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 article examines whether Section 58(3) of the Income-tax Act, 2025 makes tax audit compulsory whenever profits fall below 6%, ...
Income Tax : Income may become tax-free under the new tax regime because of the standard deduction and Section 87A rebate, but ITR filing may s...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : The article analyses whether declaring profits below presumptive rates automatically triggers tax audit under the Income-tax Act, ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The data shows a steady increase in net direct tax collections driven by higher corporate and non-corporate tax revenues. It highl...
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 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 : CBDT has notified the Indian Institute for Human Settlements as an approved institution for social science and statistical researc...
Income Tax : CBDT has clarified that lessees need not deduct TDS on ship lease payments once the IFSC lessor submits Form 1(N), provided the Se...
Income Tax : CBDT has notified tax exemption for specified income of the Mussoorie Dehradun Development Authority under section 10(46). The not...
Income Tax : Exercising powers under Section 119(2)(b), CBDT has condoned delays in Form 10AB filing for eligible cases. The Circular does not ...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
(a) fails to maintain separate books of accounts referred to in sub-paragraph (iii) of paragraph 1; or (b) fails to furnish its audit report referred to in sub-paragraph (iii) of paragraph I; or (c) fails to furnish its statement of the donations received and sums applied for scientific research referred to in sub-paragraph (iv) of paragraph 1
n view of the urgency of the matter, the Directorate of Systems had identified a list of 444 cases with a high probability of data entry error, and out of this confirmation has been received from the field for 155 cases. On verification it is seen that there is a high percentage of data entry errors in these cases and therefore the rest of the cases in this list i.e. 289 cases needs to be verified at the earliest. This list is placed on i-taxnet at the following path.
Central Board of Direct Taxes hereby notifies Forms Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V for Assessment Year 2016-17.
We have included a separate Chapter relating to Transfer Pricing in the Compliance Audit Report for the year 2014-15 (No. 3 of 2016). We expect that every year substantial number of Transfer Pricing cases would be processed. Since Audit points out short/excess adjustment done by Transfer Pricing Officers, it has, therefore, been decided to fix the following limits of short/excess adjustment by TPO for Compliance Audit Report 2015-16 and onwards :
(a) fees, fines and penalties; (b) receipts from Printed Educational Material; (c) receipts from Scrap or Waste paper; (d) receipts from other Government Bodies; (e) interest income from surplus funds kept in bank accounts and fixed deposits; (f) rent received from let out of properties; (g) royalty or License fees for providing technical knowledge and infrastructure; (h) dividend earned from Maharashtra Knowledge Corporation Ltd; (i) capital gains, if any, from disposal of assets as per Government financial guideline and rules of Government of Maharashtra.
In exercise of the powers conferred by clause (46) of section I0 of the income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Andhra Pradesh Electricity Regulatory Commission, a Commission constituted under the Andhra Pradesh Electricity Reform Act, 1998 (Government of Andhra Pradesh Act No.30 of 1998). in respect of the following specified income arising to that Commission.
CBDT would like to inform the persons earning interest income that interest credited/received on deposits is taxable unless exempt under section 10 of the Income-tax Act. Such interest income should be shown in the return of income even in cases where Form 15G/15H has been filed if the earning is not exempt under section 10 of the Income-tax Act
n the Income-tax Rules, 1962, in rule 17C, after clause (viii), the following clause shall be inserted, namely:- (ix) Investment in Stock Certificate as defined in clause (c) of paragraph 2 of the Sovereign Gold Bonds Scheme, 2015, published in the Official Gazette vide notification number G.S.R. 827(E), dated the 30th October, 2015.
As per Central Action Plan 2015-16, Systems Directorate was directed to identify the potential cases for prosecution under section 276CC (prosecution for non-filing of return of income). Earlier, non-filers for AY 2013-14 were identified by Systems Directorate for NMS Cycle-3. The last date for filing the return of income for the AY 2013-14 was 31-3-2015, and therefore the taxpayers identified under NMS Cycle-3 that have neither filed the return of income nor have submitted the response have been identified as potential prosecution cases under section 276CC.
The functionality for viewing such cases which are selected by AO under Manual Scrutiny on the basis of suggestions by CPC for A.Y. 2013-14 and for which order under section 143(3) of the Act has still not been passed, has been enabled in the ITD system and can be accessed by entering the following path in ITD System:
