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Income Tax : Understand key differences between legal and tax terms like Act vs Rule, Exemption vs Deduction, TDS vs TCS, and more for better c...
Income Tax : ITAT Mumbai ruled in favor of an auto-rickshaw driver, rejecting a ₹103 Crore income addition, citing insufficient investigation...
Income Tax : Understand the new 1% TCS on luxury goods above ₹10 lakh in India, effective April 2025. Learn which items are included, implica...
Income Tax : Learn about India's TCS on luxury goods. Effective April 2025, 1% TCS applies to sales over ₹10 lakh for watches, art, yachts, a...
Income Tax : Learn about the latest changes in TCS under Section 206C(1F) for luxury goods exceeding ₹10 lakh. Find the list of notified item...
Income Tax : Understand CBDT's Notification 38/2025 on non-deductible settlement expenses under Income-tax Act for SEBI, Competition Act violat...
Income Tax : Representation highlights long delays at NFAC affecting over 5 lakh appeals, urging CBDT to expedite resolutions and restore taxpa...
Income Tax : ITAT enables e-filing and virtual hearings; over 26,000 e-filings and 1.22 lakh video hearings conducted till Feb 2025, per Minist...
Income Tax : The Finance Bill 2025 proposes tax exemption on income up to ₹12 lakh, revised tax slabs, and a ₹75,000 standard deduction for...
Income Tax : A summary of corporate tax concessions in India, including key deductions, exemptions, and revenue impact from 2021-24 under the I...
Income Tax : ITAT Chandigarh held that amount in locker being cash received on sale of flat which is already assessed to capital gain. Accordin...
Income Tax : ITAT Raipur held that providing unreasonably short period of time of six days for furnishing reply vide notice issued u/s. 148A(b)...
Income Tax : AO could not reject the LTCG Exemption claim based on mere surrounding circumstances or probabilities without presenting any legal...
Income Tax : ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO's addition under Section 68, citing adequate evidence of share transac...
Income Tax : ITAT Kolkata deletes addition under Section 68, accepting LTCG on share sale by Kiran Kothari as genuine, rejecting AO's reliance ...
Income Tax : CBDT notification details income tax exemption for Mysore Palace Board. Covers income from palace, fees, rent from government agen...
Income Tax : CBDT notification clarifies that expenses to settle proceedings under SEBI, Securities Contracts, Depositories, and Competition Ac...
Income Tax : The Central Government notifies the National Mission for Clean Ganga as exempt from income tax under Section 10(46A), effective AY...
Income Tax : The Central Board of Direct Taxes notifies tax collection at source on the sale of certain goods exceeding 竄ｹ10 lakh, effectiv...
Income Tax : Latest income tax rule changes effective April 2025. Form 27EQ updated with new categories for tax collection at source on various...
Circular No. 628-Income tax The Board had vide Circular No. 422, dated 19-6-1985 (see Clarification 2) decided that the penalty proceedings under section 271B of the Income-tax Act, 1961, for failure to comply with the provisions of section 44AB should not be initiated for assessment year 1985-86, in cases where
Notification No. S.O.174(E)-Income Tax The Central Government, having regard to the extent of inconvenience likely to be caused to the commission agents and dealers in foodgrain trade, being residents, and being satisfied that it will not be prejudicial to the interests of the Revenue, in exercise of the powers conferred by clause (a) of sub-section (2) of section 194H of the Income-tax Act, 1961
Notification No. S.O.175(E)-Income Tax The Central Government, having regard to the extent of inconvenience likely to be caused to the International Air Transport Association approved air travel agents and air cargo agents, being residents, and being satisfied that it will not be prejudicial to the interests of the revenue, in exercise of the powers conferred by clause (a) of
Circular No. 627-Income tax Section 5(1)(xxa ) of the Wealth-tax Act, 1957 provides for exemption from wealth-tax in respect of value of equity shares in any company of the type referred to in clause (d) of section 45 which is established with the main object of carrying on the business of manufacture or production of any one or more of the articles or things specified in the list in the Ninth Schedule to the Income-tax Act, where such shares form part of the initial issue of equity share capital made by the company after the 28th day of February,
Circular No. 626-Income tax Please refer to Board’s Circular No. 617, dated 22-11-1991 regarding deduction of tax at source from interest other than ‘interest on securities’ under section 194A of the Income-tax Act with particular reference to the new provisions in relation to deduction of tax from interest on time deposits with banks.
Circular No. 625-Income tax. Reference is invited to Board’s Circular No. 607, dated 4-7-1991 conveying Board’s decision that the TDS certificates issued by tax deductors in the old (unified) Form No. 16 would continue to be accepted by the Income-tax Department in lieu of the new Form No. 16B, till 31-12-1991.
Notification NO. S.O.114(E)-Income Tax The Central Government having regard to the extent of inconvenience likely to be caused to the persons specified in the Schedule annexed herewith being residents, and being satisfied that it will not be prejudicial to the interests of the Revenue, in exercise of the powers conferred by clause (a) of sub-section (2) of section 194H of the Income-tax
Notification No. S.O.94(E)-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 269UB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. S.O. 392(E), dated 31st May, 1989
Notification No. S.O.95(E)-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 269UB of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. S.O. 684(E), dated 24th September
Notification No. S.O.72(E)-Income Tax In pursuance of clause (vi) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Certificates/Deposit Schemes mentioned in the Table given below for the purpose of the said clause
