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Income Tax : The scheme allows households to deposit gold and earn interest without selling it. The key takeaway is that both interest and capi...
Income Tax : The issue is whether foreign businesses without offices in China must comply with tax laws. The key takeaway is that activities an...
Income Tax : The new tax law addresses long-standing concerns over complexity by reducing provisions and simplifying language. It introduces st...
Income Tax : Preventive detention laws allow incarceration without trial based on suspicion, raising serious concerns about violation of person...
Income Tax : The case highlights how the new framework enforces stricter compliance using data analytics. It underscores that incorrect declara...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : ITAT Delhi held that companies owning and operating channels cannot be compared with distribution company for the purpose of trans...
Income Tax : The Tribunal examined disallowance made for delayed employee contributions under Section 143(1). It held that debatable issues can...
Income Tax : The issue involved validity of penalty proceedings initiated through an unsigned notice. The Tribunal ruled that such a notice is ...
Income Tax : The case examined whether property registered in trustees’ names violated Section 13(1)(c). The Tribunal held no violation as no...
Income Tax : The case examined whether a lower TDS certificate applies prospectively or for the full year. The Court held it applies to the ent...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Circular No. 440-Income Tax Effect of higher income estimates for assessment year 1986-87 in relation to other assessments – It has been brought to the notice of the Board that despite the issue of Circular No. 423, dated 26-6-1985 [Clarification 1] and Circular No. 432 dated 15-11-1985 [Clarification 2] on the above subject, fears continue to be expressed on behalf of some existing taxpayers who may declare for the
Circular No. 439-Income Tax Effect of higher returns for the assessment year 1986-87 in respect of wealth-tax assessments – The Finance Act, 1985 has rationalised the rates of personal income-tax and corporate tax and has also liberalised the provisions of the Wealth-tax Act considerably. Taxpayers liable to wealth-tax should avail of this opportunity to come forward and file returns of wealth showing their true net wealth
Circular No. 438-Income Tax Adopting States subsequently added in Schedule I – Notification under sub-section (2)
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 “Baba Kali Kamliwala Panchayat Kshetra, Rishikesh”, 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 “Harijan Ashram Trust, Ahmedabad”, 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 “Father Muller’s Chartiable Institutions, Mangalore”, for the purpose of the said section for the period covered by the assessment years 1985-86 to 1987-88.
That the said Association will submit to the prescribed authority by 30th June, each year, a copy of their audited annual accounts showing their total income and expenditure and balance-sheet showing its assets and liabilities with a copy of each of these documents to the concerned Commissioner of Income-tax.
In exercise of the powers conferred by sub-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Shri Dharmalingeswarar Temple, Sarvamangala Nagar, Madras”, to be a place of public worship of renown throughout the State of Tamil Nadu.
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-section (2)(b) of section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Sri Virupaksha Vidyaranya Mutt Samsthanam, Hospet”, to be a place of public worship of renown throughout the State of Karnataka.
