Income Tax News

SC: More than 24 prominent charitable institutions in India may face tax scrutiny

27 October 2022 at 08:35

More than 24 prominent charitable institutions in the country may soon face tax scrutiny after a Supreme Court ruling set the limits to which tax exemption can be claimed.

Posted in Income Tax | 1 comments | 5340 Views

CBDT extends due date for furnishing return of income for AY 2022-23

26 October 2022 at 15:25

Extension of due date for furnishing return of income for the Assessment Year 2022-23

Posted in Income Tax | 45486 Views

IT portal's updation earlier this fiscal won't impact benefits availed by Udyam MSMEs

26 October 2022 at 08:38

The MSME Ministry has clarified that there won't be any change in benefits availed by enterprises registered on the Udyam portal and classified as per the MSME definition between April 1 and June 7, 2022.

Posted in Income Tax | 3135 Views

ICAI issues Revised 2022 edition of Guidance Note on Report u/s 92E of IT Act 1961

26 October 2022 at 08:38

Revised 2022 edition of Guidance Note on Report under section 92E of IT Act 1961

Posted in Income Tax | 4899 Views

ICAI is entitled to income tax exemption if amounts charged by them are nominal to cover costs: Supreme Court

21 October 2022 at 11:22

ICAI contended that its activities are not profit oriented and submitted that the fees collected from the students are utilized on various infrastructure development and other capital expenditure items.

Posted in Income Tax | 4590 Views

SC: Educational trusts can claim income tax exemption only if sole objective is education

20 October 2022 at 08:40

The Supreme Court held that educational trust or societies, which seek exemption under Section 10 (23C) of Income Tax Act, should solely be concerned with education, or education related activities.

Posted in Income Tax | 6849 Views

Income Tax officials raid RS Brothers in Hyderabad

15 October 2022 at 07:30

Income Tax department officials conducted raids on RS Brothers stores located at different places in Hyderabad on Friday. Raids were conducted at RS Brothers showrooms at Ameerpet, Chandanagar, Dilsukhnagar, Kukatpally, Mehadipatnam, Patny, Suchitra,

Posted in Income Tax | 3471 Views

SC: Employers to deposit Employees Contribution of EPF/ESI to avail deductions u/s 36(1)(va) and 43B of IT Act

14 October 2022 at 08:44

The Supreme Court observed that employers have to deposit the employee's contribution towards EPF/ESI on or before the due date for availing deduction under Sections 36(1)(va) and 43B of the Income Tax Act, 1961.

Posted in Income Tax | 16584 Views

Delhi HC rules against tax on income from FDRs until ownership is proved

13 October 2022 at 08:38

The Delhi High Court has held that income tax cannot be levied on the interest income from fixed deposits till the ownership is determined by the arbitral tribunal.

Posted in Income Tax | 2 comments | 4875 Views