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Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : Relocating to Sikkim does not automatically exempt you from income tax. This article explains who qualifies under Section 10(26AAA...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
Income Tax : Mumbai ITAT held that if part consideration for additional area was paid through banking channels before the agreement date, the a...
Income Tax : Mumbai ITAT held that an order labelled as a draft assessment order loses its character if accompanied by demand notices and penal...
Income Tax : The Tribunal ruled that the Assessing Officer cannot tax share premium under Section 68 solely on the basis that the premium lacks...
Income Tax : The ruling emphasized that CAM charges remain separate transactions irrespective of whether payments are made to the same landlord...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The online filing of income tax returns could touch one crore-mark in the current financial year from 55 lakh in the last fiscal with the government making it mandatory for certain professionals and business entities as well apart from corporates.The finance ministry said that professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically.
Notification No. 54/2010-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, vide notification of the Government of India in the Ministry of Finance (Department of Revenue, Central Board of Direct Taxes) number S.O. 51(E), dated the 8th January, 2008
It’s that time of the year again when all your income for the current financial year is in and you need to file your income tax returns. By now, you, the salaried lot, might have received your Form No 16 (salary income) and Form No 16A (tax deducted on other income). And, if you belong to the category of individuals involved in business and other professions, you too might have completed the adjustments and finalisation of yearly accounts.
The employees of the Income-Tax Department will strike work on Thursday to stress the various demands including filling up vacancy and stop outsourcing at the Central Processing centre in Bangalore.The two major employees associations Income-Tax Gazetted Officers Association and Income-Tax Employees Federation will participate in the strike.
Generally, gifts received are not regarded as Income chargeable to Tax. However, by virtue of section 2(24)(xiii) r.w.s. 56(2)(v) after 1-9-2004, any sum of money exceeding Rs. 25,000 (Rs. 50,000 in respect of gifts received in or after 1.4.2006), received without consideration by an individual or an HUF from any person is chargeable to tax as Income under the head Other Sources,
Section 50C containing very harsh and controversial provisions is one more attempt by the Government to bring to revenue the unaccounted portion of the property transactions. Earlier, we had Chapter XXA from 5-11-1972 to 30-9-1986 providing for acquisition of immovable property by the Government when it was found that fair market value was higher than the consideration stated in instrument of transfer.
Notification No. 53/2010-Income Tax In pursuance of the provisions contained in sub-clauses (vi) and (via) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (2) of rule 2C of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) Central Board of Direct Taxes, number S.O. 852(E), dated the 30th May, 2007, namely:-
Notification No. 52/2010-Income Tax Tax Free Pooled Finance Development Bonds under Pooled Finance Development Fund Scheme of Government of India (Second Tranche). Water and Sanitation Pooled Fund, Tamil Nadu designated as State Pooled Finance Entity for the State of Tamil Nadu.
Notification No. 51/2010-Income Tax In pursuance of the provisions contained in sub-clauses (iv) and (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (2) of rule 2C of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, Ministry of Finance (Department of Revenue) Central Board of Direct Taxes, number S.O. 851(E), dated the 30th May, 2007, namely
Notification No. 50/2010-Income Tax In exercise of powers conferred by clause (xii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Immediate Annuity Plan of the ICICI Prudential life Insurance Company Limited, as approved by Insurance Regulatory and Development Authority, as the annuity plan of the ICICI Prudential Life Insurance Company Limited for the purposes of the said clause for the assessment year 2007-08 and subsequent years.
