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...
In exercise of the powers conferred by sub-rule (4) of Rule 1OVA of the Income Tax Rules, 1962.read with section 9A of the Income-tax Act ,1961 (43of 1961), the Central Board of Direct Taxes here by notifies the following Committee for the purposes of the said sub-rule
In exercise of the powers conferred by sub-rule (4) of Rule 10VA of the Income-Tax Rules; 1962, read with section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby notifies the following Committee for the purposes of the said sub-rule:‑
Income Tax Rules 29B is related to Application for certificate authorising receipt of interest and other sums without deduction of tax under sub-section (1) of section 195. In this rule one of the condition for issue of certificate was that person applying for the certificate has not been subjected to penalty under clause (iii) of sub-section (1) of section 271.
Under sub-section (6) of section 195 of the Income-tax Act, person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, is required to furnish the information relating to payment of such sum, in such form and manner, as may be prescribed.
As per sub-rule (1) of rule 29C (Declaration by person claiming receipt of certain incomes without deduction of tax) of the Income-tax Rules, 1962 (hereunder referred as the Rules) a declaration under sub-section (1) or under sub-section (1A) of section 197A shall be in Form No. 15G and declaration under sub-section (1C) of section 197A shall be in Form No. 15H.
a Registration: The deductor /collector should hold valid TAN and is required to be registered in the e-filing website (https://incometaxindiaefiling.gov.in/) as Tax Deductor & Collector to file the e-TDS/e-TCS Return. b Preparation: The Return Preparation Utility (RPU) to prepare the TDS/TCS Statement and File Validation Utility (FVU) to validate the Statements can be downloaded from the tin-nsdl website (https://www.tin-nsdl.com/).
For determining the tax-treatment of income arising from transfer of unlisted shares for which no formal market exists for trading, a need has been felt to have a consistent view in assessments pertaining to such income. It has, accordingly, been decided that the income arising from transfer of unlisted shares would be considered under the head ‘Capital Gain’, irrespective of period of holding
26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.
The report in Form No.3CL referred to in clause (b) shall be furnished electronically by the prescribed authority to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax or Principal Director General of Income-tax or Director General of Income-tax having jurisdiction over such company within one hundred and twenty days,-
The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in CBDT Circular No. 7/2007 dated 23.10.2007. Circular No. 7/2007 states that no interest under section 244A of the Act, is admissible on refunds to be granted in accordance with the circular or on the refunds already granted in accordance with Circular No. 769 or Circular 790 dated 20.4.2000.
