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...
Notification No. 54/2012-Income Tax In exercise of the powers conferred by Explanation 2 to section 90 of the Income- tax Act, 1961 (43 of 1961), the Central Government hereby notifies Sint Maarten, a part of Kingdom of Netherlands, the area outside India as the ‘specified territory’ for the purposes of the said section.
The assessing officers undergo in-depth training on direct tax at the induction stage at National Academy of Direct Taxes, Nagpur (NADT) and the seven subordinate Direct Taxes Regional Training Institutes (DTRTIs) located across the country and on indirect tax at National Academy for Customs, Excise and Narcotics, Faridabad and its nine Regional Training Institutes located at Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, Vadodara, Patna and Kanpur. They also undergo various refresher courses conducted by NADT and DTRTIs from time to time.
i) Promoting e-filing of the returns for speedy processing ii) Issuance of refunds through Refund Banker iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns. iv) Through Citizens’ Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.
Advocates/Chartered Accountant/Authorized Representative and assessees are hereby informed that in case of E-Payment of Tribunal Fees the respective Challans are to be counter signed by the concerned bank manager or attested by the authorized Representatives or assessees themselves
Notification No. 53/2012-Income Tax In the notification of Government of India, Ministry of Finance, Department of Revenue, No. 51/2012, dated 23rd November, 2012 bearing S.O. 2777(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 23rd November, 2012
With regard to the adjustment of refunds against the outstanding demands, various communications have been issued in the past. A brief reference of the same is as under:
Notification No. GSR 859(E)-Income Tax In continuation to the earlier Notification No. G.S.R. 725(E), dated 22-6-1988 (See [1988] 172 ITR (St.) 54), and in pursuance of clause (e) of paragraph 2 of the Capital Gains Account Scheme, 1988, the Central Government hereby authorises all the branches (except rural branches) of IDBI Bank Ltd., to receive deposits and maintain accounts under the said scheme.
General Anti-Avoidance Rules The GAAR (General Anti-Avoidance Rule) provisions have not been put on hold. The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards.
Notification No. [HRD/CM/103/2010-11/1055] The Department’s Annual General Transfer Pricing Policy shall apply for selection of officers for being posted in the Directorates of International Taxation &. Transfer Pricing subject to the condition that:
Notification No. 52/2012-Income Tax For section 56, value of unquoted shares can optionally be taken as value determined by either DFCF or as per revised method – Income-tax (Fifteenth Amendment) Rules, 2012 – Amendment in Rules 11U and 11UA
