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...
It has come to the notice of the Board that several Foreign Institutional Investors receiving income from transactions in securities claim such income as exempt from tax under the Income Tax Act, 1961(‘the Act’) by availing benefit provided in the Double Taxation Avoidance Agreements(‘DTAAs’) signed between India and their respective countries of residence.
Notification No. 43/2015 – Income Tax S.O. It is hereby notified for general information that the organization Pandit Deendayal Petroleum University Raisan Gandhi Nagar Gujarat, (PAN- AABTP3856A) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from AY-
CIRCULAR No. 07/2015 Date- April, 23, 2015 The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 4/2002 dated 16.07.2002 which laid down that in case of such entities, whose income is unconditionally exempted under Section 10 of the Income-tax Act (the Act) and who are statutorily not required to file return of income as per Section 139 of the Act, there would be no requirement for tax deduction at source (TDS) from the payments made to them since their income is anyway exempted under the Act.
Notification No. 42/2015 – Income Tax It is hereby notified for general information that the organization Institute of Chemical Technology, Nathalal Parekh Marg, Matunga, Mumbai (PAN – AAATI4951J) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and SE of the Income-tax Rules, 1962 (said Rules)
Notification No. 41/2015 – Income Tax CBDT has notified ITR 1, ITR 2 & ITR 4S for AY 2015-16 and amended Rule 12 vide Notification No. 41/2015, Dated-15th day of April, 2015. For AY 2015-16, ITR 1, ITR 2 & ITR 4S where returned income is greater than 5 Lakhs or where Refund is claimed (except where the person is 80 years or more and filing ITR 1 or 2) and ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 are mandatorily required
Notification No. 40/2015 – Income Tax It is hereby notified for general information that the organization Indian Institute of Technology Samantapuri Bhubaneswar (PAN – AAAAI2760A) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962from Assessment year 2014-2015 and onwards under the category of University College or other Institution, engaged in scientific research activities
Moving ahead with its strategy of ‘naming and shaming’ large tax defaulters, the Income Tax department today came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government. In March 2015 Department has released list of 18 Income tax defaulters who owe over Rs 500 crore in tax to the […]
A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs.9 Crores was paid by the assessee to the transferor who owned commercial rights towards the network and the facilities. The consideration was a specific value but for which the network would not have been otherwise transferred. In that sense, it constituted business or commercial rights which were similar to the enumerated intangible assets.
Notification No. 39/2015 – Income Tax CBDT has vide Notification No. 39/2015 increased Transport allowance exemption limit for employees from Rs. 800 to Rs. 1,600 per month. In case the employee is blind or orthopaedically handicapped with disability of lower extremities the limit is increased from Rs. 1600 to Rs. 3200/- per Month.
Notification No. 38/2015 – Income Tax in case of an applicant, being a company which has not been registered under the Companies Act, 2013 the application for allotment of a Permanent Account Number and tax deduction and collection account may be made in Form No. INC-7 specified under sub-section (1) of section 7 of the said Act for incorporation of the company
