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...
37BC. Relaxation from deduction of tax at higher rate under section 206AA.– (1) In the case of a non-resident, not being a company, or a foreign company and not having PAN the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any capital asset, if the deductee furnishes details and documents specified in sub-rule (2) to the deductor.
The following postings / transfers in the grade of Additional /Joint Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 has commenced from 1st June, 2016 and shall remain in force for a period of 4 months up to 30th September, 2016. This scheme provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income.
As you all are kindly aware. the Income Declaration Scheme-2016 has been launched w.e.f. June, 2016. This scheme provides offers a unique opportunity to persons who are willing to declare any undisclosed income under the scheme with its attended benefits. The Department has embarked upon a comprehensive publicity plan for creating awareness about this scheme amongst the citizen all over the country.
S.O. 2185(E).-In the notification of the Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 46/2016, dated the 17th June, 2016, published vide number S.O. 2142 (E), dated the 17th June, 2016,at page 2, in line 5, for to section 115TC read below section 115TCA
In exercise of the powers conferred by clause (23EE) of section 10 of Income-tax Act, 1961, Central Government hereby notifies Core Settlement Guarantee Fund set up by National Securities Clearing Corporation Limited (NSCCL), Mumbai, a recognised clearing corporation, for the purposes of the said clause for the assessment year 2016-17 and subsequent assessment years.
CBDT notifies Core Settlement Guarantee Fund, set up by Indian Clearing Corporation Limited (ICCL), Mumbai for the purpose of clause (23EE) of section 10 of the Income-tax Act, 1961
Application of General Anti Avoidance Rule- 10U. Chapter X-A not to apply in certain cases.—(1) The provisions of Chapter X-A shall not apply to—any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments made before the 1st day of April, 2017 by such person.
It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Scheme and are adequately guided and facilitated for filing declarations so that they can avail maximum benefits under the Scheme. which is under highest consideration of the Government during coming months.
Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively
