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 list of auditable cases for the period 1st September 2017 to 31st December 2017 has been made available in ITBA now, which includes cases of International Taxation, Central Circles and Exemption charges also.
CBDT has released Guidelines for Departmental officers for dealing with information under the Benami Transactions Informants Reward Scheme, 2018, which is as follows:-
Under Income Tax Informants Reward Scheme, 2018 A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential.
Benami Transactions Informants Reward Scheme, 2018 is introduced by CBDT for regulating grant and payment of reward to a person who is an informant under this Scheme. A person can get reward up to Rs. One crore for giving specific information of benami property. Identity of the informant shall be kept confidential.
Functionality to rectify Intimation u/s 143(1) for all ITR forms is now available through the Rectification module of Income Tax Business Application for Asst. Yrs. 2014-15, 2015-16, 2016-17. For earlier AYs, rectification can be done using AST module for now.
Functionality to rectify mistakes apparent from record in Appeal orders and Revision orders is now available to users through the Rectification module of Income Tax Business Application (ITBA). User may rectify mistakes in drafting of order including typos or other factual inaccuracies falling within the scope of section 154 which occurred in the original order. Similarly, mistake in recording of appeal decision can also be rectified.
Vide communication dated 29th December, 2017 in file of even no. (copy enclosed for reference), Board had issued necessary directions regarding filing of references for restoration of struck-off/de-registered companies under Companies Act, 2013. The field authorities were required to take immediate action in this matter, however, it has been found that till now action has been taken in a very few cases.
As per section 15 of the BM Act, any person aggrieved with the order passed by the Assessing Officer under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 (BM Act), may file an appeal to the Commissioner (Appeals). However, Commissioner (Appeals) under the BM Act have not yet been notified and the jurisdiction has also not been assigned to such Commissioner (Appeals).
To avoid any arbitrariness, the returns of Assessment Year 2017-18 and on wards which are pushed by the CPC to the Assessing Officer for processing shall be handled in a chronological manner.
The Board has constantly impressed upon the officers in the field formations the necessity of soft skills while dealing with taxpayers or their representatives. It is important that the behavior of officers and staff should be courteous, polite and above reproach.
