incometaxmanagement.in – Page 7 – Direct and Indirect Taxes with Tax Ready Reckoner

Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA

A. Purpose of CRS and FATCA In this globalized economy, tax transparency and compliance has become paramount to ensure that taxpayers disclose their global income and assets accurately. The Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) are international frameworks designed to combat tax evasion by increasing transparency and cooperation among […]

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The Commissioner for the Robindra Setu, Kolkata is Notified for the purpose of Section 10(46) of Income-Tax Act, 1961 – ‘04/2025’

Blog, Orders, Circulars & Notifications / New Notification

Notification No. 04/2025 [F. No. 196/1/2023-ITA-I] Dated 3nd January, 2025 MINISTRY OF FINANCE (Department of Revenue) S.O. 48(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘The Commissioners for the Rabindra Setu, Kolkata’ (PAN AABTT2734P),

The Commissioner for the Robindra Setu, Kolkata is Notified for the purpose of Section 10(46) of Income-Tax Act, 1961 – ‘04/2025’ Read More »

Karnataka State Horticulture Development Agency Notified for the purpose of Section 10(46) of Income-Tax Act, 1961 – ‘05/2025’

Blog, Orders, Circulars & Notifications / New Notification

Notification No. 05/2025 [F. No. 300196/37/2019-ITA-I] Dated 3nd January, 2025 MINISTRY OF FINANCE (Department of Revenue) S.O. 49(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Karnataka State Horticulture Development Agency’ (PAN: AAALE0284C), a Society

Karnataka State Horticulture Development Agency Notified for the purpose of Section 10(46) of Income-Tax Act, 1961 – ‘05/2025’ Read More »

Central Government Notifies that No Deduction of Income-Tax under Chapter XVII of the Income-Tax Act, 1961 – ‘02/2025’

Blog, Orders, Circulars & Notifications / New Notification

Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025 MINISTRY OF FINANCE (Department of Revenue) S.O. 20(E).—In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Government hereby notifies that no deduction of income-tax under Chapter XVII of the said Act shall

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Central Government Notifies that No Deduction of Tax shall be made under the Provisions of Section 194Q of the Income Tax Act, 1961 – ‘03/20525’

Blog, Orders, Circulars & Notifications / New Notification

Notification No. 03/2025 [F. No. 275/109/2024-IT(B)] Dated 2nd January, 2025 MINISTRY OF FINANCE (Department of Revenue) S.O. 21(E).— In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Government hereby specifies that no deduction of tax shall be made under the

Central Government Notifies that No Deduction of Tax shall be made under the Provisions of Section 194Q of the Income Tax Act, 1961 – ‘03/20525’ Read More »

Income-Tax Deduction from Salaries During the Financial Year 2024-25 Under Section 192 of the Income-Tax Act, 1961

Blog, Knowledge Base / New Article

Circular No. 03/2025 [F. No. 275/107/2024-IT(B)] Dated 20th February, 2025 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Reference is invited to Circular No. 24/2022 dated 07.12.2022, whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Income-tax Act, 1961 (hereinafter referred

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Any sum received under a Life Insurance Policy [Section 10(10D)]

Blog, Knowledge Base, Salaries / Exempted incomes

Section 10(10D) of the Income Tax Act, 1961, provides tax exemption on the sum received under a life insurance policy, including the bonus. This section ensures that the proceeds from life insurance policies are generally tax-free, subject to certain conditions. Scope of Exemption: The entire sum received under a life insurance policy (including the bonus)

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Income in Nature of a Non-Monetary Perquisites Provided by Employer [Section 10(10CC)]

Blog, Knowledge Base, Salaries / Exempted incomes

Section 10(10CC) of the Income Tax Act, 1961, deals with the tax treatment of non-monetary perquisites provided by an employer to an employee. This section ensures that the tax liability on such perquisites is borne by the employer, and the employee is not directly taxed on these benefits. Definition of Non-Monetary Perquisites: Non-monetary perquisites are

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‘Voluntary Retirement Compensation’ from a Public Sector Company or any other Company [Section 10(10C)]

Blog, Knowledge Base, Salaries / Exempted incomes

Voluntary Retirement Scheme (VRS) is a mechanism used by companies to reduce their workforce by offering employees an option to retire voluntarily. The compensation received under VRS is governed by Section 10(10C) of the Income Tax Act, 1961, which provides exemptions for such payments. Eligibility for Exemption: The exemption applies to employees of: Public Sector

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Compensation received in case of any Disaster [Section 10(10BC)]

Blog, Knowledge Base, Salaries / Exempted incomes

Compensation received by an individual or their legal heirs in the event of a disaster is governed by Section 10(10BC) of the Income Tax Act, 1961. This section provides an exemption for such compensation to alleviate the financial burden on affected individuals or families. Scope of Exemption: Compensation received from: The Central Governmentor a State Government. Any local

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