Removal of Difficulty Order in respect of ‘Vivad se Vishwas Scheme 2024’- ‘08/2025’

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Notification No. 08/2025 [F. No. 370153/01/2025-TPL] Dated 20th January, 2025 MINISTRY OF FINANCE (Department of Revenue) S.O. 348(E).—WHEREAS, the Direct Tax Vivad Se Vishwas Scheme, 2024 was introduced vide the Finance (No.2) Act, 2024 (15 of 2024) and came into force with effect from the 1st day of October, 2024; WHEREAS, while implementing the said Scheme difficulties have arisen in […]

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Central Government hereby approves ‘Central Power Research Institute (CPRI)’ for ‘Scientific Research’ under the category of ‘Research Association’ of Section 35(1)(ii) – ‘07/2025’

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Notification No. 07/2025 [F. No. 203/20/2024/ITA-II] Dated 14th January, 2025 MINISTRY OF FINANCE (Department of Revenue) S.O. 244(E).—In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income tax Act, 1961 (43 of 1961) read with Rules 5C and 5D of the Income-tax Rules, 1962, the Central Government hereby approves Central Power Research Institute (CPRI)

Central Government hereby approves ‘Central Power Research Institute (CPRI)’ for ‘Scientific Research’ under the category of ‘Research Association’ of Section 35(1)(ii) – ‘07/2025’ Read More »

A Unit of International Financial Service Centres (IFSC) shall not be considered as Byer for the purpose of collecting TCS Under Section 206(1H) of Income-Tax Act, 1961. – ‘06/2025’

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Notification No. 06/2025 [F. No. 275/108/2024-IT(B)] Dated 6th January, 2025 MINISTRY OF FINANCE (Department of Revenue) S.O. 99(E).— In exercise of the powers conferred by clause (a) of the Explanation to sub-section (1H) of section 206C of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), the Central Government hereby specifies that

A Unit of International Financial Service Centres (IFSC) shall not be considered as Byer for the purpose of collecting TCS Under Section 206(1H) of Income-Tax Act, 1961. – ‘06/2025’ Read More »

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

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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’

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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’

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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’

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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’

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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

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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)]

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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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