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Income Tax : India and Mauritius have amended the DTAA, adding a principal purpose test (PPT) rule to close tax loopholes and align with global...
Income Tax : Understand the tax implications of Raksha Bandhan gifts. Learn about exemptions for gifts from relatives and the tax rules for gif...
Income Tax : The Finance (No 2) Act 2024 has been notified on 16th August 2024. The Finance Act sections 1 to 99 (Page 1 to 54) amends Income T...
Income Tax : The provisions of Income Tax Act, provide for mechanism of filling of appeals against orders passed under the proceedings of the A...
Income Tax : DTAA prevents double taxation on international income, promoting global trade. Learn how it benefits taxpayers, methods of elimina...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : Rajasthan HC dismisses writ against Section 153C notice post-assessment, advising the petitioner to pursue statutory remedies inst...
Income Tax : ITAT Bangalore remands appeal after delay caused by FAA notice sent to outdated email, directing fresh review and updated contact ...
Income Tax : n Legal Initiative For Forest And Environment (LIFE Trust) Vs PCIT (ITAT Delhi), the stay application was denied as the test for i...
Income Tax : ITAT Ahmedabad held that merely making a claim that is not sustainable does not amount to furnishing inaccurate particulars of inc...
Income Tax : Bombay High Court held that amount paid towards community services and social welfare under Memorandum of Settlement under the Ind...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...
Notification: S.O.579 In exercise of the powers conferred by clause (iv) of sub-section (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies ‘St. Dunstan’
Notification: S.O.634 That the National Institute of Motivational and Institutional Development, Bombay, shall maintain separate accounts of the funds collected by them under the exemptions ;
Notification: S.O.573 In exercise of the powers conferred by clause (iv) of sub-section (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies ‘The West Bengal Committee to Eradicate Illiteracy (Paschim Banga Niraksharata Durikaran Samiti)’ for the purpose of the said section for and from the assessment year 1976-77.
Notification: S.O.69 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 Arulmighu Srinivasan Perumal Temple, Malayadivaram, Dindigul, Madurai Distt., to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section.
Notification: S.O.68 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 Bappanad Shri Durgaparameswari
Notification: S.O.70 It is hereby notified for general information that the institution mentioned below has been approved by the Secretary, Department of Science & Technology, New Delhi, the prescribed authority f
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 Sholavandan Arulmigu Janaga Narayana Perumal Temple, Sholavandan, Madurai District, to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section.
Notification: S.O.67 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 Swaminathaswamy
Rule 24 of the Income Tax Rules, 1922 states that income derived from the sale of tea grown and manufactured by the seller shall be computed as if it were income derived from business and 40 per cent of such income shall be deemed to be income, profits and gains liable to tax.
Circular : No. 208 -Income Tax The Taxation Laws (Amendment) Act, 1975 has added a new section 69D with effect from April 1, 1977, which provides that if any amount is borrowed from any person on a hundi or any amount due on it is repaid to any person, otherwise than through an account payee cheque drawn on a bank, the amount so borrowed or repaid shall
