Stay updated with the latest income tax notifications for changes in tax laws, rates, and compliance requirements. Get insights into income tax updates, exemptions, deductions, and important deadlines through income tax notifications.
CA, CS, CMA : Key updates from Income Tax, GST, DGFT, RBI, and more for the week ending 29th Dec 2024....
CA, CS, CMA : Review of significant legal, tax, GST, and SEBI updates during the week ending 22nd December 2024, including new guidelines and ju...
CA, CS, CMA : Explore tax & GST updates for Nov 25–Dec 1, 2024, including safe harbour for diamonds, GST e-invoicing, HC rulings, Section 194N...
CA, CS, CMA : Summary of key notifications in Income Tax, GST, SEBI, and IBBI regulations during the week of Nov 18-24, 2024, covering filing pr...
Income Tax : The Vivad Se Vishwas Scheme 2024 simplifies tax dispute resolution, offering discounts and waivers to reduce litigation burden. Se...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Analysis of tax exemptions for individuals vs corporations, middle-class benefits, and the impact of measures under the new tax re...
Income Tax : Details on tax incentives for corporates, revenue loss since 2020, monitoring mechanisms, emerging sector benefits, and job creati...
Income Tax : Supreme Court reviews the Kakadia Builders case, addressing Settlement Commission's authority to waive interest under Sections 234...
Income Tax : We request the authority concerned to take a practical view of the problems which the assessees are facing as on date on account o...
Income Tax : The issue to be considered is whether the profit earned by the assessee from the activity of recruitment and training of personne...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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 Shree Trimbakeshwar Temple, Trimbak, Distt. Nasik, as of historic and archaeological importance and a place of public worship of renown throughout Maharashtra State and outsid
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 Shri Ram Temple, Chaphal, Distt. Satara (Maharashtra) to be historic importance and a place of public worship of renown throughout the Maharashtra State for the purposes of the said section.
Circular No. 90-Income Tax With the issue of orders in the Government of India, Ministry of Finance (Department of Expenditure), O.M. No. F. 1(34) E-II(B)/68, dated 18-1-1969, “dearness pay” is considered as “pay” for purposes of pension and gratuity and compensatory allowance (including house rent allowance, etc.) in the case of Central Government servants. It is, therefore, clarified that for the purposes of calculating the house rent allowance that would be exempt under rule 2A, the term “salary” includes “dearness pay” also. Where State Government servants are being paid “dearness pay” as in the case of Central Government employee, the clarification given above will apply.
Circular No. 89-Income Tax The Bombay Bench of the Income-tax Appellate Tribunal in their order, dated 29-12-1971 in the case of D.R. Pathak v. ITO held that the “city compensatory allowance” granted to a Government servant is exempt under section 10(14)/16(v). On legal advice received, the Tribunal’s decision has not been accepted by the Income-tax Department and it has challenged in appeal. Till a judicial verdict is
Circular No. 87-Income Tax I am directed to invite a reference to the Board’s Circular No. 71 [F.No. 245/25/ 71-A & PAC], dated 26-3-1972 and to say that the CBDT have passed a revised order of date in supersession of their earlier order dated 28-2-1972, a copy of which was sent with the Board’s above-noted Circular dated 26-3-1972. A copy of this revised order is attached herewith. This may be brought
Circular No. 88-Income Tax I am directed to inform you that the Board have decided to extend the time for furnishing voluntary returns of income and net wealth for the assessment year 1972-73 till July 31, 1972, in cases where such returns are due before that date. A copy of the Press Note dated 19-6-1972 [printed here as Annex] issued in this regard is attached.
Notification: S.O.400(E) Central Government hereby specifies with effect from the date of publication of this Notification in the Official Gazette, the Industrial Finance Corporation of India as an institution for the purposes of the said clause
Circular No. 85-Income Tax The Finance Act, 1972 has made several modifications in the scheme of tax exemption of casual and non-recurring receipts. The effect of these modifications will, inter alia be that winnings from lotteries and crossword puzzles will become chargeable to income-tax from the assessment year 1973-74 onwards. Under a provision made in the new section 194B every person responsible
In supersession of the Notification No. 313 (F. No. 403/50/71-ITCC) dated 9th November, 1971, and in exercise of the powers conferred by section 2(43B) of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the Commissioner of Income-tax (Recovery), Delhi, to exercise the powers of a Tax Recovery Commissioner.
Circular No. 84-Income Tax Section 280ZA provides for the issue of tax credit certificates to public companies owning industrial undertakings situated in urban areas if they shift their undertakings to some other areas with the prior approval of the Board.
