#income tax act 1961
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HUF can’t claim deduction u/s. 54F for property purchased by Individual in his individual capacity

Depreciation on discarded machinery allowable, if used for business purposes in earlier years

What is to be assessed as income from lottery is only the actual income received and not any notional income

Allowability of expenses towards penalty and damages in compensatory nature

Cost Inflation Index for FY 2009-10/ AY 2010-11

Depreciation on goodwill is allowable under the Income Tax Act, 1961

CBDT delivered a headblow to the Assessee Engaged in Propelling Growth of the Nation

Set-off of short-term capital losses, subject to STT, allowable against short-term capital gains not subject to STT

In order to have a charity, you must have a source of income

Income-tax (Twelfth Amendment) Rules, 2009 – Amendment in rule 11N

Trade advance given to give effect to a commercial transaction can not be treated as deemed dividend

Notification No. 64/2009 – Income Tax Dated 1/9/2009

Notification No. 63/2009 – Income Tax Dated 31/8/2009

Implications of the draft code
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.
