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Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Receiving an income tax notice can be disconcerting, particularly for individuals who are not well-versed with tax laws and compli...
Income Tax : Discover key highlights of India's Income Tax Bill 2025, effective April 2026, featuring simplified tax structures, revised slabs,...
Income Tax : Supreme Court clarifies the applicability of TOLA to reassessment notices under the Income Tax Act, addressing the interplay with ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
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 : Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material ...
Income Tax : ITAT Jaipur quashes addition of suppressed school fees for Pushpa Vidya Niketan, stating survey statements lack evidentiary value...
Income Tax : ITAT Mumbai rules that the 10% tolerance limit under Section 50C/56(2)(x) is curative and applies retrospectively, impacting prope...
Income Tax : ITAT Bangalore upheld CIT(A)'s acceptance of additional evidence in local language, dismissing AO's addition under Section 69A. Re...
Income Tax : ITAT Bangalore set aside penalty orders under Section 271B due to improper notice delivery to an unrelated email ID and failure to...
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...
Income Tax : CBDT notifies the Income-tax (Seventh Amendment) Rules, 2025, updating Forms 26Q and 27Q to include Section 194T on payments to fi...
Notification No.S.O.924(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 following Secured Redeemable Non-Convertible Bonds issued by the Steel Authority of India Limited, New Delhi, for the purpose of the said clause, namely
Notification No.S.O.3075 – Income Tax It is notified for general information that M/s. Parashwanath Housing Finance Corporation Limited, Harsiddha Chambers, 3rd Floor, Ashram Road, Ahmedabad-380 014 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 1995-96 and 1996-97
Notification No.S.O.872(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 Indbank Communications (Offshore) Fund set up under the trust deed dated 6th September, 1994, by the Indbank Merchant Banking Services Limited and approved by the Securities and Exchange Board of India, as an offshore
Circular No. 729-Income tax The deduction under section 80HHC is available, as at present, in respect of “cut and polished minerals and rocks including cut and polished granites” with effect from 1-4-1991 by virtue of insertion of item ( x) in the Twelfth Schedule to the Income-tax Act, 1961. The export of dimensional
Circular No. 728-Income Tax It has been represented to the Board that when making remittances of the nature of royalties and technical fees, tax is being deducted at source at the rates specified in the Finance Act of the relevant year, without taking into account the special rates for taxation of such income provided for under the Double Taxation Avoidance Agreement with the country concerned
Circular No. 727-Income Tax Reference is invited to the Board’s Circular No. 644, dated 15-3-1993 (see Sl. No. 371) wherein it was clarified that the expenditure on provision of food or beverages by an employer to the low-paid employees will not be treated as entertainment expenditure within the meaning of the Explanation under section 37(2) of the Income-tax Act, 1961 even if the facility is provided in places other than the place of work provided the same is provided during the working hours and the expenditure is genuine
Circular No. 726-Income Tax Representations have been received from some law and accountancy firms that are receiving fees for professional services from foreign companies or foreign law and accountancy firms saying that the latter find it very difficult to comply with the requirement of tax deduction at source under section 194J of the Income-tax Act and its payment to Central Government in the prescribed manner and within the prescribed time in the absence of any agent or business connection or permanent
Circular No. 725-Income Tax Section 10(23C)(iv ) of the Income-tax Act, 1961, provides that any income received by a person on behalf of any fund or institution established for charitable purposes is not includible in the total income if the said fund or institution is notified by the Central Government in the Official Gazette, having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States
Circular No. 724-Income Tax Reference is invited to Circular No. 690, dated 1st September, 1994 wherein the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961, during the financial year 1994-95, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 1995-96 and explains certain related provisions of the Income-tax Act
Notification No.S.O.820(E) – Income Tax In exercise of the powers conferred by clause (iii) of sub-section (2) of section 194K of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the schemes of the SBI Mutual Fund and GIC Mutual Fund given in the Table below as the schemes having regard to the plan of payment of income to the unitholders for the purpose of the said clause, namely
