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...
Circular No. 699-Income tax Queries have been raised as to whether the requirement of deduction of income-tax at source under section 194-I of the Income-tax Act applies in case of payments by way of rent to the Government, statutory authorities referred to in section 10(20A) and local authorities whose income under the head ‘Income from house property’ or ‘Income from other sources’, is exempt from income-tax
Notification No.S.O.50(E) – Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the VIIth Series Issues 7-years 16.5% (Taxable) Secured Redeemable Non-cumulative Bonds bearing distinctive numbers from G-14671801 to G-14971800 of Rs. 1,000 each aggregating for an amount of Rs. 30 crores
Notification No.S.O.49(E) – 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 specifies 10.5% per annum, tax-free Secured Redeemable Non-cumulative Bonds (VIIth Series Issue) bearing distinctive numbers G-3800001 to G-4800000 aggregating to an amount of Rupees 100 crores (Rupees one
Circular No. 698-Income Tax II. Rates for deduction of tax at source during the financial year from income other than Salaries 5. The rates for deduction of income-tax at source during the financial year 1991-92 from incomes other than Salaries have been specified in Part II of the First Schedule to the Act. These rates apply to income by way of interest (including interest on securities), dividends, insurance commission,
Notification No. S.O.933(E)-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 specifies 10.5 per cent. (Tax-free) HUDCO Bonds (Series III) bearing distinctive numbers from 90000001 to 90152500, 91657501 to 92567500, 93017051 to 93497500 and from 93497501 to 94000000 at rupees 1,000
Notification No. S.O.934(E)-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government specifies 14 per cent. (Taxable) payable half-yearly, HUDCO Bonds (Series III) bearing distinctive numbers from 90152501 to 91657500 and from 92567501 to 93017500 at the rate of Rs. 1,000 each aggregating to Rs. 195.50 lakhs
Notification No. 924(E)-Income Tax In exercise of the powers conferred by clause (23D) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies Shriram Mutual Fund set up under a trust deed dated 27th May, 1994, by Shriram Investments Limited, and registered with the Securities and Exchange Board of India under rule 9 of the Securities and Exchange Board of India Mutual Funds (Regulations)
Circular No. 696-income tax It has come to the notice of the Board that some employers are not correctly evaluating the perquisites, allowances or other profits in lieu of or in addition to any salary of wages (referred to as “salaries” hereinafter) paid to their employees for the purpose of deducting tax at source under section 192 of the Income-tax Act, 1961. Such defaulters are liable to penalty proceedings under sections 221 and 271C of the Act, and also liable to prosecution under Chapter XXII of the Act
Circular No. 697-Income tax Board had recently prescribed the form of challans with three counterfoils for payment of advance tax and self-assessment tax. Some problems have been reported in the implementation of the above decision. It has been reported that banks receiving payment of tax are retaining two counterfoils and returning only one foil to the taxpayer. As the taxpayer is expected to enclose proof of payment of advance tax and self-assessment tax along with the return of income
Notification No. S.O.880(E)-Income Tax In exercise of the powers conferred by clause (ii) of sub-section (1) of section 80L of the Income-tax Act, 1961 (43 of 1961), the Central Government specifies the 10th Series Issue, Five Years–14.5 per cent. (Taxable) Secured Redeemable Non-Convertible Telephone Bonds bearing distinctive numbers from 10750001 to 11750000 of Rs. 1,000 each aggregating to an amount of Rs. 100
