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Income Tax : FAQs on e-Verification Scheme, 2021 provide general guidance in understanding procedures & processes of the e-Verification Scheme,...
Income Tax : Recently, the Finance Minister of India, Smt. Nirmala Sitharaman, presented the Finance Budget 2024-2025 on 23rd July 2024. Vide t...
Income Tax : Section 43B(h) mandates tax deductions only on actual payments to MSMEs, effective April 2024. Explore its potential impact on ind...
Income Tax : Discover the updated Income Tax assessment procedures for searches starting from September 2024, including tax rates, penalties, a...
Income Tax : आयकर विभाग ने कैश लेन-देन पर कड़ी नजर रखने का निर्�...
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 : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : Bombay High Court upholds ITAT ruling in PCIT Vs SVD Resins, focusing on the legitimacy of purchase transactions and tax implicati...
Income Tax : The Bombay High Court dismisses criminal charges against Hubtown Ltd's directors for TDS payment delays, citing absence of require...
Income Tax : Supreme Court dismisses IT Dept's petition, ruling Vodafone Idea isn't liable to deduct TDS on payments to non-resident telecom op...
Income Tax : Allahabad High Court held Deputy Commissioner of Income Tax guilty under section 12 of the Contempt of Courts Act, 1971 and impose...
Income Tax : Bombay HC examines the rejection of Purandhar Technical Education Society's 12AB registration by CIT, highlighting procedural erro...
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...
Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...
Section(s) Referred: 132 ,132(11) In exercise of the powers conferred by sub-section (11) of section 132 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies every Commissioner, for the purpose of passing orders on applications against any order made under sub-section (5) of the said section by an Inspecting Assistant Commissioner, empowered under sections 125 and 125A of the said Act, in respect of any person within the jurisdiction of the said Commissioner.
Notification: S.O.2466 In exercise of the powers conferred by clause (v) sub-section (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby not
Circular No.240 – Income Tax The rates of income-tax for the assessment year 1978-79 in the case of all categories of taxpayers (corporate as well as non-corporate) are specified in Part I of the Schedule to the Finance Act, 1978. These rates are the same as those specified in Part III of the First Schedule to the Finance (No. 2) Act, 1977 for the purposes of computation of advance tax; deduction of tax at source
Notification: S.O.2046 Central Government hereby notifies The Society of the Franciscan Brothers, Kotagiri for the purpose of the said section for and from the assessment year(s) 1975-76.
Circular : No. 239-Income Tax Section 8(2) of the Additional Emoluments (Compulsory Deposit) Act, 1974 provides that for the purposes of computing the total income under the Income-tax Act, the amount repaid to an individual is deemed to be salary paid in arrears and the provisions of section 89(1) of the Income-tax Act shall apply.
Notification: S.O.2667 The Department of Revenue hereby amend the Notification No. 593 (F. No. 203/13/74–ITA–II) dated 17-4-1974 as under : This notification contains Corrigendum to Income-tax Act, 1961 carried out on May 15, 1978 not reproduced here as it is already contained in the body of the act itself
Notification: S.O.2399 It is hereby notified for general information that the institution mentioned below has been approved by the Secretary, the Department of Science & Technology, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, under the category ” Association ” in the area of other natural or applied sciences, subject to the following conditions :–
Notification: S.O.2398 It is hereby notified for general information that the following scientific research 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 and Technology, New Delhi.
Notification: S.O.2223 It is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Medical Research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, read with rule 6(ii) of the Income-tax Rules, 1962, under the category of “Scientific Research Association” in the field
Notification: G.S.R.631In pursuance of the provisions of section 280D of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that annuity deposits made or recovered during the year 1978-79 shall bear interest at the rate of 4 1/4 per cent. (approximately) per annum.
