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income tax act 1961

Latest Articles


Importance of Show-Cause Notices: Key Insights & Case Laws

Income Tax : Learn the importance of show-cause notices, their legal implications, and how to respond effectively to protect your rights. Explo...

August 16, 2024 219 Views 0 comment Print

Income Tax Benefits on Home Loans: What You Need To Know

Income Tax : Learn about income tax deductions on home loans, including benefits under Sections 24, 80C, 80EE, and 80EEA. Understand eligibilit...

August 16, 2024 987 Views 0 comment Print

Changes in Capital Gains Taxation: Budget 2024 Amendments

Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...

August 14, 2024 14700 Views 3 comments Print

Budget 2024 Amendments: Key Changes in Trust Provisions

Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...

August 13, 2024 3543 Views 0 comment Print

Seizure-Induced Audit Delays: A Defense Against Section 271B Penalties

Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...

August 13, 2024 273 Views 0 comment Print


Latest News


Tax Exemptions for BCCI & IPL: Government’s Revenue Impact

Income Tax : Explore the financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...

August 6, 2024 342 Views 0 comment Print

Tax Benefits For Skill Training Institutions

Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...

August 5, 2024 324 Views 0 comment Print

Concerns on Corporate Tax, MSME Deductions, GST Rates

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...

August 5, 2024 306 Views 0 comment Print

Tax Incentives To Fintech Sector

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...

August 5, 2024 216 Views 0 comment Print

Tax Liability on Haircuts under IBC: Clarifications by MCA

Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...

August 2, 2024 723 Views 0 comment Print


Latest Judiciary


Settlement commission offering immunity by accepting explanation in spirit of settlement cannot be faulted: Karnataka HC

Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...

August 16, 2024 54 Views 0 comment Print

CIT needs to independently apply his mind prior to invoking revisionary provisions u/s. 263: ITAT Kolkata

Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...

August 16, 2024 60 Views 0 comment Print

Rajasthan HC Confirms Penalty for Unexplained Cash Deposit

Income Tax : Rajasthan HC upholds penalty under Section 271(1)(c) of the Income Tax Act, 1961 for unexplained cash deposits after withdrawals. ...

August 16, 2024 111 Views 0 comment Print

Penalty u/s. 271(1)(c) not sustained in absence of intention to conceal income: ITAT Mumbai

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...

August 16, 2024 141 Views 0 comment Print

Domestic company paying DDT u/s. 115O doesn’t enter domain of DTAA: ITAT Pune

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...

August 16, 2024 78 Views 0 comment Print


Latest Notifications


Income Tax Exemption for UIDAI’s Specified Income 2024-2029

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...

August 13, 2024 264 Views 0 comment Print

Income Tax Exemption for West Bengal Transport Workers Social Security Scheme

Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...

August 13, 2024 72 Views 0 comment Print

Notification No. 98/2024 Income Tax Exemption for Karnataka Disaster Centre

Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...

August 7, 2024 732 Views 0 comment Print

CBDT Clarifies Verification Conditions Under Section 144B

Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...

August 2, 2024 1077 Views 0 comment Print

Income Tax Notification No. 96/2024: SAMEER Mumbai Specified Income Exemption

Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...

July 24, 2024 216 Views 0 comment Print


Transfer to reserve before making deduction u/s 36

December 20, 2007 2185 Views 0 comment Print

Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the Commissioner of Income-tax (Appeals)’ view that deduction under section 36(1) (viii) of transfer of reserve at 40 per cent, was to be worked out on the gross total income before making deduction under this section as well as under Chapter VI-A of the Income-tax Act, 1961?

