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Income Tax : Faceless assessments in FY 23-24 raised Rs 43 trillion in tax arrears, sparking concern over the impact on India's tax ecosystem a...
Income Tax : The Finance Act, (2), 2024 has made certain changes relating to levy of income tax on consideration received on buy-back of shares...
Income Tax : Summary: Income additions by tax authorities due to discrepancies between a taxpayer’s declared income and the details in Fo...
Income Tax : FAQs on e-Verification Scheme, 2021 provide general guidance in understanding procedures & processes of the e-Verification Scheme,...
Income Tax : Understand the amended Section 230 of the Income Tax Act, 2024, clarifying when a tax clearance certificate is required for Indian...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : Amount received as reimbursements for expenses related to software subscription services should not be taxed as technical services...
Income Tax : Assessee-partnership firm had filed its income tax return declaring income. The case was selected for limited scrutiny, focusing o...
Income Tax : In lieu of the appellant discontinuing the commodity brokerage business, BNP Paribas offered compensation of Rs.40 crores. Pursuan...
Income Tax : Delhi High Court held that addition of value of shares granted under the Employees Stock Purchase Scheme as perquisite in terms of...
Income Tax : ITAT Jaipur rules in favor of Hitkari Vidyalaya Sahkari Shiksha Samiti Ltd, allowing 80P deduction on interest income from coopera...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Circular No. 271-Income Tax I am directed to invite a reference to this Department’s Circular No. 254 [F. No. 275/28/79-IT(B)], dated 23-5-1979 on the subject of deduction of income-tax from insurance commission, etc., during the financial year 1979-80.
Circular No. 270-Income Tax I am directed to invite a reference to this Department’s Circular No. 257 [F. No. 275/36/79-IT(B)], dated 4-6-1979, on the subject of deduction of income-tax from winnings from lottery or crossword puzzle payable during the year 1979-80.
It is hereby notified for general information that the following scientific research programme has been approved for the period specified below for the purpose of sub-section (2A) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, by the Secretary, Department of Science & Technology, New Delhi.
That the said Centre will furnish the annual return of its scientific research activities to the prescribed authority for every financial year in such forms as may be laid down and intimated to them for this purpose, by 30th April, each year.
It is hereby notified for general information that the following scientific research programme has been approved for the period specified below for the purposes of sub-section (2A) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, by the Indian Council of Agricultural Research, New Delhi.
That the Banasthali Vidyapith College of Arts and Science will maintain a separate account of the sums received by it for scientific research in the field of natural or applied sciences (other than agriculture/animal husbandry/fisheries & medicines).
That the institution will maintain a separate account of the sums received by it for scientific research in the field of medical research. (ii) That the institution will furnish annual returns of its scientific research activities to the Council for each year by 31st May, each year, at the latest in such form as may be laid down and intimated to them for this purpose.
That the association will furnish an annual audited statement of accounts to the Council for each year by 31st May, each year, and in addition send a copy of it to the concerned Income-tax Commissioner.
It is hereby notified for general information that the following scientific research programme has been approved for the period specified below for the purposes of sub-section (2A) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, by the Secretary, Department of Science & Technology, New Delhi.
Circular No. 269-Income Tax Certain jurisdictional problems in regard to the interpretation of the provisions of section 246(2) and of the corresponding sections of other Direct Tax Acts, and also in regard to the scope of the Board’s Notifications issued under section 246(2)(i) have been referred to the Board for clarification. They are posed in the form of questions and answered hereunder
