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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. 27-Income Tax The Finance Act, 1968 made provisions in sections 35B and 35C, respectively, for the grant of “export markets development allowance” and “agricultural development allowance” in computing the profits and gains from business. Under section 35B, an assessee, being a domestic company or a resident non-corporate person, who incurs expenditure under specified heads for
In exercise of the powers conferred by sub-section (3) of section 104 of the Income-tax Act, 1961 (43 of 1961), and in partial modification of the Ministry of Finance (Department of
Circular : No. 26-Income Tax There is an impression that the development rebate allowed in respect of an asset sold to the Government will not be withdrawn even if the vendor credits to the profit & loss account the reserve which he had originally created to qualify for the grant of the rebate. This is wrong as clarified below.
CIRCULAR NO. 25-Income Tax Instances have come to the notice of the Board where Indian nationals, having income in Pakistan were put to considerable hardship in their assessment proceedings in India. After the 1965 hostilities between India and Pakistan, the assessees having income in Pakistan, are finding it almost impossible to repatriate their Pakistan income to India.
Circular No. 24-Income Tax To remove any possible and misunderstanding of the legal position, the Board added the following sentences, at the end of the last para of Board Circular No. 23 of 1969
CBDT Circular No: 23 Date of Issue: 23/7/1969 Section(s) Referred: 9 Statute: Income-Tax Act 1. Non-residents-Income accruing or arising through or from business connection in India-Liability to tax-Section 9 of the Income-tax Act, 1961. Section 9 of the Income-tax Act (corresponding broadly to section 42 of the Indian Income-tax, 1922) provides, inter alia, that income […]
In the notification of the Central Board of Direct Taxes published as S. O. 2005 dated the 24th May, 1969, at pages 695-701 of the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii) dated the 24th May, 1969,—-
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 Tea Board, 14, Brabourne Road, Calcutta—1, for the purposes of the said sub-clause.
Central Government hereby notifies Shri BADRINATH AND KEDARNATH TEMPLES to be places of worship of renown throughout the State of Uttar Pradesh for the purpose of the said section
Circular No.22 – Income Tax The rates of income-tax for the assessment year 1969-70 in the case of all categories of taxpayers (corporate as well as non-corporate) are specified in Part I of the First Schedule to the Finance Act. These rates (summarised in Annexure I to this circular) are the same as those specified in Part III of the First Schedule to the Finance Act, 1968, for the purpose of deduction of tax at source
