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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...
It is hereby notified for general information that the approval granted to Indian Council of Social Welfare, Bombay, under section 35(1)(iii) of the Income-tax Act, 1961, vide Ministry of Finance (Department of Revenue & Insurance) Notification No. 1153 (F. No. 203/157/75-ITA.II) dated 19-11-1975, is hereby withdrawn with effect from 13-8-1985.
Notification No.S.O.5200 – Income Tax In continuation of this office Notification No. 5968 (F. No. 203/154/84-ITA. II) dated 10-9-1984, it is hereby notified for general information that the Institution mentioned below has been approved by the Department of Science & Technology, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 (Thirty-five/one/two) of the Income-tax Act
Notification No.S.O.463 – 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 “The Indo-Arab Society”, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88
Circular No. 434-Income Tax Estate Duty (Amendment) Act, 1985 1. The Estate Duty (Amendment) Bill, 1985 as passed by Parliament received the assent of the President on September 2, 1985 and has been enacted as Act No. 52 of 1985. This circular explains the substance of the provisions contained in the Estate Duty (Amendment) Act, 1985 (hereinafter referred to as the Amendment Act).
Notification No.5138 – 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 “Sri Mahalingaswami Devasthanam, Thiruvidaimarudur”, for the purpose of the said section for the period covered by the assessment years 1980-81 to 1982-83
Notification No. S.O.4753 – 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 ” Sri Vedantha Desikar Devasthanam, Mylapore “, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
Notification No.5010 – 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 “Sri Varahalaxmi Narasimha Swamy Devasthanam, Visakhapatnam”, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88
Notification No.S.O.5199 – Income Tax In continuation of this office Notification No. 3400 (F. No. 203/136/80-ITA. II) dated 24-5-1980, it is hereby notified for general information that the Institution mentioned below has been approved by the Department of Science & 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
Circular No. 433-Income Tax Under section 194C, a liability is cast on any person responsible for paying any sum to any resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between him and
Circular No. 432-Income Tax Filing of return of income – New assessee – Declaration of substantial income in the initial assessment year – Effect thereof in earlier years— 1. The Finance Act, 1985 has, with the objective of securing better tax compliance, simplified the direct tax laws and rationalised the rates of personal income-tax. The department is also accepting all returns of income filed by non-corporate
