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Income Tax : Despite withdrawal of many tax benefits under Section 115BAC, official duty-related allowances remain exempt to the extent of actu...
Income Tax : Tax auditors must now report all purchases and sales of unquoted shares under Clause 47 of Form 26. The key takeaway is increased ...
Income Tax : ITR-1 has evolved from a self-declaration return to a data-reconciliation exercise backed by AIS, TIS, and Form 26AS. Salaried tax...
Income Tax : Learn when home office expenses qualify for tax deductions under IRS rules. The article explains exclusive use, regular use, princ...
Income Tax : The article explains how home loan interest and principal repayments can reduce tax liability under the old tax regime. It also hi...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
Income Tax : The issue highlights delays caused by non-binding timelines in appellate proceedings. It proposes mandatory limits to ensure faste...
Income Tax : The Tribunal held that a genuine and reasonable explanation for delay justified condonation of nearly three years. It emphasized t...
Income Tax : ITAT held that the assessee discharged the primary burden under Section 68 by producing complete documentary evidence regarding th...
Income Tax : The assessee contended that cash deposits in the bank account represented sales proceeds from a medicine business. The ITAT remand...
Income Tax : The Pune ITAT held that estimating net profit at 18% of contract receipts was excessive in the absence of supporting material. App...
Income Tax : The ITAT held that Section 40(a)(ia) could not be invoked where the assessee had not made the rent payments referred to in the tax...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The Principal Chief Commissioner of Income Tax (Exemptions) approved the company under Section 35(1)(iia) for scientific research ...
Income Tax : The consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Circular No. 6-P-Income Tax The rates of income-tax for the assessment year 1968-69 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, 1968. 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 (No. 2) Act, 1967, for the purpose
In pursuance of sub-clause (iv) of clause (a) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Public Provident Fund established under the Public Provident Fund Scheme, 1968, as a provident fund to which the said sub-clause shall apply
In pursuance of clause (11) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Public Provident Fund established under the Public Provident Fund Scheme, 1968, as a provident fund to which the said clause shall apply
Notification: S.O.2149 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 Small Industries Corporation Ltd., New Delhi, for the purposes of the said sub-clause
Notification: S.O.2169 N.M. Wadia Institute of Cardiology, Poona 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).
Circular No. 4-P[LXXVI-65]-Income Tax Section 32 of the Finance Act, 1968 has amended certain provisions of the Wealth-tax Act, 1957. These amendments relate to the provisions in section 5 for the exemption from wealth-tax in respect of certain assets; provisions in section 18 for the imposition of penalty for concealment or understatement of wealth, and the rate schedule of ordinary wealth-tax in Paragraph A of Part I of the Schedule.
In the notification of the Central Board of Direct Taxes, No. S.O. 1112 dated the 18th March, 1968, published at pages 363 to 369 in Part II–Section 3–Sub-section (ii) of the Gazette of India Extraordinar
Notification: S.O.1856 This Notification contains amendment to Income-tax (Third Amendment) Rules, 1968 carried out on 22nd May, 1968 not reproduced here as it is already contained in the body of the Rules itself.
In exercise of the powers conferred by rule 5 of the Income-tax (Certificate Proceedings) Rules, 1962, the Central Board of Direct Taxes hereby makes the following amendment in the notification of t
This notification contains Corrigendum to Income-tax Rules carried out on 25th October, 1967 not reproduced he
