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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...
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
Notification: S.O.1949 Central Government hereby notifies the undermentioned temple to be a place of public worship of renown throughout the State of Mysore and also the neighbouring States for the purpose of the said section.
Circular : No. 15-Income Tax A reference is invited to the Press Note issued by the Ministry of Finance (Central Board of Direct Taxes) on 25-5-1968, relating to the allowance of standard deduction for maintenance expenditure and wear and tear in the case of salaried taxpayers owning conveyances and using them for the purpose of their employment.
Notification: S.O.1825 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 Gujarat Electricity Board, Vidyut Bhavan, Race Course, Baroda–7, for the purposes of the said sub-clause
Notification: S.O.1583 West Suburban Voluntary Blood Bank, Bombay has been approved by the Indian Council of Medical Research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961), for a period of two years in the first instance :
Circular : No. 14-Income Tax Treatment of initial contribution: Certain points have been raised in connection with the provisions in the Income-tax Act, 1961, relating to gratuity funds. These points and Board’s comments thereon are as under Point No. 1: Paragraph 6 of Board’s Circular No. 70(XI-3), dated 3-11-1951 (Annex) indicates the manner in which tax relief in respect of initial contribution to a gratuity fund, which has been “informally”
Notification: S.O.1581 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 Madhya Pradesh State Road Transport Corporation, Bairagarh (Bhopal), for the purposes of the said sub-clause for a period of three years.
Notification: S.O.1516 Central Government hereby notifies the M.P. Audyogic Vikas Nigam Ltd., A-Block, Old Secretariat, Bhopal, Madhya Pradesh, for the purposes of the said sub-clause for a period of three years.
Circular : No. 13-Income Tax A question has arisen whether the provisions of paragraph 5 of the Ministry of Finance (Department of Economic Affairs) Notification No. 4(28) W&M/65, dated 19-10-1965, which lays down, inter alia, that non-residents will be exempt from tax under the Income-tax Act, on the interests on the above-mentioned loans held by them
