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.
Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be de...
Income Tax : The new Act reorganises sections, rules, and forms without changing core transfer pricing principles. Taxpayers must adapt to upda...
Income Tax : The new framework eliminates mandatory renewals and replaces them with continuous monitoring. Donor eligibility now depends on sus...
Income Tax : The new law replaces time-bound approvals with continuous compliance monitoring for charitable entities. Registration now survives...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : The government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : A CBI court sentenced seven individuals to four years imprisonment for manipulating tax systems using forged records. The case hig...
Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : The case involved denial of deduction due to delayed execution of purchase deed. The Tribunal held that investment in an under-con...
Income Tax : Gujarat High Court upheld the deletion of a Section 271D penalty, ruling that the assessment order did not record satisfaction for...
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 consolidation into Form 121 introduces stricter documentation and reporting obligations. The decision emphasizes accountabilit...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
The Central government on 5th August introduced the Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha, to repeal the Retrospective legislation on indirect transfer tax. The Finance Ministry had presented a bill to encourage greater overseas investment into India, which is being hailed as a welcome respite for firms that have long invested in […]
Vide Notification No. 100/2021-Income Tax | Dated: 2nd September, 2021 CBDT notifies Tax Exemption under section 10(46) to Haryana Real Estate Regulatory Authority, Panchkula in respect of the specified income for Financial Years 2018-2019, 2019-2020, 2020-2021, 2021-2022 and 2022-2023. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 100/2021-Income Tax New […]
CBDT notifies new Rule 26D.Furnishing of declaration and evidence of claims by specified senior citizen under section 194P, Amended Rule 31 & 31A, Amended Form no. 12BBA, FORM NO. 16, FORM NO. 24Q, Form No.26QB, FORM NO. 26QC and Form No.26QD. Notification No. 99/2021 – (Income Tax) | 2nd September, 2021. MINISTRY OF FINANCE (Department […]
For the purpose of Section 194P CBDT notifies specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934 (2 of 1934). Notification No. 98/2021-Income-tax | Dated: 2nd September, 2021. MINISTRY OF […]
With an amendments passed in the Finance Act, 2021, government has take away the benefit of exemption from taxation (w.e.f financial year 01st April, 2021 and onwards) which was earlier available for an interest income earned by the taxpayers on their provident fund contribution. However, their specific rules to determine their taxability was awaited from […]
In exercise of the powers conferred by the second proviso to sub-section (1) of section 245-O, sub-section (2) of section 245P, sub-section (4) of section 245Q, sub-section (8) of section 245R, sub-section (3) of section 245S, sub-section (3) of section 245T, sub-section (3) of section 245U and the proviso to section 245V of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby appoints 1st day of September, 2021 as the date for the purposes of said provisos and said sub-sections of the said Act.
Central Government hereby constitutes the Boards for Advance Rulings at Delhi and Mumbai for the purposes of giving advance rulings under Chapter XIX-B of Income Tax Act on or after the 1st day of September, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 96/2021 – Income Tax New Delhi, […]
Goods and Services Tax (GST) Notifications and Circulars Requirement of GST audit and reconciliation statement by professionals removed with effect from 1 August 2021: The Ministry of Finance has appointed 1 August 2021 as the date on which the provisions of Sections 110 and 111 of the Finance Act, 2021 have come into force. These […]
CBDT notifies RULE 9D. Calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit vide Notification No. 95/2021-Income Tax Dated: 31st August, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 95/2021-Income Tax Dated: 31st August, 2021 G.S.R. 604(E).—In exercise […]
Vide Notification No. 94/2021-Income Tax Dated: 31st August, 2021 CBDT under Direct Tax Vivad se Vishwas Act, 2020 extended the last date of payment of the amount (without any additional amount) to 30th September, 2021. Also Read Press Release Dated 29th August 2021:Date of payment under Direct Tax Vivad se Vishwas Act extended MINISTRY OF […]
