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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


Progressive Taxation: A Look at Modern Income Tax Systems

January 16, 2023 5067 Views 0 comment Print

Understand Indias taxation history and current system with a look at Progressive Taxation. Discover how Mauryan Empire in 200 BCE laid the foundation for modern income tax systems today.

Section 194-IA of Income Tax Act, 1961-TDS on Sale of Immovable Property

January 16, 2023 13044 Views 3 comments Print

This blog post looks at the requirement of Section 194-IA of Income Tax Act, 1961 to deduct TDS on the sale of immovable property. Discover how and when to deduct TDS.

CBDT approves Indian Institute of Science Education & Research under Section 35(1)(ii)

January 16, 2023 783 Views 0 comment Print

CBDT approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub- Section (1) of Section 35 of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962 vide Notification No. […]

Analysis of 4 Recent Important Income Tax Case laws

January 16, 2023 15996 Views 1 comment Print

Learn about a Gujarat High Court case on reopening of income tax re-assessment proceedings under the Finance Act 2021. Analysis of 4 Recent Important Income Tax Case laws

Applicability of TDS on the sale of property

January 12, 2023 28455 Views 4 comments Print

Understand the applicability of TDS on the sale of property. Learn about the rate, time & value on which TDS is deductible. Form 26QB, 16B & FAQs included.

Interior work in Rented Premises is Revenue Expenditure

January 11, 2023 5754 Views 0 comment Print

Interior work in Rented Premises is Revenue Expenditure- Check the tests to determine Capital or Revenue Expense in this blog post!

Form 10F – Information to be provided under Section 90(5) & 90A(5)

January 10, 2023 102135 Views 3 comments Print

Form 10F is an Income Tax form which reduces Non-resident Tax payer’s TDS rate in India. Learn what details are needed to file Form 10F & how to obtain Tax Residency Certificate.

Assessee not responsible for TDS deducted but not deposited by deductor

January 9, 2023 5466 Views 0 comment Print

Is it possible for an assessee to be held responsible for the undeposited withheld tax if the person or entity that withheld the tax from the assessee’s income failed to do so?

Guide to new TDS Section 194R of the Income Tax Act

January 9, 2023 227133 Views 7 comments Print

Explore the comprehensive guide to the new TDS Section 194R of the Income Tax Act effective from July 1, 2022. Understand its applicability, time of deduction, TDS rate, and non-applicability conditions. Delve into the clarification provided by the Central Board of Direct Taxes (CBDT) through circulars, addressing various scenarios and frequently asked questions (FAQs). Stay informed and compliant with the latest tax regulations on deduction of tax on benefits or perquisites related to business or profession.

Deduction 80PA of Income Tax Act, 1961: An Overview

January 8, 2023 2577 Views 1 comment Print

Dive into an overview of Deduction 80PA under the Income Tax Act, 1961, exploring eligibility criteria, key provisions, and the promotion of socio-economic development for Producer Companies. Understand the intricate details for availing this deduction and its impact on corporate income tax liability.

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