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        <title>Tax Updates - Daily Update</title>
        <link>https://www.taxtmi.com</link>
        <description>One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India</description>
        <category>Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services</category>
        <copyright>TaxTMI.Com / MS Knowledge Processing Pvt. Ltd. All rights reserved.</copyright>
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        <ttl>60</ttl>
        <item>
<title>Prescribed authority, procedure, form, manner and conditions for approval by a company for deduction for expenditure on scientific research under section 45(3)(b)</title>
<link>https://www.taxtmi.com/manuals?id=7991</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Approval for deduction of expenditure on scientific research is granted by the jurisdictional Chief Commissioner on application in Form No. 17 through the jurisdictional Commissioner, with prescribed verification, timelines, and deficiency-cure procedure. The applicant must ordinarily file before the relevant tax year, though same-year filing is allowed for new incorporations and specified applications. Approval may be granted for up to five tax years, renewed before expiry, or withdrawn for cessation, non-genuineness, or breach of conditions after giving a reasonable opportunity of being heard.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
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        <item>
<title>Prescribed authority and process of approval for expenditure on scientific research under section 45(3)(c)</title>
<link>https://www.taxtmi.com/manuals?id=7990</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Approval for expenditure on a scientific research programme under section 45(3)(c) is granted by the prescribed authority based on the category of programme, on an application in Form No. 7, after checking feasibility and issuing approval in Form No. 8 within two months of the end of the month of application. Approval is valid for up to five tax years and is subject to separate accounts, annual audit, specified reporting in Forms 10 and completion documents, no extension or cost escalation, and restrictions on disposal of assets acquired for the programme.]]></description>
<category>Income Tax</category>
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        <item>
<title>Procedure, Form  Approval Mechanism for Scientific Research Associations under Section 45(4)(b)</title>
<link>https://www.taxtmi.com/manuals?id=7987</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Approval for a scientific research association under section 45(4)(b) is sought in Form No. 17 from the Commissioner of Income-tax having jurisdiction over the applicant, ordinarily during the financial year immediately preceding the tax year from which approval is sought. A relaxed filing window applies in specified cases, including the transition year from AY 2026-27 and the year of incorporation. Renewal may be sought at least three months before expiry of the existing approval.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
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        <item>
<title>Conditions for claiming a deduction for expenditure on scientific research by way of a contribution to a Research Association under section 45(4).</title>
<link>https://www.taxtmi.com/manuals?id=7988</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Approval for deduction of expenditure on scientific research under section 45(4) depends on compliance by research associations and universities, colleges or other institutions. The conditions include a sole research object, conduct of research by the applicant itself or through faculty or enrolled students, maintenance of books of account, audit by an accountant, filing of audit reports and separate statements of donations and research utilisation, and annual reporting of research work, publications, patents and future programmes. Failure to comply, cessation of genuine research activity, or breach of approval conditions may trigger a report to the Central Government.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Furnishing of statement of particulars in respect of donation and certificate to donor under section 45(4)(a)</title>
<link>https://www.taxtmi.com/manuals?id=7989</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Deduction for sums paid to a research association, university, college, other institution, or company is subject to filing a yearly statement of donations in Form No. 15 and issuing a donation certificate in Form No. 16 to the donor. Donations of the same nature made during the year are to be aggregated, and donations in the name of multiple persons are to be attributed according to specified shares or equally if no shares are specified. Form No. 15 must be verified by the authorised person and furnished along with Form No. 16 by 31 May following the tax year.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
        <item>
<title>Rate of Depreciation as per Income Tax Act, 2025</title>
<link>https://www.taxtmi.com/manuals?id=7986</link>
<guid isPermaLink="true">https://www.taxtmi.com/manuals?id=7986</guid>
<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Depreciation rates are prescribed for tangible and intangible assets under the income-tax depreciation schedule, with separate rates for buildings, furniture and fittings, machinery and plant, ships, and specified categories such as computers, renewable energy devices, pollution-control equipment, and medical equipment. The schedule also provides rates for intangible assets including know-how, patents, copyrights, trademarks, licences, franchises, and similar business rights, while the notes explain key expressions such as buildings, electrical fittings, commercial vehicles, computer software, and speed boats.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
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<title>Punishment for Failure to furnish returns of income - Section 276CC</title>
