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income tax act 1961

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Analysis of Section 87A and 115BAC(1A) of Income Tax Act, 1961

Income Tax : Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates...

July 16, 2024 4263 Views 1 comment Print

Things to Keep in Mind While Disclosing Your F&O Income at the Time of Filing Taxes

Income Tax : F&O traders need to know how their profits are taxed. With the ITR return filing date approaching, it is imperative to know how st...

July 9, 2024 1830 Views 0 comment Print

Common ITR Issues and FAQ’s For Filing Return for AY 2024-25

Income Tax : Get answers to common ITR issues and FAQs for filing your tax return for AY 2024-25. Resolve filing errors and understand tax regi...

July 8, 2024 10581 Views 1 comment Print

How to calculate Turnover of Futures & Options for Taxation

Income Tax : How to calculate the turnover of Futures & Options (F&O) for taxation purposes, including detailed examples and tax filing require...

July 8, 2024 6360 Views 0 comment Print

Monthly (July-2024) Legal Obligations + Legal updates for India

CA, CS, CMA : Stay informed with February 2024 legal obligations & updates in India. From Income Tax to GST, understand forms, filing dates, & s...

July 4, 2024 28446 Views 1 comment Print


Latest News


File ITR-4 (Sugam) Online for AY 2024-25 FAQs

Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...

July 8, 2024 960 Views 0 comment Print

File ITR-1 (Sahaj) Online for AY 2024-25: FAQs

Income Tax : Learn who can file ITR-1, who cannot, necessary documents, and precautions. Understand the process of filing ITR-1 (Sahaj) online ...

July 8, 2024 1464 Views 0 comment Print

All about TDS on Dividend with format of Form 15G, 15H and Declarations

Income Tax : Understand tax deduction rules for dividends as per Income-tax Act, 1961 amendments. Detailed guide on TDS rates, exemptions, and ...

July 4, 2024 825 Views 0 comment Print

CBDT maintains database of over 76 crore PANs and over 74 lakh TANs

Income Tax : Read the inaugural address from Ravi Agrawal, the new Chairman of CBDT, outlining his vision for enhancing tax administration in I...

July 1, 2024 588 Views 0 comment Print

Budget 2024 Proposals: GST & Income Tax Amendments

CA, CS, CMA : Discover comprehensive proposals from The Punjab Accountants Association to improve tax compliance, extend filing deadlines, inclu...

June 29, 2024 5289 Views 0 comment Print


Latest Judiciary


Cash deposits during demonetization alone cannot justify income addition

Income Tax : In the case of Anil Champalal Jain vs ITO (ITAT Mumbai), learn why Mumbai ITAT ruled that cash deposits during demonetization alon...

July 18, 2024 72 Views 0 comment Print

TDS not deductible on Payments which become Taxable Due to Retrospective Amendment

Income Tax : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...

July 18, 2024 252 Views 0 comment Print

Section 263 revisional order without issuing SCN is void ab initio

Income Tax : ITAT Jaipur quashes PCIT order in Yesh Dagas case, citing violation of natural justice principles. Key points of the judgment and ...

July 17, 2024 114 Views 0 comment Print

Reopening Without New Material & on Mere Change of Opinion invalid

Income Tax : Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...

July 17, 2024 165 Views 0 comment Print

Reassessment cannot be based solely on reevaluating existing facts without new substantive material

Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...

July 17, 2024 153 Views 0 comment Print


Latest Notifications


Section 138(1)(a) of Income-tax Act: Information Sharing with Telangana Government

Income Tax : CBDT directs DGIT (Systems) to share income tax information with Telangana's Agriculture Department as per Section 138(1)(a) of th...

July 9, 2024 318 Views 0 comment Print

Section 138 Notification: Agriculture Production Commissioner, Telangana specified

Income Tax : Discover the latest Income Tax Act notification under section 138 for Telangana by the Ministry of Finance. Details on the designa...

July 9, 2024 201 Views 0 comment Print

Revised Jurisdiction of DIT Intelligence & Criminal Investigation in Lucknow & Kanpur Notified by CBDT

Income Tax : Explore the latest amendment in the Income Tax Act 1961 by Notification No. 50/2024 issued by the Ministry of Finance. Detailed an...

