Income Tax : Learn the importance of show-cause notices, their legal implications, and how to respond effectively to protect your rights. Explo...
Income Tax : Learn about income tax deductions on home loans, including benefits under Sections 24, 80C, 80EE, and 80EEA. Understand eligibilit...
Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...
Income Tax : Explore the financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...
Income Tax : On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for t...
Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...
Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : Rajasthan HC upholds penalty under Section 271(1)(c) of the Income Tax Act, 1961 for unexplained cash deposits after withdrawals. ...
Income Tax : ITAT Mumbai held that penalty u/s. 271(1)(c) of the Income Tax Act not imposable in absence of wilful intention on the part of the...
Income Tax : ITAT Pune held that the DTAA does not get triggered at all when a domestic company pays DDT u/s. 115O of the Income Tax Act. In nu...
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...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...
Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...
Notification No : 67/2009 – Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709(E), dated the 20th August, 1998, namely
Section 32 of the Income Tax Act allows depreciation on both tangible and intangible assets and clause [ii] thereof enumerates the intangible assets on which depreciation is allowable. The assets which are included in the definition of `intangible assets’ given in clause [ii] are know-how, patents, copy rights, trademarks, licenses, franchises etc.,
Whether profit from Duty Entitlement Passbook Scheme (DEPB) and Duty Drawback Scheme could be said to be profit derived from the business of the Industrial Undertaking eligible for deduction under Section 80-IB of the Income-tax Act, 1961.
The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.
ICAI won the Income Tax Exemption Case in the High Court – Scope of the term “Charitable Purpose” defined by the High Court – In order to have a charity, you must have a source of income – Section 10(23C)(iv) September 2, 2009. Director General of Income Tax (Exemption) has denied the exemption to Institute of Chartered Accountants of India (ICAI)
Notification No. 65/2009 – Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely
1. This is an appeal preferred by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the „Act‟) against the judgment dated 09.03.2007 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the „Tribunal‟) in ITA No. 4125/Del/1999 in respect of assessment year 1996-97. The Revenue is aggrieved by virtue of the fact that by the impugned judgment
Notification No. 64/2009 – Income Tax It is hereby notified for general information that the organization P.S.G. & Sons Charities for the unit P.S.G. College of Technology, Coimbatore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment
Notification No. 63/2009 – Income Tax It is hereby notified for general information that the organization Centre for Development of Advanced Computing, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income tax Act, 1961 (said Act), read with rules 5C and 5D of the Income-tax Rules, 1962 (said Rules) from assessment year 2009-2010 in the category
The long awaited Direct Tax Code Bill 2009 (‘Code’) was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister has indicated that the Code has been drafted on a clean […]
