#income tax act 1961
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By its very nature, the power to rectify a mistake would not result in the recall and review of the order sought to be rectified.

Sec. 80C-Bank Term Deposit (Amendment) Scheme, 2007

Transaction relating to gift considered in regular assessment

Provision for NPA debited to P & L account as per RBI Act, not eligible for deduction under I-T Act

Amendment in Rules Related to Valuation of Perquisites forming part of salary income

Five key issues in FBT guidelines on ESOPs

Notification on Valuation of ESOP for FBT

Appeal to High court – Estimate of income

Confusion in the AIR

Excise, sales tax will not form part of total turnover Sec. 80HHC

Gujarat HC Grant Relief on New Return Forms

Interest ordered for delayed refund – action recommended against officers concerned

Supreme Court on 194-A

Unexplained money – SC Judgement U/s. 69A of Income Tax Act
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.
