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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.610(E) – Income Tax In exercise of the powers conferred by clause (c) of Explanation to clause (23F) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies all articles and things (including computer software) other than the articles or things mentioned in the Eleventh Schedule to the Income-tax Act, 1961 (43 of 1961), for the purposes of the said clause (c).
Circular No. 706-Income Tax Section 80Q inserted by the Finance (No. 2) Act, 1991, with effect from 1-4-1992 provides that where in the case of an assessee the gross total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1992 or to any one of the four assessment years next following that assessment year, includes any profits and gains derived from a business carried on in
Circular No. 705-Income Tax Section 80RRA of the Income-tax Act, 1961 provides, inter alia, for deduction from the gross total income, in respect of remuneration received in foreign currency by a technician for services rendered outside India. The deduction is at the rate of 50 per cent of the remuneration or 75 per cent of the remuneration as is brought into India, whichever is higher. The terms and conditions of services outside India of such technician are to be approved for the purposes of claiming the deduction
Notification No.S.O.530(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 7-years 13 per cent. (taxable) Secured Redeemable Non-Convertible J-Series Bonds bearing distinctive numbers 101000001 to 101500000 of Rs. 1000 each aggregating an amount of Rs. 50 crores (rupees fifty crores
Notification No.S.O.529(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 9.25 per cent. per annum tax-free Secured Redeemable Non-Convertible Bonds (J-series) bearing distinctive numbers 100000001 to 101000000 aggregating an amount of Rs. 100 crores (Rupees one hundred
Satish Chandra Gupta Vs Assessing Officer (ITAT Delhi): Relief granted for delayed house construction under Section 54 due to reasons beyond the assessee’s control.
Notification No.S.O.438(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 10.5% Tax-free Bonds (IInd Series Issue) bearing distinctive numbers 250001 to 750000 of rupees one thousand each of the aggregate value of rupees fifty crores only, to be issued by the Indian Renewable
Notification No.S.O.437(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 Mahanagar Telephone Nigam Limited for the purpose of the said clause, namely
Circular No. 704-Income Tax Under the provisions of clause (42A) of section 2 of the Income-tax Act, 1961, the shares held in a company or any other security listed in a recognised stock exchange in India or units of the Unit Trust of India or units of a mutual fund specified under section 10(23D) shall be regarded as short-term capital assets if they are held by an assessee for not more than 12 months immediately preceding the date of its transfer
Circular No. 703-Income Tax With effect from the assessment year 1993-94, a new procedure for taxation of firms has been introduced according to which the distinction between the registered and unregistered firms has been done away with. Consequently, the requirement of apportionment of losses among the partners for set-off and carry forward has also been given up. In line with this procedure
