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...
More than Rs. 20000 crore of tax demand is stayed by the courts/ITAT. Our counsels should be advised to get the stays vacated or ensure early hearings by brining the direction of the Supreme Court in the Vodafone case to the taxpayer to pay 25% of the disputed taxes and provide bank guarantee for the remaining, thereby endorsing the principle that stay of recovery in litigated matters should not be the norm, to the notice of the concerned court/ITAT.
Notification No. 80/2011 – Income Tax [F.NO. 279/115/1999-NC]/S.O. 1682(E), DATED 21-7-2011 – In the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O.1390 (E), dated the 14th June, 2011 published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), relating to the trust Srinivasan Services Trust, Chennai, in paragraph 5 “Development Projects at 30 Villages of Tamilnadu, Karnataka and Maharashtra” may be read as “Development Projects at 70 Panchayats of Tamilnadu, Karnataka and Maharashtra”.
CIRCULAR NO. 4/2011 References have been received by the Board regarding issuance of guidelines for granting of prior permission u/s 281 of the IT Act, 1961 to transfer or create a charge on the assets of the assessee. The Board has considered the matter and in order to have uniformity on the issue, it has been decided that:1. The taxpayers should apply in the prescribed form annexed hereto titled Application u/s 281 of the IT Act, 1961 which would be available on the departmental website, as well as with the Assessing Officers.
Vide Order No 119 of 2011 dated 14.7.2011 the CBDT has transferred and posted Commissioners / Directors of Income-tax with immediate effect. Download the Order
Notification No. 38/2011 – Income Tax [F.NO. 189/2/2011-ITA.I], DATED 12-7-2011 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. 732(E), dated the 31st July, 2001, namely :–
Gross direct tax collections during the first quarter of the current fiscal (April – June 2011) were up by 23.91 percent at Rs.104,136 crore as against Rs.84,041 crore. While gross collection of corporate taxes was up 23.49 percent (Rs.68,223 crore against Rs.55,244 crore last year), gross collection of personal income tax was up by 24.63 percent (Rs.35,859 crore against Rs.28,772 crore last year).
Notification No. 37/2011 – Income Tax [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011 Income-Tax (Sixth Amendment) Rules, 2011 – Amendment in Rule 12 – In the Income-tax Rules, 1962 in rule 12, in sub-rule (3), in the proviso, for clauses (a) and (aa) the following clause shall be substituted, namely :—(a) a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);
The above mentioned guidelines have been reconsidered by the Board and it has been decided that the scrutiny of such cases would be limited only to the aspects of information received through AIR. However, a case may be taken up for wider scrutiny with the approval of the administrative Commissioner, where it is felt that apart from the AIR information there is a potential escapement of income more than Rs. 10 Lacs.
ORDER NO. 5/FT&TR/2011 [F.NO. 500/15/2011-FTD-1], DATED 27-6-2011 -In partial modification of Order No. 4/FT&TR/2011, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP-II at Delhi, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
Notification No. 36/2011 – Income Tax Exemption u/s 139(1) to Specified Person from the requirement of furnishing a return of income for Assessment year 2011-12. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—(A) ‘Salaries’; (B) ‘Income from other sources’, by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
