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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. 446-Income Tax In exercise of the powers conferred by clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby order that, in all cases an otherwise valid refund claim under section 237 of the Income-tax Act, 1961 is filed by an assessee after the expiry of the statutory time limit as prescribed under section 239 of the Act, the Income-tax Officer, having
Circular No. 445-Income Tax Under section 17 of the Income-tax Act, 1961, provision of free medical facilities or reimbursement of medical expenses by an employer is treated as a perquisite in the hands of the employee. According to the existing instructions which are effective from the assessment year 1984-85, reimbursement of medical expenses to an employee/provision of medical facilities by an employer
This notification contains Amendment to Income-tax (Ninth Amendment) Rules, 1985 carried out on 31st December, 1985 not reproduced here as it is already contained in the body of the rules itself.
That the said Association will apply to the Central Board of Direct Taxes, Ministry of Finance (Department of Revenue), New Delhi, three months in advance before the expiry of the approval for further extension. Applications received after the date of expiry of approval are liable to be rejected.
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 “Nilgiri Diocesan Society, Ootacamund”, for the purpose of the said section for the period covered by the assessment years 1980-81 to 1985-86.
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 “Gita Bhawan Trust Society (Regd.) Moga”, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
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 “Jawan’s Welfare Trust Maharashtra”, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
It is notified for general information that the approval granted under section 35(1)(ii) of the Income-tax Act, 1961, to Electrical Research and Development Association, vide Ministry of Finance (Department of Revenue & Insurance) Notification No. 710 (F. No. 203/48/74-ITA. II) dated 26-8-1974, is hereby restricted up to 31-3-1984.
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 “Arulmigu Vellingiri Andavar Temple, Poondi”, for the purpose of the said section for the period covered by the assessment years 1983-84 to 1986-87.
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 “The Institute of the Franciscan Missionaries of Mary Society No. 9”, for the purpose of the said section for the period covered by the assessment years 1983-84 to 1986-87.