June 6, 2024 957 Views 0 comment Print

CBDT exempt RBI from Higher TDS deduction under Section 206AB

Income Tax : RBI exempted from Section 206AB of the Income Tax Act, 1961, via Ministry of Finance notification dated May 27, 2024. Learn more a...

May 27, 2024 3654 Views 0 comment Print

CBDT Extends Due Dates: Form No. 10A/10AB Filing upto 30th June, 2024

Income Tax : Get insights on Circular No. 7/2024 issued by CBDT, extending due dates for filing Form No. 10A/10AB under the Income-tax Act, 196...

April 25, 2024 25650 Views 0 comment Print


Revision order passed without adequate opportunity to file relevant material is unsustainable

June 19, 2023 492 Views 0 comment Print

ITAT Surat held that revisionary order passed by PCIT under section 263 of the Income Tax Act without providing adequate opportunity to the assessee to file relevant material evidences and documents before him is liable to be remanded back for fresh consideration of the matter.

Addition on account of lesser amount considered as claw back payment unsustained

June 19, 2023 261 Views 0 comment Print

ITAT Kolkata held that addition on account of lesser amount considered as claw back payment unsustained as in case, a higher amount is to be considered as claw back payment, then a higher amount is to be allowed as a deduction not character of income

Invocation of section 50C in mere transfer of right in property without transfer of title is unjustified

June 19, 2023 5727 Views 0 comment Print

ITAT Delhi held that provisions of section 50C of the Income Tax Act applies only in case of transfer of land or immovable property. Invocation of deeming provision of section 50C in case of mere transfer of right in property accrued under agreement without transfer of title is unjustifiable.

CBI Arrests CGST Officials in Jabalpur Bribery Case, Chargesheet CIT & Arrests EPFO Officer

June 18, 2023 2016 Views 0 comment Print

The Central Bureau of Investigation (CBI) has made significant progress in multiple bribery cases, including the arrest of CGST officials in Jabalpur and the filing of a chargesheet against a former Income Tax Commissioner. Additionally, an Enforcement Officer from EPFO has been arrested for accepting a bribe. The Central Bureau of Investigation (CBI) has been […]

How to save Income Tax on Salary?

June 17, 2023 17214 Views 0 comment Print

Discover effective ways to save income tax on your salary beyond 80C, 80D & HRA. Explore tax regime options, flexi benefit plans, NPS benefits, and tax-saving for EMIs.

Penalty u/s 271B for non-filing of tax audit report not leviable if sufficient cause shown

June 17, 2023 5574 Views 0 comment Print

ITAT Amritsar held that non-filing of tax audit report due to technical glitch is the reasonable cause shown. Accordingly, penalty under section 271B of the Income Tax Act not leviable for such non-filing of tax audit report.

Penalty u/s 271B not leviable as turnover is below exemption limit prescribed u/s 44AB

June 17, 2023 1545 Views 0 comment Print

ITAT Kolkata held that penalty under section 271B of the Income Tax Act not leviable as turnover of the assessee is less than INR 1 Crore. Accordingly, the assessee is outside the purview of section 44AB of the Income Tax Act.

Initiation of reassessment proceedings u/s 148 for verification of claim is unsustainable

June 17, 2023 3327 Views 0 comment Print

ITAT Kolkata held that initiation of reassessment proceeding under section 148 of the Income Tax Act for the purpose of mere verification of the claim is unsustainable in law.

Issue of Commission Under Income-tax Proceedings

June 17, 2023 4083 Views 0 comment Print

Powers, procedures, and purposes of issuing commissions under Section 131(1)(d) of Income-tax Act. Similarities with Code of Civil Procedure, circumstances for issuing commissions, and powers vested in commissioner.

CBDT Order: Scope of e-Appeals Scheme under Income-tax Act Specified

June 16, 2023 3063 Views 0 comment Print

Read the order issued by the Central Board of Direct Taxes (CBDT), Ministry of Finance, specifying the scope of the e-Appeals Scheme under sub-section (6) of section 246 of the Income-tax Act, 1961. The order outlines the categories of appeals that must be completed under the e-Appeals Scheme, except for specific cases mentioned in the order.

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