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...
The week ending 18 August 2024 saw notable regulatory updates across various domains. In Income Tax, exemptions were granted to the West Bengal Transport Workers Social Security Scheme and Unique Identification Authority of India under Section 10(46) for specified incomes. The Delhi High Court ruled against reassessment under Section 148 post-approval of a resolution plan […]
Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures are now in place.
On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the bill has now become law ie. Finance (No. 2) Act, 2024.
Highlights from August 5-11, 2024: Income Tax exemptions, GST updates, SEBI guidelines, and RBI monetary policy changes.
Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through the verification and assessment processes.
UIDAI’s specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT notification.
West Bengal Transport Workers’ Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021-2022 to 2025-2026.
CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 to 2025-26 with conditions.
Ministry of Finance notifies Kalyan Karnataka Region Development Board’s tax exemption for grants and interest, effective for FYs 2021-22 and 2022-23.
Income Tax Circular 08/2024 exempts higher TDS/TCS rates if deductee/collectee dies before PAN-Aadhaar linkage, addressing taxpayer grievances.
