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income tax act 1961

Latest Articles


Importance of Show-Cause Notices: Key Insights & Case Laws

Income Tax : Learn the importance of show-cause notices, their legal implications, and how to respond effectively to protect your rights. Explo...

August 16, 2024 219 Views 0 comment Print

Income Tax Benefits on Home Loans: What You Need To Know

Income Tax : Learn about income tax deductions on home loans, including benefits under Sections 24, 80C, 80EE, and 80EEA. Understand eligibilit...

August 16, 2024 987 Views 0 comment Print

Changes in Capital Gains Taxation: Budget 2024 Amendments

Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...

August 14, 2024 14700 Views 3 comments Print

Budget 2024 Amendments: Key Changes in Trust Provisions

Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...

August 13, 2024 3543 Views 0 comment Print

Seizure-Induced Audit Delays: A Defense Against Section 271B Penalties

Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...

August 13, 2024 273 Views 0 comment Print


Latest News


Tax Exemptions for BCCI & IPL: Government’s Revenue Impact

Income Tax : Explore the financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...

August 6, 2024 342 Views 0 comment Print

Tax Benefits For Skill Training Institutions

Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...

August 5, 2024 324 Views 0 comment Print

Concerns on Corporate Tax, MSME Deductions, GST Rates

CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...

August 5, 2024 306 Views 0 comment Print

Tax Incentives To Fintech Sector

Income Tax : On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for t...

August 5, 2024 216 Views 0 comment Print

Tax Liability on Haircuts under IBC: Clarifications by MCA

Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...

August 2, 2024 723 Views 0 comment Print


Latest Judiciary


Settlement commission offering immunity by accepting explanation in spirit of settlement cannot be faulted: Karnataka HC

Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...

August 16, 2024 54 Views 0 comment Print

CIT needs to independently apply his mind prior to invoking revisionary provisions u/s. 263: ITAT Kolkata

Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...

August 16, 2024 60 Views 0 comment Print

Rajasthan HC Confirms Penalty for Unexplained Cash Deposit

Income Tax : Rajasthan HC upholds penalty under Section 271(1)(c) of the Income Tax Act, 1961 for unexplained cash deposits after withdrawals. ...

August 16, 2024 111 Views 0 comment Print

Penalty u/s. 271(1)(c) not sustained in absence of intention to conceal income: ITAT Mumbai

Income Tax : ITAT Mumbai held that penalty u/s. 271(1)(c) of the Income Tax Act not imposable in absence of wilful intention on the part of the...

August 16, 2024 141 Views 0 comment Print

Domestic company paying DDT u/s. 115O doesn’t enter domain of DTAA: ITAT Pune

Income Tax : ITAT Pune held that the DTAA does not get triggered at all when a domestic company pays DDT u/s. 115O of the Income Tax Act. In nu...

August 16, 2024 78 Views 0 comment Print


Latest Notifications


Income Tax Exemption for UIDAI’s Specified Income 2024-2029

Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...

August 13, 2024 264 Views 0 comment Print

Income Tax Exemption for West Bengal Transport Workers Social Security Scheme

Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...

August 13, 2024 72 Views 0 comment Print

Notification No. 98/2024 Income Tax Exemption for Karnataka Disaster Centre

Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...

August 7, 2024 732 Views 0 comment Print

CBDT Clarifies Verification Conditions Under Section 144B

Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...

August 2, 2024 1077 Views 0 comment Print

Income Tax Notification No. 96/2024: SAMEER Mumbai Specified Income Exemption

Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...

July 24, 2024 216 Views 0 comment Print


Sale of penny stocks: High Court Affirms Section 263 Order

June 14, 2024 621 Views 0 comment Print

Dive into the detailed analysis of the Calcutta High Court judgment in PCIT Vs Bina Gupta, addressing substantial questions of law regarding income tax implications on Long Term Capital Gain from penny stock sales.

Tax Evasion Allegations: HC dismisses PIL as Income Tax Dept already Examined Transaction

June 14, 2024 204 Views 0 comment Print

Delhi High Court rejects a PIL filed by Ankur Gupta seeking a probe into alleged money laundering and tax evasion, citing previous dismissal and IT Department’s investigation.

Printers, Routers & Peripherals eligible for depreciation at Computer Rates

June 14, 2024 636 Views 0 comment Print

Read about the ITAT Delhis ruling on the deduction dispute between Genpact India and DCIT regarding freight, telecommunication charges, and migration expenses under Section 10A/10AA of the Income Tax Act.

Are online subscription sales business or royalty income? ITAT directs re-adjudication

June 14, 2024 480 Views 0 comment Print

Explore Gartner Ireland Ltd.’s appeal: Are online subscription sales business or royalty income? ITAT directs fresh assessment in Mumbai case

Section 153C Assessments Beyond 10 Years Block Period Invalid: Delhi HC

June 13, 2024 501 Views 0 comment Print

Delhi High Court rules Section 153C assessments beyond the 10-year limit unsustainable, quashing notices for AY 2013-14. Key judgment impacts reassessment proceedings.

No section 271B penalty if reasonable cause exist or if assessee establishes its bonafides

June 13, 2024 1092 Views 0 comment Print

Read the full text of the order from ITAT Agra where penalty u/s 271B was deleted for Tasavver Husain vs ITO. Detailed analysis and conclusion provided.

Section 270AA Penalty Immunity Application Cannot Be Rejected on Insufficient Grounds or Vague SCNs

June 13, 2024 687 Views 0 comment Print

Delhi High Court judgment on GE Capital vs. DCIT, distinguishing under-reporting and misreporting as separate offenses, resulting in quashed penalty. Full text analysis.

Interest on refunded principal amount, deposited in auction sale is capital receipt

June 13, 2024 393 Views 0 comment Print

In PCIT Vs Ins Finance & Investment P Ltd., Delhi High Court ruled that interest on amount not considered compensation is capital receipt, not taxable.

Assessee entitled to Section 80G Deduction on CSR Expenditure: ITAT Mumbai

June 13, 2024 756 Views 0 comment Print

Detailed analysis of Alubound Dacs India Private Limited vs. DCIT case before ITAT Mumbai regarding the allowance of Section 80G deduction on CSR expenditure.

Audit objections alone do not fulfill criteria for reopening assessments: Delhi HC

June 13, 2024 576 Views 0 comment Print

Delhi High Court invalidates reassessment proceedings against Samsung India for AY 2002-03, ruling lack of fresh tangible material after 4 years.

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