poondy Parish, Poondy , for the purpose of the said sub-clause for the assessment years 1985-86 to 1988-89
In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Paramakkavu Devaswom, Trichur for the purpose of the said sub-clause for the assessment years 1987-88 and 1988-89
In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Swami Ramananda Tirtha Memorial Committee, Hyderabad, for the purpose of the said sub-clause for the assessment year 1984-85 to 1988-89.
In exercise of the powers conferred by clause (b) of sub-section (2) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Sri Kamakala Kameswarar Devasthanam, Triplicane, Madras, to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section on the condition that the temple will maintain separate books of account for this purpose and that the donations received will be utilised exclusively for the renovation of the temple.
Circular No. 522-Income Tax 1. Provisions of sections 40A(3), 269SS and 269T have been amended by Direct Tax Laws (Amendment) Act, 1987 (4 of 1988) and consequently the monetary ceilings prescribed under the aforesaid sections have been raised from Rs. 2,500 to Rs. 10,000, Rs. 10,000 to Rs. 20,000 and Rs. 10,000 to Rs. 20,000, respectively. As per provisions of section 1(2) of the Direct Tax Laws (Amendment) Act, these changes have been made effective from 1-4-1989.
Notification No. S.O.3426-Income Tax In exercise of the powers conferred by clause (iib) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies ” 11.00% Exim Bank Bonds, 2003 (Fifth Series) “, issued by the Export-Import Bank of India, Bombay, for the purpose of the said clause
This notification contains amendment to Income-tax Rules, 1962 carried out on 17th August, 1988 not reproduced here as it is already contained in the body of the Rules itself.
Circular : No. 521-Income Tax Attention is invited to Board’s order under section 119(2)(b) of the Income-tax Act [F.No. 225/201/87-IT(A-II), dated 17-8-1988 whereby the Board, in exercise of the powers conferred by clause (b ) of sub-section (2) of section 119 of the Income-tax Act, 1961, have authorised the Income-tax Officer
Circular : No. 520-Income Tax Under sections 54, 54B, 54D, 54F and 54G, the capital gains earned by a taxpayer from the transfer of a long-term capital asset is exempt from tax if the taxpayer complies with certain conditions. Under section 54(1), the capital gains arising from the transfer of a residential house is exempt from tax if the taxpayer has within a period of one year before
Circular : No.519-Income Tax I am directed to invite a reference to this Department’s Circular No. 486, dated 1-6-1987 on the above subject wherein you were requested to issue necessary instructions to all the Treasury Officers, etc., for making deduction of income-tax at source from the payment of “Interest on Government Securities” for the financial year 1987-88.
