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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 Madras High Court held that delayed transfer of seized documents under Section 132(9A) did not invalidate notices issued under...
Income Tax : The Gujarat High Court held that the Tribunal rightly deleted the addition after finding that the Assessing Officer had not verifi...
Income Tax : The ITAT Delhi held that deduction of TDS by the payer does not by itself establish that income has accrued to the recipient. It r...
Income Tax : The Bombay High Court upheld the Tribunals order, holding that acceptance of the assessees explanation on reconciliation of profes...
Income Tax : The Bombay High Court upheld the Tribunals order, holding that acceptance of the assessees explanation on reconciliation of profes...
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...
In terms of the Finance (No. 2) Act of 1991, section 43D of the Income-tax Act, 1961, came into force with effect from 1st April, 1991. However, it was inadvertently mentioned in para 22.3 of the boardýÿs Circular no. 621, dated 19th December, 1991, hat this provision would apply in relation to the assessment year 1992-93 and subsequent years. It is clarified that section 43D will take effect from 1st April, 1991 and will apply in relation to the assessment year 1991-92 and subsequent years.
Circular No. 641- Income tax The Finance Act, 1992 has inserted a new Chapter XII-C in the Income-tax Act, which provides for a simplified scheme for payment of income-tax by small businessman. Comments or clarifications on some questions and doubts are mentioned below
Notification No. S.O.872(E)-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 7-year 17 percent. (taxable) Secured Redeemable PFC Bonds (First Series), issued by the Power Finance Corporation Limited for the purpose of the said clause
Notification No. G.S.R.896(E)-Income Tax Whereas, the Central Government is satisfied that it is necessary and expedient so to do in public interest to make reduction in the rate in respect of income-tax in favour of any person, being an Indian company, with whom the Central Government has entered into an agreement for the association or participation of that Government or any person authorised by that Government in any business consisting
Circular No. 640-Income tax Clause (10C) of section 10 of the Income-tax Act, 1961, deals with income-tax exemption on payments received at the time of voluntary retirement. The provisions of this clause which covered earlier only the payments received by employees of public sector companies have been amended by the Finance Act, 1992, to include therein the payments received by employees of companies other than public sector companies also
Notification No. S.O.2977-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 all the officers of and above the rank of Superintendent of Police serving in the State Vigilance Bureau, Haryana, for the purpose of the said sub-clause.
There is no finding of fact to the effect that actually the loan had been granted to the managing director or any other person on interest, or that interest had actually been collected and the collection of the interest was not reflected in the accounts.
Circular No. 639-Income tax Representations have been received by the Board seeking clarifications as to whether, the assessee could file a return of income/loss under the Income-tax Act, 1961 on the next working day following a holiday and claim it to have been filed within the statutory time limit
Notification No. S.O.795(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-year 9 per cent. (Tax-free) Secured Redeemable Non-Convertible Bonds-VIII Issue issued by the National Thermal Power Corporation Limited for the purpose of the said item
Notification No. S.O.796(E)-Income Tax In exercise of the powers conferred by sub-clause (ii) of clause (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 7-year 17 per cent. (Taxable) Secured Redeemable Non-Convertible Bonds-VII Issue, issued by the National Thermal Power Corporation Limited, for the purpose of the said clause.
