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Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : Since the status of assessee changed from society to Section 8 Company, it had filed an application in Form no.56D, on 11/04/2008,...
Income Tax : ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates ...
Income Tax : ITAT Delhi held that re-assessment notice issued under section 148 of the Income Tax Act and sent to unrelated e-mail address is r...
Income Tax : ITAT Mumbai held that assessee is permitted to set off unabsorbed depreciation pertaining to AY 1997-98 to 2001-02 against short t...
Income Tax : On appeal. It was held that application for refund was rightly rejected, as it was filed beyond the prescribed limitation period o...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
In exercise of the powers conferred by section 126 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby deletes Serial Nos. 2, 73, 74 and 80 and the entries thereagainst from the Schedule annexed to its notification S.R.O. 1214 (No. 44-Income-tax) dated the 1st July, 1952
Darjeeling District of West Bengal, excluding Siliguri Sub-Division. 2. Kangra District, Punjab. 3. Mandi District, Himachal Pradesh. 4. Trivandrum District, Kerala. 5. Quilon District, Kerala. 6. Kottayam District of Kerala, excluding Meenachhil, Kanjirapally and Changanacherry Talukas. 7. Ernakulam District, Kerala. 8. Trichur District, Kerala. 9
Notification: S.O.1417 Association of Surgeons of India, Madras has been approved by the Indian Council of Medical Research, the prescribed authority, for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961).
Explore CBDT Letter F. No. 12/19/64-IT(B) dated 22-2-1966, clarifying HRA exemption for Central Govt employees receiving flat-rate allowances. Learn about tax implications and pending amendments.
Notification: S.O.189 This notification contains amendments to Income-tax Rules carried out on 13th January, 1966 not reproduced here as it is already contained in the body of the rules itself
In exercise of the powers conferred by sub-section (6) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Sri Nataraja Temple, Chidambaram, Madras State, to be of historic, archaeological and artistic importance for the purpose of the said section
It has been represented to the Board that in view of the difficulties faced by persons migrating from Burma to India, it may not be possible for a migrant from that country to lead the evidence necessary to prove his claim that a particular sum of money has been brought over by him from that country. 2. The Board consider that the case of bona fide migrants from Burma should be dealt with in a sympathetic manner. In their cases production of direct or documentary evidence in the shape of transfer through banks, hundies, etc., in support of remittance from Burma need not be insisted upon. However, with a view to ensure that unscrupulous persons do not abuse the concessions, the ITOs should ensure the satisfaction of the following conditions before accepting a claim of remittance from
On a representation made by the Gujarat Chamber of Commerce, the matter has been reconsidered by the Board in consultation with the Ministry of Law. Under section 271(1)(i) the penalty is to be 2 per cent of the tax, if any, payable by the assessee
On a representation made by the Gujarat Chamber of Commerce, the matter has been reconsidered by the Board in consultation with the Ministry of Law. Under s. 271(l)(a) of the IT Act, 1961, the penalty is to be 2 per cent of the tax, if any, payable by the assessee.
The decision of the Supreme Court was that where the sale was of the concern as a whole and a slump price was paid, no portion of this price was attributable to the stock-in-trade and, therefore, it was not possible to hold that there was a profit other than what resulted from the appreciation of capital. It follows, therefore, that where a business is sold as a going concern, the excess may not be a business profit, but will be capital gain chargeable to tax
