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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...
Notification: S.O.2362 Indian Cancer Society, 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).
Under Income-tax Act the annual value of the property is to be taken as a sum which the property might reasonably be expected to fetch. The annual value is no doubt a hypothetical sum. But what is to be taken into consideration is the whole of the consideration which the landlord receives from the tenant for his right to use and occupy the property.
For the two accounting periods the assessee, a resident company, incorporated outside India paid -estate duty payable on the death of its certain share holders not domiciled in India and debited the said amounts to revenue in its accounts in ascertaining the profits and gains of its business for the said years.
Notification: JR-14(32)/63 Commissioner of Income-tax/Gift-tax, Delhi and Rajasthan, New Delhi, hereby authorises the Income-tax Officers/Gift-tax Officers subordinate to him to recover from an assessee the tax, interest, fine, penalty and any other sum payable under the provisions of the said Acts by the said assessee by distraint and sale of his movable property in the manner laid down in the Third Schedule to the said Income-tax Act, 1961
Notification: S.O.1376 Commissioner of Income-tax/Gift-tax, Madras, hereby authorises the Income-tax Officers/Gift-tax Officers subordinate to him to recover from an assessee the tax, interest, fine, penalty and any other sum payable under the provisions of the said Acts by the said assessee by distraint and sale of his movable property in the manner laid down in the Third Schedule to the said Income-tax Act, 1961
Notification: 1228 The Gujarat Cancer Society, Ahmedabad 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).
Notification: S.O.1227 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 the Institution -Shri Ram Centre for Industrial Relations, New Delhi
Notification: 128/49 Commissioner of Income-tax/Gift-tax, Uttar Pradesh, Lucknow, hereby authorises the Income-tax Officers/Gift-tax Officers subordinate to him to recover from an assessee the tax, interest, fine, penalty and any other sum payable under the provisions of the said Acts by the said assessee by distraint and sale of his movable property in the manner laid down in the Third Schedule to the said Income-tax Act, 1961
Notification: S.O.1448 Commissioner of Income-tax/Gift-tax, Madhya Pradesh, Nagpur and Bhandara, Nagpur, hereby authorises the Income-tax Officers/Gift-tax Officers subordinate to him to recover from an assessee the tax, interest, fine, penalty and any other sum payable under the provisions of the said Acts by the said assessee by distraint and sale of his movable property in the manner laid down in the Third Schedule to the said Income-tax Act, 1961
Notification: T-V461(21)/64 In pursuance of sub-section (5) of section 226, and section 229 of the Income-tax Act, 1961 (43 of 1961), section 33 of the Gift-tax Act, 1958 (18 of 1958), and section 19 of the Super Profits Tax Act, 1963 (14 of 1963), and of all other powers enabling him in this behalf and in supersession of all previous orders in so far as they
