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...
Prescribed statutory time limit for processing of such validly filed returns with refund claims in non-scrutiny cases. As per the earlier order dated 10th July 2020, time frame was given till 31.10.2020 to process such returns with refund claims.
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues Notification extending various Income Tax due date extended to the 30th September, 2021) (including for imposition of penalty under Chapter XXI, Linking of Aadhhar with PAN, for assessment or reassessment completion under section 153 or section 153 B the Income-tax Act. Notification No. 74/2021-Income […]
It is noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining capital assets of the specified entity, so that when such capital assets get transferred in the future, the amount attributed to such capital assets gets reduced from the full value of the consideration and to that extent the specified entity does not pay tax again on the same amount.
CBDT vide Notification No. 76/2021-Income Tax | Dated: 2nd July, 2021 amends rule 8AA which relates to Method of determination of period of holding of capital assets in certain cases and added rules related to amount which is chargeable to income-tax as income of specified entity under subsection (4) of section 45 under the head […]
Office Order No. 166 of 2021| Dated: 30.06.2021 On promotion, the transfer/postings of the following officers in the grade of Pr. Chief Commissioner of Income Tax/Pr. Director General of Income Tax, are hereby ordered with immediate effect and until further orders:
Ministry of Finance notified rules for appointment of members in various tribunals on 12.02.2020 in which practice of judicial and accountant members was requiring 25 years of practice. In WP (C) 804 of 2020 dated 27.11.2020 Taking cognizance of this the Honourable SC in Madras Bar Association v. Union of India & Anr. [Writ Petition […]
CBDT Order designating web portal www.incometax.gov.in as the ‘designated portal’ for the purpose of Faceless Penalty Scheme National Faceless Assessment Centre, Delhi 2nd Floor, E-Ramp Jawaharlal Nehru Stadium, Delhi-110003 Phone No: 011-24360103 F. No. CIT (NaFAC)-1/2021-22/204 Dated: 29.06.2021 Order I am directed to hereby designate the web portal www.incometax.gov.in as the “designated portal” for the […]
CBDT Order designating web portal www.incometax.gov.in as the designated portal for the purpose of Income Tax Faceless Assessment Scheme
Extension of Income tax time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic- Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Act, for which the last date of filing under that Section is 1st June, 2021 or thereafter, may be filed within the time provided in that Section or by 31st August, 2021, whichever is later;
CBDT issues Notification No. 74/2021-Income Tax | Dated: 25th June, 2021 extending various Income Tax due dates including for imposition of penalty under Chapter XXI, Linking of Aadhhar with PAN, for assessment or reassessment under the Income-tax Act, and the time limit for completion of such action under section 153 or section 153B etc. Also […]
