#income tax act 1961
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Discrediting assessee’s valuation report without substantial reasons and without calling for DVO report is unjustified

Transfer of land from subsidiary to holding is not covered u/s 45 hence claim of LTCG not allowable

Notification No. 47/2023- Income Tax | Dated: 6th July, 2023

Official liquidator should be assisted by the erstwhile directors even after winding up

Matter remanded in absence of FMV of plots allotted against compulsory acquisition of land

PCIT order passed without verification of factual material is unsustainable

The Future of Tax Laws: Predictions and Trends

Delay of 902 days condoned by considering complexity of Income Tax Laws: ITAT

Transfer of Renewable Energy Certificate is capital and not taxable as business income

Addition of advances received as deemed dividend unsustainable as it is purely business transaction

Delay in filing return and Form No. 67 is not fatal to claim Foreign Tax Credit

Exemption u/s 11 available against receipt of trust from activities like sale of plots/ flats

Statutory Compliance Calendar for July, 2023

Examining Tax Structure in India: Perspectives, Comparisons & Suggestions
Explore the latest income tax act 1961 updates on TaxGuru, including relevant Income-tax Act provisions, rules, notifications, circulars, judicial decisions and compliance guidance. The coverage highlights important tax positions, procedural requirements, assessments, deductions, penalties and litigation developments to help taxpayers and professionals understand the practical implications of changes in income-tax law.
