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Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...
Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...
Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...
Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...
Income Tax : The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, acquiring a...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...
Income Tax : Corporate tax revenue distribution follows Finance Commission guidelines, with states receiving 41% of shareable taxes. Incentives...
Income Tax : Delhi High Court sets aside DRP's order in FIS Payment case, directing a fresh review under ITAT rulings on Section 56(2)(viib). K...
Income Tax : ITAT Delhi upholds CIT(A) ruling in Kissandhan Agri case, rejecting tax addition under Section 56(2)(viib). AO’s valuation metho...
Income Tax : ITAT Mumbai ruled in favor of Jamnagar Utilities, allowing CSR donations as deductions under Section 80G, rejecting the Revenue's ...
Income Tax : ITAT Pune ruled that Section 115BBE does not apply to business income declared in a survey. Read the case details and implications...
Income Tax : ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Ca...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Circular No. 450-Income Tax I am directed to invite a reference to para 3 of this Ministry’s letter of even number, dated 25-4-1963. It has been stated therein that for the present till the month of August 1963, the pay for which is due on September 1, 1963, the deduction of additional surcharge from salaries should be allowed to the extent of a sum equal to the maximum amount
Notification No. S.O.2230-Income Tax In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Medical Research Foundation, Madras” for the purpose of the said section for the period covered by the assessment years 1984-85 to 1986-87.
Notification No. S.O.1125-Income Tax In exercise of the powers conferred by sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies ” Shri Durganna Committee, Amritsar ” for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
Notification No. S.O.952-Income Tax In continuation of this Office Notification No. 4692 (F. No. 203/81/ITA. II) dated June 16, 1982, it is hereby notified for general information that the institution mentioned below has been approved by the Department of Science and Technology, New Delhi, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 (Thirty-five/one/three) of the Income-tax Act,
Notification No. S.O.2229-Income Tax In exercise of the powers conferred by sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Hamdard Dawakhana (Wakf)” for the purpose of the said section for the period covered by the assessment years 1984-85 to 1987-88.
Notification No. S.O.951-Income Tax In continuation of this Office Notification No. 3994 (F. No. 203/18/80-ITA. II) dated 1-6-1981, it is hereby notified for general information that the institution mentioned below has been approved by the Department of Science and 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
Notification No. S.O.1452-Income Tax It is hereby notified for general information that in the Ministry of Finance (Department of Revenue), Notification No. 5958 (F. No. 203/147/83-ITA-II), dated 28-8-84 ; This notification contains corrigendum to Income-tax Act carried out on 10th February, 1986 not reproduced here as it is already contained in the body of the act itself
Notification No. S.O.961-Income Tax In exercise of the powers conferred by sub-clause (b) of clause (2) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies ” Sri Sokkanathaswamy Temple, Dharapuram, Tamil Nadu (Madras) ” to be a place of public worship of renown throughout the State of Tamil Nadu.
Hon’ble Kerala High Court in the case of CIT v. M. George & Bros. [1986] 160 ITR 511 held that where the assessee for one reason or the other agrees or surrenders certain amounts for assessment, the imposition of penalty solely on the basis of the surrender will not be well-founded.
Notification No. S.O.556-Income Tax In exercise of the powers conferred by clause (iiia) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. S.O. 5651, dated 4th December, 1985, namely
