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Income Tax : Notification No. 36/2025-Income Tax dated 22nd April 2025. For the first time, certain luxury goods priced above 10 lakh will attr...
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 : CBI arrests IRS officer and private individual for allegedly undermining the Faceless Tax Scheme by leaking confidential info for ...
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 : ITAT Surat ruled that reassessment of deceased person is void ab initio, quashing the order and allowing the appeal in Bharat Ranc...
Income Tax : ITAT Cochin grants 12A registration to Naughty's Pet Sanctuary, ruling against CIT(E)'s decision over trustee honorarium clause....
Income Tax : ITAT Mumbai rules on Usha Chandresh Shah's appeal against treating share sale proceeds as cash credit instead of long-term capital...
Income Tax : Punjab & Haryana HC dismisses Balbir Chand Maini's appeal, upholding ITAT's finding of a non-genuine share sale transaction and in...
Income Tax : Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta's share sale gain as unexplained income (Sec 68) due to bogus trans...
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...
Notification No.S.O.57(E) – Income Tax In exercise of the powers conferred by clause (xiv) of sub-section (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Home Loan Account Scheme of the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987), for the purposes of the said clause for the assessment year 1991-92 and subsequent assessment years
Notification No.S.O.56(E) – Income Tax In exercise of the powers conferred by clause (xiii) of sub-section (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Dhanaraksha, 1989, plan of the LIC Mutual Fund referred to in the aforesaid clause as the unit-linked insurance plan of that Mutual Fund for the purposes of the said clause for the assessment year 1991-92 and subsequent
Notification No.S.O.55(E) – Income Tax In exercise of the powers conferred by clause (v) of sub-section (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Public Provident Fund, established under the Public Provident Fund Scheme, 1968, for the purposes of the said clause for the assessment year 1991-92 and subsequent assessment years
Notification No.S.O.54(E) – Income Tax n exercise of the powers conferred by clause (xi) of sub-section (2) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the National Savings Certificates (VIII Issue), issued under the Government Savings Certificates Act, 1959 (46 of 1959), as saving certificates for the purposes of the said clause for the assessment year 1991-92 and subsequent assessment years
Circular No.591- Income Tax Under the Finance (Second Amendment) Ordinance, 1990 promulgated on 15-10-1990 the rate of surcharge on income-tax in the case of domestic companies having taxable income exceeding Rs. 75,000 was increased from 8 per cent to 15 per cent. The Taxation Laws (Amendment) Bill, 1990 was introduced in the Lok Sabha on 27-12-1990, to replace the aforesaid Ordinance and
Circular : No. 590 Income tax Following the invasion of Kuwait by Iraq in August 1990, Indian nationals normally resident in Kuwait have been forced to return to India. These non-resident Indians may like to go back once the situation in the gulf region stabilises.
Circular No. 589-Income tax 1. Reference is invited to Board’s Circular No. 530 [F. No. 404/82/88-ITCC], dated March 6, 1989 regarding the above-mentioned subject. 2. According to paragraph 2 of the said Circular, the Assessing Officer is, in the two situations referred to in that paragraph, bound to treat the assessee as not in default in respect of the amount in dispute in appeal. In respect of other cases, the Circular stated in paragraph 4—
It is evident from a reading of these two clauses that clause (iii) which permitted any amount paid by way of interest on a mortgage or other capital charge was deleted and clause (iv) was amended in such a manner as to make only that annual charge which is not voluntary or which does not amount to a capital charge alone deductible.
Circular : No. 588 At present, customs duty is levied on the value of computer software by treating it as a commodity import. The non-resident licenser or seller is also subjected to income-tax on royalty payment for licensing of the software. To avoid this dual levy for exporters, Government has decided that lump sum payment for systems software supplied by the manufacturer along with the hardware itself would be subjected only to customs duty and not to income-tax. Application software forming part of an approved software export scheme would be subjected only to income-tax on the licenser or seller
Circular : No. 587-Income Tax The question whether the provisions of section 71 of the Income-tax Act, providing for set-off of loss from one head against income from another in an assessment year, take precedence over the provisions of section 72 (carry forward and set-off of business losses) and section 74
