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 : 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 : Out of 3.94 crore valid ITRs for AY 2024-25, refunds were processed for 3.68 crore. Reasons for delays include invalid bank detail...
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 Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Central Government hereby notifies for the purposes of the said clause, ‘Karnataka Electricity Regulatory Commission’, Bengaluru (PAN AAAGK0112L), a commission established by the Government of Karnataka, in respect of the following specified income arising to that Commission, namely:-
It is hereby notified for general information that the organization M/s. Manipal Academy of Higher Education, Manipal,Karnataka (PAN:- AAAJN0078Q) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2015-16 and onwards in the category of ‘University, College or other Institution’, subject to the following conditions, namely:-
CBDT expands Terms of Reference for drafting new Direct Tax Law to include (i) The Faceless and anonymised verification/ scrutiny/ assessment (ii) The mechanism for system based cross verification of the financial transactions (iii) Reduction in litigation and expeditious disposal of appeals before the CIT (Appeals), ITAT, High Courts and Supreme Court (iv) Reduction of […]
Exemption of service element and disability element of disability pension granted to disabled personnel of armed forces who have been invalided on account of disability attributable to or aggravated by such service. Circular No. 13/2019-Income Tax F. No. 173/250/2019-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, […]
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 47/2019 New Delhi, the 20th June, 2019 (INCOME-TAX) S.O. 2007(E).—Whereas the Central Government in exercise of the powers conferred by clause (iii) of subsection (4) of Section 80-IA of the Income-tax Act, 1961(43 of 1961)(hereinafter referred to as the said Act), has […]
Notification No. 46/2019- Central Government notifies ‘International Sericultural Commission’, Bengaluru, (PAN:AAAGI0020F) a body constituted under a treaty entered into by the Central Government, in respect of the specified income arising to that board under section 10(42) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 46/2019 […]
Notification No. 45/2019- Central Government notifies ‘Central Silk Board’, Bengaluru, PAN: AAALC0093M a Board constituted by the Central Government, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 45/2019 New Delhi, the 20th […]
C&AG had carried out a Performance Audit regarding ‘Assessment of Firms’ under the Income-tax Act, 1961 (‘Act) and in its Report No. 7 of 2014, has made certain suggestions so that in future, assessments in these cases are handled in a more effective manner by the Assessing Officers (AOs).
Clarification regarding non-allowability of set-off of losses against deemed income under section 115BBE of Income-tax Act, 1961 prior to assessment-year 2017-18-reg.
Kind reference is invited to ITBA assessment instruction no 9 dated 07.05.2018 in which the process of uploading of manually passed order in ITBA system was described. Vide above instruction it was explained that for doing any work in system, the previous orders should have been passed in system.
