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Income Tax : The new legislation reorganizes provisions related to return processing, scrutiny assessments, and reassessment of escaped income....
Income Tax : The proposed amendment to the Income-tax Act confirms that compensation received under the RFCTLARR Act will be exempt from income...
Income Tax : Even if seafarers fail the 182-day NRI test due to crises or travel delays, foreign salary may still remain tax-free. RNOR status ...
Income Tax : CBDT amended Income-tax Rules to include crypto-assets and digital financial products in CRS reporting. The move expands disclosur...
Income Tax : Cryptocurrency gains in India are taxed at 30% with 1% TDS under the VDA regime. Budget 2026 strengthens reporting rules, making a...
Income Tax : The Income Tax Department conducted surveys across multiple cities after AI analysis revealed significant discrepancies between tr...
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 : The tribunal noted discrepancies in the dispatch register used to prove issuance of the notice. Because the records did not inspir...
Income Tax : The Tribunal held that when the difference between purchase price and DVO valuation falls within the 10% tolerance band, no additi...
Income Tax : ITAT Chennai deletes Sec 270A penalty, ruling 200% penalty for misreporting cannot be imposed without specifying clause of Sec 270...
Income Tax : The Tribunal held that failure to start charitable activities cannot by itself justify denial of registration under section 12AB. ...
Income Tax : The Tribunal examined whether penalty under Section 271(1)(c) can arise when income is added due to the deeming provision under Se...
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. 490-Income Tax Certain companies have brought to the notice of the Board that various assessing/appellate authorities insist on the production of a certificate from the Board through the company in order to get exemptions under section 5(1)(xxa).
Circular : No. 20-Income Tax A suggestion has been made to the Board that, in the case of banks, the Income-tax Officer should give full deduction for all bad and doubtful debts actually written off in the books of the banks, without any questioning, since the banks are in a better position to decide whether any of their debts are realisable or not.
Circular : No. 19-Income Tax It has been represented to the Board that expenditure incurred by businessmen on advertisements in souvenirs by trade, commerce and industry should be allowed in full in the same manner as expenditure on advertisements in newspapers since the purpose of both kinds of advertisements is identical.
Circular No. 18-Income Tax The Board have received representations that even in cases where the disputed income-tax and wealth-tax demands, outstanding on the valuation date, are disallowed and such disallowances account for the shortfall of the returned wealth by more than 25 per cent of the assessed wealth, some Wealth-tax Officers have been levying penalty under section 18(1)(c).
Circular : No. 17-Income Tax Reference is invited to the clarifications contained in the Board’s Circular No. 3(WT), dated 27-7-1968 [printed here as Annex] regarding the liability to wealth-tax of the value of the annuities receivable on the annuity deposits made under the relevant provisions of the Income-tax Act.
Notification: S.O.2005 The following draft of certain rules further to amend the Income-tax Rules, 1962, which the Central Board of Direct Taxes proposes to make in exercise of the powers conferred by section 295 of the Income-tax Act, 1961
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :—
Notification: S.O.2164 In pursuance of sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Agricultural Finance Corporation Limited, Stadium House, Block–2, 6th Floor, 81-83 Veer Nariman Road, Bombay–20, for the purposes of the said sub-clause
Notification: S.O.2128 In pursuance of sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the National Textile Corporation Ltd., Room No. 283, Udyog Bhavan, New Delhi–11, for the purposes of the said sub-clause.
Notification: S.O.2127 In pursuance of sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Hindustan Machine Tools Ltd., P. O. HMT., Bangalore–31, for the purposes of the said sub-clause
