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...
Director General of Income Tax (Administration) Mayur Bhawan, Connaught Circus, New Delhi – 110001 intends to empanel the Senior Standing Counsels I Standing Counsels well versed with proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, to represent the Income Tax Department before Board for Industrial and Financial Reconstruction (BIFR), Appellate Authority for Industrial and Financial Reconstruction (AAIFR)
Notification No. 28/2013 – Income Tax [F.NO.503/11/2009-FTD-I], DATED 1-4-2013 Whereas, an Agreement between the Government of the Republic of India and the Government of Gibraltar for the Exchange of Information with respect to taxes was signed at London on the 1st day of February, 2013(hereinafter referred to as the Agreement): And whereas, the date of entry into force of the Agreement is the 11th day of March, 2013, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the Agreement, in accordance with the provisions of article 12 of the Agreement;
Notification No. 27/2013 – Income Tax The notification shall be effective subject to the following conditions, namely:- (a) the ‘Assam State AIDS Control Society’ does not engage in any commercial activity; (b) the activities and the nature of the specified income of the ‘Assam State AIDS Control Society’ remain unchanged throughout the financial year; and
Notification No. 26/2013 – Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby :- (a) directs that the Commissioner of Income-tax specified in column (2) of the Schedule below, having his headquarter at the place specified in the corresponding entry in column (3) of the said Schedule, shall exercise the powers conferred upon him under the said Act and perform the functions in respect of such cases or classes of cases of persons or classes of persons specified in the corresponding entries in column#(4) of the said Schedule and in respect of all incomes or classes of income thereof;
Notification No. 25/2013 – Income Tax [F.NO.187/18/2012 (ITA.I)], DATED 28-3-2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 734(E), dated the 31st July, 2001, namely:-
Notification No. 24/2013 – Income Tax In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Commissioner of Income-tax (Central), Bhopal shall be subordinate to the Director General of Income-tax (Investigation), Bhopal.
Representations from field formations have been received intimating that owing to the delays in PAN Migration, PAN de-duplication and restoration, certain cases remain to be processed. However, AST does not permit these cases to be processed. Therefore, with the Board’s approval, the facility of Online TMS is extended for the cases time barring on 31-3-2013.
Circular No. 2/2013-Income Tax SECTION 92C OF THE INCOME-TAX ACT, 1961, READ WITH RULE 10B OF THE INCOME-TAX RULES, 1962 – TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE – APPLICATION OF PROFIT SPLIT METHOD CIRCULAR NO. 2/2013 [F. NO. 500/139/2012], DATED 26-3-2013 It has been brought to the notice of CBDT that clarification is needed for selection of profit split method (PSM) as most appropriate method. The issue has been examined in CBDT. It is hereby clarified that while selecting PSM as the most appropriate method, the following points may be kept in mind :
Circular No. 3/2013-Income Tax It has been brought to the notice of CBDT that there is divergence of views amongst the field officers and taxpayers regarding the functional profile of development centres engaged in contract R&D services for the purposes of transfer pricing audit.
Notification No. 23/2013 – Income Tax In exercise of the powers conferred by item (h) of sub clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following further amendment to the notification of the Government of India, in the Ministry of
