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Income Tax : Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines,...
Income Tax : ITAT Kolkata remands case on disallowance of subcontractor expenses, stressing need for evidence, due diligence, and verification ...
Income Tax : The new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but...
Income Tax : Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensu...
Income Tax : Notices are increasingly triggered by AIS/TIS mismatches and automated systems. Accurate reporting and reconciliation are key to a...
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 government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : The issue was whether a reassessment notice issued by a jurisdictional officer instead of a faceless officer is valid. The Court h...
Income Tax : The Tribunal held that addition under Section 41(1) cannot be made without proof of actual cessation of liability. It found that m...
Income Tax : The Tribunal ruled that surrender of tenancy rights occurs only upon receiving new property possession. As possession was given la...
Income Tax : The issue involved taxing capital gains from a development agreement in multiple years. The court held the same income cannot be t...
Income Tax : The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principl...
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...
Circular No. 145 – Income Tax Under section 10(6 )(viia), foreign technicians having specialised knowledge and experience in constructional or manufacturing operations or in mining or in the generation of electricity or any other form of power, or in agriculture, animal husbandry, dairy farming, deep sea fishing or ship building enjoy special concession in certain cases. One of the important conditions for availing of the tax concession is that the foreign technician should not have been a resident of India in any of the four financial years immediately preceding the financial year in which he arrives in India.
Circular No.144 – Income Tax Under the existing provisions in section 80T and section 115, long-term capital gains, i.e., capital gains arising from the transfer of a capital asset which is held for more than 60 months from the date of acquisition, are charged to tax on a concessional basis. In the case of taxpayers other than companies the concession is allowed by deducting a specific proportion of the long-term capital gains in computing the taxable income of the
Notification: S.O.2483 It is hereby notified for general information that the institution mentioned below has been approved by the Council of Scientific and Industrial Research, the prescribed authority
Circular : No. 143 -Income Tax . Under section 12A(b ), in the cases of charitable and religious trusts or institutions whose total income, without giving effect to the provisions of sections 11 and 12, exceeds 25,000 rupees in any previous year, the accounts of the trust or institution should have been audited by an accountant as defined in the Explanation below section 288(2) and the person in receipt of the income should furnish
Notification: S.O.2480 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 Annapurna Devi Mandir,
Circular : No. 142-Income Tax The Board had occasion to consider whether the amount of subsidy received under 10 per cent Central Outright Grant of Subsidy Scheme for industrial units to be set up in certain selected backward districts/areas would constitute revenue receipt or capital receipt in the hands of the recipient for the purpose of income-tax.
Notification: S.O.1833 It is hereby notified for general information that the institution mentioned below has been approved by the Council of Scientific and Industrial Research, the prescribed authority for th
Circular: No. 141 -Income Tax Attention is invited to Board’s Circular No. 3 [F.No. 16/5/69-IT(Coord)], dated 11-2-1969. In para 5 of the above referred circular, it was stated that the date of tax payment would be the date on which the proceeds of the cheque were realised and credited to the Government amount.
Notification: S.O.2229-684 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 Shree Wadakkunnathan Temple, Trichur
Notification: S.O.2479 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 Maharashtra State Textile Corporation Ltd., Vashani Chambers,
