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Income Tax : The Supreme Court has remitted reassessment cases for fresh consideration after the retrospective insertion of Section 147A, leavi...
Income Tax : Learn the most frequent errors taxpayers make while filing Income Tax Returns for AY 2026-27 and how avoiding them can prevent not...
Income Tax : The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning ...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
Income Tax : The article examines whether Section 58(3) of the Income-tax Act, 2025 makes tax audit compulsory whenever profits fall below 6%, ...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
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 : The Court rejected the challenge to the search conducted under Section 132 and upheld the legality of the search proceedings. It, ...
Income Tax : The Tribunal held that the reassessment was invalid because the Income Tax Officer lacked pecuniary jurisdiction where the returne...
Income Tax : The Tribunal held that the assessment was invalid because the Assessing Officer having jurisdiction failed to issue the mandatory ...
Income Tax : The ITAT Kolkata held that the reassessment was invalid because the ACIT lacked pecuniary jurisdiction and completed the assessmen...
Income Tax : The ITAT Kolkata held that the assessments were invalid because the ACIT was not shown to have jurisdiction under CBDT Instruction...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
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...
Notification No.S.O.898(E) – Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies 10 year 9% per cent. (tax-free) Secured Redeemable Non-convertible Bonds (G Series bearing distinctive numbers 71900001 to 71970000 aggregating an amount of rupees seven crores) of Rs. 1,000 each, issued
Notification No-S.O.9 – Income Tax It is notified for the general information that M/s. Peerless Abason Finance Limited, 9, London Street, Calcutta–700 017, have been approved by the Central Government as a housing finance company for the purposes of section 36(1)(viii) of the Income-tax Act, 1961, for the assessment years 1991-92 to 1995-96
Notification No.S.O.873(E) – Income Tax In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 10 years-9 per cent. (tax-free) Secured Redeemable non-convertible Bonds (E Series 5th issue bearing distinctive numbers E 2800001 to E 3800000 aggregating to an amount of rupees one hundred crores) of
Notification No.S.O.825(E) – Income Tax In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies ICICI Mutual Fund set up under Trust deed dated 25th August, 1993, by the Industrial Credit and Investment Corporation of India Limited, a public financial institution under section 4A of the Companies Act, 1956, as a mutual
Circular No. 671-Income Tax References have been received as to whether the amount paid by an assessee for obtaining a new telephone connection under the “Tatkal Telephone Deposit Scheme” can be allowed as a revenue expenditure under section 37(1) of the Income-tax Act, 1961, while computing the income under the head “Profits and gains from business or profession
Circular No. 670-Income Tax I am directed to forward herewith the order contained in F. No. 225/208/93/ITA-II, dated 12th October, 1993, passed by the CBDT in exercise of the powers conferred on it under section 119(2)(b) of the Income-tax Act. By virtue of this order the Assessing Officers can admit belated refund claims under section 237 of the Income-tax
Circular No. 669-Income tax Attention is invited to Board’s Circular No. 581, dated 28-9-1990 [Clarification 1], wherein it was, inter alia, stated that where a deduction claimed is disallowed as, prima facie, inadmissible for want of evidence in support thereof under section 143(1)(a), it cannot be subsequently allowed by a rectification order under section 154
Notification No.S.O.2463 – Income Tax In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies, for the purposes of the said sub-clause, any police officer not below the rank of Superintendent of Police or any officer specially authorised in this behalf by a police officer of or above the rank of Superintendent of Police of
Circular No. 668-Income tax According to the provisions of section 249(2)(c) an appeal has to be presented within 30 days from the date of service of the order sought to be appealed against. Also, the proviso under section 154(2)(b ) provides that if the Assessing Officer does not rectify, within a period of three months from the end of the month in which a mistake in an intimation under section 143(1)
Circular No. 667-Income tax Sections 54 and 54F provide for a deduction in cases where an assessee has, within a period of one year before or two years after the date on which the transfer of a capital asset takes place, purchased, or has within a period of three years after that date constructed, a residential house. The quantum of deduction is itself dependent upon the cost of such new asset.