<link>https://www.taxtmi.com/manuals?id=7985</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Wilful failure to furnish income-tax returns under Section 276CC covers returns under section 139(1), notices under sections 142(1)(i), 148 and 153A, fringe benefit returns, and returns under sections 115WD(1) and 115WH(2). The punishment depends on the tax sought to be evaded and differs for the period up to 28.02.2026 and from 01.03.2026. Exceptions exclude prosecution in specified cases, including old assessment years, timely filing within permitted limits, updated returns under section 139(8A), and small tax liability cases below Rs.10,000.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
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        <item>
<title>Wilful attempt to evade tax - Section 276C</title>
<link>https://www.taxtmi.com/manuals?id=7984</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Wilful attempt to evade tax, penalty or interest under Section 276C includes false books, false entries, wilful omission of entries, and other circumstances enabling evasion. The provision also covers wilful attempts to evade payment and intentional under-reporting of income, with civil penalty proceedings and criminal prosecution capable of proceeding simultaneously. The text outlines amount-based punishment bands, including imprisonment and fine for higher and intermediate thresholds, and fine-only treatment for lower amounts, while also noting an earlier regime with minimum and maximum imprisonment ranges.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
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        <item>
<title>Assessing Officer for purposes of sections 148 and 148A</title>
<link>https://www.taxtmi.com/manuals?id=7983</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[The expression Assessing Officer for sections 148 and 148A is clarified to mean an Assessing Officer other than the National Faceless Assessment Centre or any assessment unit referred to in section 144B(3). The clarification operates notwithstanding any judgment, order or decree, or section 151A or any scheme framed thereunder, and is stated as a deeming provision for the removal of doubts.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
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<title>Rates of Tax Collection at Source (TCS Chart) (Tax Year 2026-27)</title>
<link>https://www.taxtmi.com/manuals?id=7979</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Tax collection at source applies at specified rates to particular transactions, with the rate varying by nature of receipt and the buyer's compliance status. The table covers sale of alcoholic liquor, tendu leaves, timber and other forest produce, scrap, minerals such as coal, lignite and iron ore, sale consideration for motor vehicles and notified goods above the prescribed threshold, remittances under the Liberalised Remittance Scheme, overseas tour programme packages, and use of parking lots, toll plazas, mines or quarries for business purposes. Failure to furnish PAN or Aadhaar attracts a higher rate.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
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        <item>
<title>Arrears of rent and unrealised rent received subsequently - (New) Section 23 / (Old) Section 25A</title>
<link>https://www.taxtmi.com/manuals?id=7982</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Arrears of rent and unrealised rent received subsequently are treated as income from house property on a receipt basis. Any amount received as arrears of rent from a tenant, or unrealised rent realised later, is deemed taxable in the year of receipt or realisation, even if the assessee is not the owner of the property in that year. A standard deduction equal to 30% of the arrears of rent or unrealised rent is allowable.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
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        <item>
<title>Profits in lieu of salary - section (New) 18 / (Old) 17(3)</title>
<link>https://www.taxtmi.com/manuals?id=7981</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Profits in lieu of salary comprise compensation, pre-employment and post-employment payments, other employer-related receipts, and certain fund or Keyman insurance receipts that are connected with employment and treated as taxable salary income. Employer contributions and related interest in provident or other fund receipts are taxable, while the employee's own contributions and interest on those contributions are excluded from that component. The newer provision also recognizes specified exclusions for life insurance proceeds, recognised provident fund balances, approved superannuation fund payments, and special allowances covered by the relevant schedules.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
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        <item>
<title>Salary Income Exempt from Tax</title>
<link>https://www.taxtmi.com/manuals?id=7980</link>
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<pubDate>Thu, 14 May 2026 20:45:12 +0530</pubDate>
<description><![CDATA[Certain categories of salary income are fully or partially exempt from tax where the exemption is tied to specified status, source of payment, place of service, or duration of stay. The exempt categories include SAARC teachers, United Nations salaries and pensions, diplomatic personnel, non-resident seafarers, foreign employees and ship crew meeting stated stay and business conditions, foreign trainees, and gratuitous payments to legal heirs or ex-gratia payments for injury or death while on duty.]]></description>
<category>Income Tax</category>
<category>Manuals</category>
<category>TaxLaws</category>
<category>TaxTMI</category>
        </item>
<item>
<title>TMI Updates - Newsletter dated: May 14, 2026</title>
<link>https://www.taxtmi.com/newsletter?id=05/14/2026</link>
<guid isPermaLink="true">https://www.taxtmi.com/newsletter?id=05/14/2026</guid>
<description><![CDATA[Newsletter for tax updates and legal information]]></description>
<category>Daily Updates</category>
<category>Tax</category>
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