Section 10(10CC) of the Income-tax Act, 1961

December 20, 2007 58517 Views 3 comments Print

RBF Rig Corpn. LIC (RBFRC) v. ACIT (ITAT Delhi) -Section 10(10CC) of the Income-tax Act, 1961 – Perquisite, not provided by monetary payment – Assessment year 2004-05 – Whether payment of tax on behalf of employee at option of employer is a non-monetary perquisite fully covered by sub-clause (iv) of clause (2) of section 17 and, thus, exempt under section 10(10CC) and is not liable to be included in total income of employee – Held, yes – Whether taxes paid by employer can be added only once in salary of employee and thereafter, tax on such perquisite is not to be added again – Held, yes

Expenditure incurred in relation to income not includible in total income -Sec 14A

December 20, 2007 739 Views 0 comment Print

Assistant Commissioner of Income-tax v. Claridges Investments & Finances (P.) Ltd. – Section 14A, read with section 10(33), of the Income-tax Act, 1961 – Expenditure incurred in relation to income not includible in total income – Assessment year 2001-02 – Whether provisions of section 14A apply only when there is expenditure in relation to an exempt income and it does not create any legal fiction to deem any expenditure as expenditure incurred in relation to exempt income – Held, yes

Capital gains of non-residents from Indian assets

December 20, 2007 1317 Views 0 comment Print

The Income-Tax Act extends to the whole of India, that is, the territory of India mentioned in the Constitution and the territorial waters, continental shelf, etc (Section 2(25A) of the Income-Tax Act, 1961). If two persons who are residing outside India and are not Indian citizens, enter into transactions covering property in India, will they be affected by the provisions of our tax law? This is not an academic issue. The matter came up before the Authority for Advance Ruling (AAR) last month.

By its very nature, the power to rectify a mistake would not result in the recall and review of the order sought to be rectified.

December 20, 2007 1935 Views 0 comment Print

Under section 254(2) of the Income-tax Act, 1961, the Tribunal has the power to rectify mistakes in its order. However, the power to rectify a mistake is not equivalent to a power to review or recall the order sought to be rectified. Rectification is a species of the larger concept of review. Although it is possible that the prerequisite for exercise of either power may be similar to rectifying a mistake apparent from the record, by its very nature, the power to rectify a mistake would not result in the recall and review of the order sought to be rectified. This was held by the Delhi High Court in C.I.T. v Hindustan Coca Cola Beverages P Ltd (293 I.T.R. 163).

Sec. 80C-Bank Term Deposit (Amendment) Scheme, 2007

December 20, 2007 2974 Views 0 comment Print

NOTIFICATION NO. S.O. 2127(E), DATED 13-12-2007 In exercise of the powers conferred by clause (xxi) of sub-section (2 ) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, further to amend the Bank Term Deposit Scheme, 2006, namely :– 1. (1) This Scheme may be called the Bank Term Deposit (Amendment) Scheme, 2007. (2) It shall come into force on the date of its publication in the Official Gazette.

Transaction relating to gift considered in regular assessment

December 18, 2007 393 Views 0 comment Print

Transaction relating to gift considered in regular assessment and nothing found during search or in post-search probe – transaction cannot be treated as undisclosed nor income from this transaction to be treated as undisclosed – ITAT

Provision for NPA debited to P & L account as per RBI Act, not eligible for deduction under I-T Act

November 22, 2007 34643 Views 1 comment Print

Whether, a Provision for Non Performing Assets (‘NPA’) debited to profit and loss account and claimed as a deduction in accordance with the prudential norms issued by the RBI in exercise of powers conferred on it under section 45JA of the RBI Act, 1934, called the Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998, should be allowed as deduction while computing income from business under the provisions of the Income-tax Act, 1961?

Amendment in Rules Related to Valuation of Perquisites forming part of salary income

November 11, 2007 1382 Views 0 comment Print

The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee during the previous year.

Five key issues in FBT guidelines on ESOPs

October 25, 2007 369 Views 0 comment Print

As you may be aware, the Finance Act, 2007 amended the provisions of the Income-tax Act, 1961 to provide that employers will be liable to pay FBT (fringe benefit tax) on the value of ESOPs granted to employees as and when the ESOPs were allotted or transferred to the employees. The value of ESOPs for the purposes of levy of FBT shall be the FMV (fair market value) of the ESOPs on the date of vesting of the options as reduced by the amount actually paid, or recovered from, the employee. On October 23, the Central Board of Direct Taxes (CBDT) notified the insertion of Rule 40C in the Income-tax Rules, 1962, specifying the computation of FMV.

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