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Income Tax : A detailed numerical illustration shows how the Cost Plus Method determines ALP for manufacturing transactions. The transfer price...
Income Tax : A significant change proposed in the current Union Budget relates to the disallowance of deduction of interest expenditure incurre...
Income Tax : The ITAT held that revisional powers under Section 263 cannot be exercised when the Assessing Officer has already examined the iss...
Income Tax : The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compa...
Income Tax : The benchmark price was incorrectly determined because material economic differences between Thailand and Vietnam markets were not...
Income Tax : Rules 307–311 of the Draft Income-tax Rules, 2026 outline how pension funds must purchase annuities, restrict commutation, preve...
Income Tax : Draft Income-tax Rules 2026 prescribe definitions, trust conditions, investment rules, and limits on employer contributions for ap...
Income Tax : Draft Income-tax Rules 2026 outline procedures for provident fund recognition, penalties for assigning PF interest, and tax treatm...
Income Tax : Draft Income-tax Rules 2026 require provident fund nominations to favour family members and mandate annual account reporting by tr...
Income Tax : Rule 333 mandates electronic tax payments for companies and specified taxpayers, while the draft rules also prescribe detailed dep...
Income Tax : The ITAT held that when non-jurisdictional High Courts give conflicting decisions, a division bench ruling should be preferred ove...
Income Tax : The Tribunal confirmed the addition of ₹19.27 lakh under Section 69A after finding that the assessee failed to produce documenta...
Income Tax : ITAT held that the reassessment notice issued under Section 148 was valid because the Assessing Officer followed CBDT Instruction ...
Income Tax : The Bombay High Court quashed reassessment proceedings for AY 2018-19 after finding that the notice under Section 148 was issued i...
Income Tax : The Bombay High Court held that the reassessment notice under Section 148 was issued after the surviving limitation period expired...
Income Tax : The notification expands reporting rules to include central bank digital currencies, electronic money products and relevant crypto...
Income Tax : The Central Government has approved a Chennai-based higher education trust for scientific research under Section 35(1)(ii) for AY ...
Income Tax : Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of inco...
Income Tax : CBDT directs adjournments in court and ITAT cases as Finance Bill 2026 proposes clarificatory amendments to key Income Tax Act pro...
Income Tax : Summary of the Finance Bill, 2026 outlining income-tax rates, surcharge structure, threshold relief, amendments across direct and ...
Circular No. 112-Income Tax The Finance Act, 1973 has introduced a new section 194D with a view to providing for deduction of income-tax at source, at such rates as may be prescribed in the Finance Act of the relevant year, from payments of income by way of insurance commission. For this purpose, “insurance commission” will mean any income
It is hereby notified for general information that on the recommendation of the Indian Council of Agricultural Research, the prescribed authority for purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, the period and recognition granted to Nimbkar Agricultural Research Institute, Phaltan, is extended for three years with effect from 1st April, 1973
Thus, as the provisions of reciprocity prescribed in the Direct Tax Law has been in fact established, as long as the said provision is observed by the Indian Government, Indian air companies will be as before, exempted from the payment of tax derived from the transportation of goods and passengers.
Circular No. 111-Income Tax I am directed to invite reference to this Ministry’s letter No. F. 12/19/64-IT (A-I), dated 2-1-1967 [Clarification 2] wherein the manner in which the house rent allowance is to be treated as exempt from income-tax under section 10(13A) read with rule 2A of the Income-tax Rules, was explained.
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 Vedantha Desikar Devasthanam, Madras, to be of historic importance and to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section
Notification: S.O. 1804 NOWROSJEE WADIA MATERNITY HOSPITAL, BOMBAY 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.
The undersigned is directed to refer to the Central Government’s order F. No. 197/7/70-IT(AI) dated 20-1-1973 and to say that at S. No. 13 of the aforesaid order :- This notification contains Amendment to Income-tax Act carried out on May 4, 1973 not reproduced here as it is already contained in the body of the Act itself. (Sd.)
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 Koniyamman Temple, Coimbatore, to be of historic importance and to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section
Notification: S.O.1684 Dharmsinh Agricultural Research and Development Foundation Pvt. Ltd., Bombay has been approved by the Indian Council of Agricultural Research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 for a period of two years. The notification takes effect from 1st April, 1973.
Notification: S.O.1837 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 Kalahateeswara Swami Devasthanam, Srikalahasti (A.P.), to be of historic, archaeological importance and to be a place of public worship of renown throughout the State of Andhra Pradesh for the purposes of the said section
