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 : Highlights from August 5-11, 2024: Income Tax exemptions, GST updates, SEBI guidelines, and RBI monetary policy changes....
Income Tax : CBDT updates Form 3CD for AY 2023-2024, including major amendments for tax audit reporting. Essential insights for professionals a...
Income Tax : Key updates to Form 3CEB for specified domestic transactions, following CBDT Notification No. 27/2024, enhancing reporting require...
Income Tax : Explore resolutions for CBDT Circular No. 20/2023 issues: TDS responsibilities, fees inclusion, treatment of taxes, purchase-retur...
Income Tax : Demystify Income Tax Notices: Learn about various types, meanings, and effective responses. Explore notices under Section 143(1), ...
Income Tax : Explore the Lok Sabha query on technical glitches in the IT portal and TRACES. Learn about processing delays, PAN-Aadhaar issues, ...
Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...
Income Tax : Stay updated with the latest notification from the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes regar...
Income Tax : ITD Delhi invites Cost Accountant firms/LLPs for empanelment for inventory valuation services. Apply by the deadline to be part of...
Income Tax : Explore the impact of faceless tax assessment, benefits, and government's steps to address taxpayer grievances. Get insights into ...
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 : 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...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
Income Tax : Ministry of Finance notifies Kalyan Karnataka Region Development Board’s tax exemption for grants and interest, effective for FY...
Circular No. 30-Income Tax Attention is invited to Board’s Circular No. 4 (XI-3) D, dated 9-4-1959 [Clarification 4] on the above subject. The film producers have represented to the Board that a cinema film no longer has an effective life of about 3 years as was presumed by the Income-tax Department when devising the formula for the amortisation of the cost
Circular No. 16-Income Tax It has been represented to the Board that the professional tax is not being allowed as a revenue expenditure under section 37(1), as its deduction is not covered by the specific provisions of section 40(a )(ii).
Circular No. 29-IncomeTax Attention is invited to the Board’s Circular Nos. 5-P(LXX-6) of 1968 and 12-P(LXX-7) of 1968 [Clarification 2] which had been duly endorsed to all Chambers of Commerce. References are still being received from the public seeking clarifications regarding the taxability of income under the provisions of sections 11(1) and 11(2).
Circular No. 28-Income Tax Section 24(1)(vi ) provides that where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital shall be allowed as an admissible deduction in the computation of income from the said property.
Circular : No. 27-Income Tax The Finance Act, 1968 made provisions in sections 35B and 35C, respectively, for the grant of “export markets development allowance” and “agricultural development allowance” in computing the profits and gains from business. Under section 35B, an assessee, being a domestic company or a resident non-corporate person, who incurs expenditure under specified heads for
In exercise of the powers conferred by sub-section (3) of section 104 of the Income-tax Act, 1961 (43 of 1961), and in partial modification of the Ministry of Finance (Department of
Circular : No. 26-Income Tax There is an impression that the development rebate allowed in respect of an asset sold to the Government will not be withdrawn even if the vendor credits to the profit & loss account the reserve which he had originally created to qualify for the grant of the rebate. This is wrong as clarified below.
CIRCULAR NO. 25-Income Tax Instances have come to the notice of the Board where Indian nationals, having income in Pakistan were put to considerable hardship in their assessment proceedings in India. After the 1965 hostilities between India and Pakistan, the assessees having income in Pakistan, are finding it almost impossible to repatriate their Pakistan income to India.
Circular No. 24-Income Tax To remove any possible and misunderstanding of the legal position, the Board added the following sentences, at the end of the last para of Board Circular No. 23 of 1969
CBDT Circular No: 23 Date of Issue: 23/7/1969 Section(s) Referred: 9 Statute: Income-Tax Act 1. Non-residents-Income accruing or arising through or from business connection in India-Liability to tax-Section 9 of the Income-tax Act, 1961. Section 9 of the Income-tax Act (corresponding broadly to section 42 of the Indian Income-tax, 1922) provides, inter alia, that income […]
