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Income Tax : The issue is whether high-income earners can reduce tax liability under the old regime. The analysis shows that structured allowan...
Income Tax : The ruling clarifies that unverified excel sheets seized from third parties cannot justify additions without corroborative evidenc...
Income Tax : The new law replaces the 1961 Act with a simplified, structured tax system. It reduces compliance burden through streamlined forms...
Income Tax : The article explains how IRS audits are initiated and conducted to verify tax return accuracy. It highlights taxpayer duties, righ...
Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
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 : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The Tribunal noted that statements relied upon were later retracted and lacked corroboration. It held that such statements cannot ...
Income Tax : The issue was whether reassessment initiated by a non-jurisdictional AO is valid. The tribunal held that proceedings are void ab i...
Income Tax : The Tribunal noted that loans were part of regular business transactions with repayments in the same year. It held that such condu...
Income Tax : The issue was whether entire purchases can be disallowed as bogus under Section 69C. The tribunal held that when sales are accepte...
Income Tax : Consistency over technicalities: ITAT Mumbai allowed actuarial pension provision as an ascertained liability, rejected mechanical ...
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...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
Notification No. S.O.1712 – Income Tax It is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Medical Research, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, read with rule 6(ii) of the Income-tax Rules, 1962, under the category of “scientific research association
Notification No. S.O.1711 – Income Tax It is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Medical Research, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, read with rule 6(ii) of the Income-tax Rules, 1962, under the category of “scientific research association
Circular No. 290 -Income Tax The Finance (No. 2) Act, 1980 has amended the First Schedule to the Wealth-tax Act, 1957, raising the limit of maximum amount not liable to wealth-tax from Rs. 1,00,000 to Rs. 1,50,000. The new provision has come into force from April 1, 1980 in terms of section 1(2) of the Finance (No. 2) Act, 1980. Accordingly, the benefit of higher wealth-tax exemption limit is available to taxpayers from the current assessment year, viz., 1980-81
Notification No. S.O.1889 – Income Tax It is hereby notified for general information that the following scientific research programme has been approved for the period specified below for the purposes of sub-section (2A) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, by the Indian Council of Agricultural Research, New Delhi
Notification No. S.O.1710 – Income Tax The Department of Revenue hereby amends its Notification No. 3219 (F. No. 203/101/80-ITA. II) dated the 20th March, 1980, and Notification No. 3259 (F. No. 203/101/80-ITA. II) dated the 25th April, 1980, as under :
Notification No. S.O.1709 – Income Tax In continuation of this Department’s Notification No. 2101 (F. No. 203/119/77-ITA. II) dated 4th January, 1978, it is hereby notified for general information that the institution mentioned below has been approved by the Secretary, Department of Science & Technology, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the
Notification No. S.O.1708 – Income Tax It is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Medical Research, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, read with rule 6(ii) of the Income-tax Rules, 1962, under the category of “scientific research association”
Notification No. S.O.1707 – Income Tax In continuation of this Departments Notification No. 2736 (F. No. 203/25/79-ITA-II) dated the 28th February, 1979, it is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Medical Research, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax
Notification No. S.O.2559 – Income Tax It is hereby notified for general information that the institution mentioned below has been approved by the Secretary, Department of Science and Technology, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, read with rule 6(iv) of the Income-tax Rules, 1962, under the category ” Association ” in the area of other
Notification No. S.O.1793 – Income Tax It is hereby notified for general information that the following scientific research programme has been approved by the prescribed authority, the Indian Council of Medical Research, New Delhi, for the purpose of sub-section (2A) of section 35 of the Income-tax Act, 1961.
