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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 4146 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 1818 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 10569 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 6336 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 28428 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 957 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 1455 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 825 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 5289 Views 0 comment Print


Latest Judiciary


Cash deposits during demonetization alone cannot justify income addition

Income Tax : In the case of Anil Champalal Jain vs ITO (ITAT Mumbai), learn why Mumbai ITAT ruled that cash deposits during demonetization alon...

July 18, 2024 42 Views 0 comment Print

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 234 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 108 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 156 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 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 318 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 3651 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 25647 Views 0 comment Print


Department Obligated to Provide Supporting Material for Section 148A(b) Notice

November 6, 2023 3903 Views 0 comment Print

For issuance of notice under section 148A(b), department was duty-bound and was mandatorily required to provide all material information or inquiry conducted along with supporting documents to assessee as per the provisions of Section 148A, therefore, the matter was remitted back to the respondent to supply all the relied-upon documents on the basis of which the notice had been issued and pass the order strictly in accordance with the law as mandated in the provision itself.

Reassessment without due application of mind by AO was invalid

November 6, 2023 1359 Views 0 comment Print

Re assessment notice issued under section 148 solely on basis of information received from the Kolkata Investigation Directorate that certain persons, who were based in Kolkata, had incorporated shell companies.

Computer software being integral for working of hardware are depreciable @60%

November 6, 2023 678 Views 0 comment Print

Delhi High Court held that the computer software which are necessary and integral for the working of hardware are eligible for depreciation at the rate of 60% instead of 25%.

Order u/s. 148A(d) Without Opportunity of Hearing is Unlawful

November 6, 2023 2016 Views 0 comment Print

Kerala High Court held that order passed under section 148A(d) of the Income Tax Act without granting an opportunity of being heard as required u/s. 148A(b) makes the order unsustainable in law and hence is liable to be set aside.

No Section 194H TDS deductible on Trade Discount Retained by Ad Agencies

November 5, 2023 750 Views 0 comment Print

Delhi High Court’s judgment in PCIT vs. Optimal Media Solutions Ltd. for AY 2009-10 clarifies that retention by advertising agencies is trade discount, not subject to TDS under section 194H.

Madras HC Sets Aside Order Rejecting Delay Condonation as Assessee was Abroad

November 5, 2023 642 Views 0 comment Print

The Madras High Court sets aside an order rejecting the condonation of a 30-day delay in filing a tax appeal due to the assessee being abroad. Learn more.

Non-awareness tax liability land sale: ITAT deletes Section 271(1)(c) Penalty

November 5, 2023 8505 Views 0 comment Print

The ITAT in Ahmedabad cancels the penalty under Section 271(1)(c) of the Income Tax Act in Ushaben Chauhan’s case due to non-awareness of tax liability on land sale.

Co-op Societies Eligible for Section 80P Deduction on Interest from Co-op Banks

November 5, 2023 12693 Views 0 comment Print

In a recent ITAT Mumbai case, the deduction of interest income under Section 80P for a cooperative housing society was upheld, clarifying eligibility for cooperative societies.

Notice u/s 274 needs to be issued before limitation period prescribed u/s. 275(1)(c)

November 4, 2023 1146 Views 0 comment Print

Delhi High Court held that the notice under Section 274 of the Income Tax Act should have been issued before the period of limitation as prescribed under section 275(1)(c) of the Income Tax Act.

Triggering of re-assessment proceedings on matter for which AO had already formed an opinion is untenable

November 4, 2023 501 Views 0 comment Print

Delhi High Court held that it is settled legal position that re-assessment proceedings under section 148 of the Income Tax Act cannot be triggered on the aspects which AO has already formed an opinion. Accordingly, notice issued u/s 148 set aside.

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