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...
Explore the clarifications on the simplified procedure for Form 15G & 15H under section 197A of the Income-tax Act. Stay informed with Notification No. 9/2016 issued by the Government of India.
With a view to bring high value transactions within the tax net, it has been provided in sub- section (1 F) of section 206C of the Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from the buyer. Any person who obtains in any sale. the goods of the nature specified in sub-section (I D) or (IF) of section 206C is a buyer.
2. Nodal Officers have been appointed at the level of PAN service providers M/s NSDL eGov and M/s UTIITSL to facilitate field formations who have to establish PAN counters in ASK Centres.
Bulk PAN transfer screen has further been enhanced and facility of selection criteria based on ITR-7 filed by PAN holder has been provided for easy transfer of PANs of Trusts to Exemption charges.
A joint Conference of Principal Chief Commissioners/ Chief Commissioners, Principal Directors General/ Directors General, Pr. Commissioners (1985 batch and prior batches) and Pr. Directors (1985 batch and prior batches) (and equivalent) of CBDT and officers of CBEC to be inaugurated by Hon’ble Prime Minister of India on 16.6.2016 forenoon, is to be held on 16.6.2016 and 17.6.2016 (with the possibility of being extended to the forenoon of 18.6.2016).
The following postings / transfers in the grade of Assistant /Deputy Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-
THE INCOME DECLARATION SCHEME, 2016- In Income Tax notification no.f 33/2016, dated the 19th May, 2016, published vide number S.O. 1831(E), dated the 19th May, 2016, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), at page 21, in line 12, for rule 4 read rule 3(2).
2) The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts, namely:- (i) the amount of expenditure directly relating to income which does not form part of total income; and (ii) an amount equal to one per cent of the annual average of the monthly averages of the opening and closing balances of the value of investment, income from which does not or shall not form part of total income:
CBDT has notified Cost Inflation Index for Financial Year 2016-17 / Assessment Year 2017-18 at 1125 . Cost Inflation Index for Financial Year 2015-16 was 1081 so there is an increase of 44 in Cost Inflation Index .
S.O. 1945(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Uttar Pradesh State AIDS Control Society, a body constituted by the Government of Uttar Pradesh, in respect of the following specified income arising to that Society, namely:—
