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...
Order No. 149 of 2020 With the approval of the Finance Minister, the following existing posts in the various grades of India Revenue Service are diverted to the newly created National e-Assessment Centre (NeAC), Delhi and its Regional Centres (ReACs) with immediate effect and until further orders:
CBDT directs that all the assessment orders shall hereafter be passed by National e-Assessment Centre through the Faceless Assessment Scheme, 2019, except as provided hereunder :- 1. Assessment orders in cases assigned to Central Charges. 2. Assessment orders in cases assigned to International Tax Charges. F No. 187/3/2020-ITA-I Government of India Ministry of Finance Department […]
CBDT directs that the officers posted in Directorates of Investigation (Investigation Wing) and Commissionerates of TDS, only and exclusively shall act as Income-tax Authority for the purposes of power of survey under section 133A of the Income-tax Act.
Central Board of Direct Taxes hereby reconstitutes Regional e-Assessment Centers (ReACs) under Faceless Assessment Scheme, 2019 vide Office Order -2 dated 13th AUgust 2020. F. No 187/3/2020 ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA Division) ******* North Block, New Delhi – 110001 Dated the 13th August, […]
Stay updated with the latest tax updates from CBDT. Learn about the one-time relaxation for verification of tax returns and clarification on TDS payments in cash.
Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees.
In view the hardships being faced by the taxpayers in coping with the challenges posed by COVID 19 pandemic, it is important that the concerned officers of the Income Tax Department recognize the same and are sensitive to it. Therefore, as far as possible, the communications should be made electronically and social distancing norms should be followed, without diluting the significance of the proceedings.
CBDT notifies 3 Courts in Maharashtra for trial of Income Tax offences which includes (i) the 38th Court, Ballard Pier for Mumbai region and 31st Court of Additional Chief Metropolitan Magistrate, Vikhroli for Mumbai including cases at Thane; (ii) the Court of the Chief Judicial Magistrate, Nagpur for entire Vidarbha region, and (iii) the Court of 10th Joint Civil Judge Junior Division and Judicial Magistrate First Class (Court No. 8), Pune for Pune region.
Class or classes of person to whom provisions of section 139A shall not apply. 114AAB. (1) The provisions of section 139A shall not apply to a non-resident, not being a company, or a foreign company, (hereinafter referred to as the non-resident) who has, during a previous year, made investment in a specified fund if the following conditions are fulfilled, namely:
CBDT Circulars CBDT Circulars to Reduce Litigation S.No. Section of Income Tax Act Circular No. & Date Summary of Circular 1 2(22)(e) Circular No.19/2017 [F.No.279/ Misc./140/2015/ITJ], Dated 12-6-2017 Trade advances, which are in the nature of commercial transactions, would not fall within the ambit of the word ‘advance’ in Section 2(22)(e) of the Act 2 […]
