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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...
Notification No- S.O.4746 – Income Tax 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, 1961, read with rule 6 of the Income-tax Rules, 1962, under the category “Association
CIT v. Mother India Refrigeration (P) Ltd. (Supreme Court) Unabsorbed carried forward losses and current depreciation -Deduction of – Unabsorbed carried forward losses cannot be given preference over current depreciation While computing the total income of an assessee in an assessment year.
Notification No- S.O.602(E) – Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
Circular No. 428-Income Tax I am directed to invite a reference to the Board’s Circular No. 390 [F. No. 275/15/84-IT(B)], dated 8-8-1984, wherein you were requested to issue necessary instructions for making deduction of income-tax at source from the “winnings from lottery or crossword puzzles” at the rates given in Part II of the First Schedule to the Finance Act, 1984
Circular No. 429-Income Tax I am directed to invite a reference to this Ministry’s Circular No. 388 [F.No. 275/13/84-IT(B)], dated 16-7-1984 and Circular No. 407 [F.No. 275/13/84-IT(B)], dated 1-2-1985 wherein the rates of income-tax deduction during the financial year 1984-85 from the payment of income-tax chargeable under the head “Salaries” under section 192 were intimated
Notification No- S.O.3966 – Income Tax It is hereby notified for general information that in the Ministry of Finance (Department of Revenue and Insurance) Notification No. 110 (F. No. 203/23/72–ITA. II) dated June 13, 1972, the name of the Institute be read ” Asthma Bronchitis and Cancer Lung Foundation of India, New Delhi ” for ” Asthma and Bronchitis Foundation of India “. The approval granted is hereby restricted up
Notification No- S.O.3965 – Income Tax It is hereby notified for general information that the approval granted to National Dairy Development Board, Anand, under section 35(1)(ii) of the Income-tax Act, 1961, vide Ministry of Finance (Department of Revenue and Banking) (Revenue Wing), New Delhi, Notification No. 1739 (F. No. 203/11/77–ITA. II) dated April 30, 1977, read with Ministry of Finance (Department of
Notification No- S.O.4388 – Income Tax In continuation of this office notification No. 4805 (F. No. 203/124/82–ITA. II) dated 17-7-82, 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 purpose of clause (ii) of sub-section (1) of section 35 (Thirty-five/one/two) of the Income-tax Act
Notification No- S.O.4387 – Income Tax In continuation of this office notification No. 4801 (F. No. 203/49/82–ITA. II) dated 13-7-1982, 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 purpose of clause (ii) of sub-section (1) of section 35 (Thirty-five/one/two) of the Income-tax Act
Notification No- S.O.4385 – Income Tax In continuation of this office notification No. 4862 (F. No. 203/111/82–ITA. II) dated 10-8-1982, 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
