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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 3663 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 1806 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 10521 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 6258 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 28404 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 939 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 1446 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 822 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 5280 Views 0 comment Print


Latest Judiciary


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 81 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 54 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 75 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 75 Views 0 comment Print

No re-opening of assessment on mere change of opinion without nexus with original materials

Income Tax : Assessee was engaged in diamond manufacturing, trading, and windmill power generation, had claimed deductions under sections 35DD ...

July 17, 2024 147 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 309 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 3648 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 25632 Views 0 comment Print


No Section 80IC deduction if Audit was not completed on or before filing ITR

March 18, 2024 438 Views 0 comment Print

Securico Electronics vs. ACIT: ITAT Delhi disallows Rs.33,97,998 80IC deduction due to late Form 10CCB filing. Full text analysis & conclusion.

ITAT Delhi quashes reassessment initiated by AO on incorrect facts

March 18, 2024 843 Views 0 comment Print

ITAT Delhi quashes reassessment initiated by AO on incorrect facts. Full text analysis of Shri Anuj Chaudhary vs ITO case for AY 2009-10.

DCIT Vs Hindustan Thermal EPC: No Disallowance for Business Loss – ITAT Delhi

March 18, 2024 192 Views 0 comment Print

ITAT Delhi rules in favor of Hindustan Thermal EPC, disallowance of expenses deleted, detailed analysis of the case.

Interest on TDS not allowable expenditure: ITAT Delhi

March 18, 2024 570 Views 0 comment Print

ITAT Pune remands Sanj Sawali Care Foundation’s 80G exemption application to CIT(E) for reevaluation after failure to produce documentary evidence. Details here.

Deduction u/s. 80IB(10) admissible only when return is furnished within due date specified u/s 139(1): ITAT Ahmedabad

March 18, 2024 411 Views 0 comment Print

Learn about the DCIT vs Umang Hiralal Thakkar case at ITAT Ahmedabad regarding filing returns under section 139(1) for claiming deduction under section 80IB. Get detailed insights and analysis.

Revisional jurisdiction u/s 263 rightly invoked as order passed without satisfying mandatory provisions of section 92CA: ITAT Mumbai

March 18, 2024 228 Views 0 comment Print

ITAT Mumbai held that assessment order passed without satisfying mandatory provisions of section 92CA and CBDT instruction no. 3 of 2016 is order falling within the meaning of erroneous and prejudicial to the interest of revenue. Hence, revisional jurisdiction u/s. 263 of the Income Tax Act rightly invoked.

Eligibility and process of Registration of section 8 company

March 18, 2024 2868 Views 1 comment Print

Learn the eligibility criteria, registration process, and advantages of forming a Section 8 company. Understand the documentation required and steps involved in setting up this non-profit organization.

Technical service in section 9(1)(vii) denote services catering to special needs and not facility provided to all: Delhi HC

March 18, 2024 492 Views 0 comment Print

Delhi High Court held that use of facility does not amount to technical services, as technical services in section 9(1)(vii) of the Income Tax Act denote services catering to the special needs of the person using them and not a facility provided to all. Thus, order denying NIL/ lower TDS certificate quashed as services provided doesn’t amount to technical service.

PCIT’s mere “Yes” Not Valid Approval under Section 151: Delhi HC

March 18, 2024 969 Views 0 comment Print

Delhi High Court rules Yes by PCIT not valid approval under Section 151 of IT Act, 1961. Analysis of mechanical approval in reassessment proceedings.

Appellate Authority can Entertain Additional Claims during Assessment Proceedings

March 18, 2024 582 Views 0 comment Print

There is no bar on appellate authority to entertain additional claim during assessment proceedings in absence of any statutory provisions.

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