Sponsored
    Follow Us:

income tax act

The income tax act defines Income tax and laws related to income tax. It covers income tax levy, collection, administration, and recovery. Income tax acts and income tax laws get changed/updated from time to time. Read our Latest News and Updated on the Income-tax act and Articles on the income tax act to understand the income tax act and its sections. Read our articles to understand income tax act section 10, income tax act section 24, income tax act section 54, income tax act section 80c, income tax act 44ad, income tax bare act, etc.

Latest Articles


Analysis of Notifications and Circulars for Week ending 3rd November 2024

CA, CS, CMA : Overview of recent notifications and circulars from Income Tax, GST, Customs, and IBBI for the week of October 14-20, 2024, impact...

November 4, 2024 3216 Views 0 comment Print

Analysis of Notifications & Circulars for Week ending 27th October 2024

CA, CS, CMA : Explore key tax and legal notifications issued between October 14-20, 2024, including Income Tax, GST, and Custom Duty updates....

October 28, 2024 570 Views 0 comment Print

Form 12BAA and TCS Credits: Simplifying Tax Compliance for Employers and Employees

Income Tax : Learn about Form 12BAA, introduced for employers to credit TCS for employees, ensuring accurate TDS calculation and easing tax com...

October 26, 2024 2652 Views 0 comment Print

Issue with Rebate under Section 87A for Capital Gain Tax: A Detailed Look

Income Tax : Explore why the Income Tax Department is disallowing Section 87A rebate on capital gains under the new tax regime, leading to unex...

October 16, 2024 20385 Views 19 comments Print

Understanding Partition of HUF and its Tax Implications

Income Tax : Learn about the partition of Hindu Undivided Family (HUF), its legal process, tax implications under Section 171, and the criteria...

October 14, 2024 3519 Views 1 comment Print


Latest News


Celebrating Income Tax Day 2024: A Journey of Transformation

Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...

July 23, 2024 222 Views 0 comment Print

Representation Regarding Glitches In The Income Tax Portal

CA, CS, CMA : KSCAA addresses glitches in the Income Tax portal, highlighting challenges faced by taxpayers and professionals, in a representati...

July 23, 2024 2886 Views 0 comment Print

5 Including Ex-ITO sentenced to 3 Yrs Jail; CBI Arrests CGST Superintendent for Bribe

Goods and Services Tax : CBI arrests a CGST Superintendent for accepting a bribe of Rs. 10,000, while designated courts in Ahmedabad and Madurai sentence f...

February 28, 2024 1050 Views 0 comment Print

Join Live webinar on Taxation Critical Issues & Solution

Income Tax : Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me te...

February 15, 2024 2526 Views 0 comment Print

Representation on Updated Return Processing under Income Tax Section 139(8A)

Income Tax : Explore the challenges faced by Karnataka State Chartered Accountants Association (R) in processing updated returns under Section ...

January 19, 2024 17088 Views 1 comment Print


Latest Judiciary


Appeal dismissed due to deliberate non-compliance on part of assessee: ITAT Ahmedabad

Income Tax : Upon further examination of the assessee's bank statements, the Assessing Officer observed that significant funds were being trans...

November 6, 2024 708 Views 0 comment Print

Addition u/s. 2(22)(e) deleted as advance was recorded as journal entry and no sum was received

Income Tax : ITAT Ahmedabad held that addition u/s. 2(22)(e) of the Income Tax Act is liable to be set aside since advance was received was mer...

November 6, 2024 282 Views 0 comment Print

Deposit to Prime Minister’s Relief Fund directed for non-compliance on part of assessee: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that AO and CIT(A) confirmed the addition since there was non-compliance on the part of the assessee. Thus, on...

October 28, 2024 321 Views 0 comment Print

Revision u/s. 263 justified as AO allowed deduction u/s. 80P(2)(a)(v) without adequate inquiry

Income Tax : ITAT Ahmedabad held that AO allowed the deduction under section 80P(2)(a)(v) of the Income Tax Act without adequate inquire. Accor...

October 28, 2024 132 Views 0 comment Print

SC held broken period interest on securities should be allowed as revenue expense

Income Tax : The securities were treated as stock­-in-­trade in the hands of assessee. The amount received by assessee on the sale of the sec...

October 24, 2024 387 Views 0 comment Print


Latest Notifications


Section 35: Auroville Foundation Recognized for Research Tax Benefits

Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...

September 18, 2024 270 Views 0 comment Print

Income Tax Exemption for UIDAI’s Specified Income 2024-2029

Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...

August 12, 2024 525 Views 0 comment Print

CBDT Clarifies Verification Conditions Under Section 144B

Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...

August 1, 2024 2586 Views 0 comment Print

Income Tax Notification No. 96/2024: SAMEER Mumbai Specified Income Exemption

Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...

July 24, 2024 366 Views 0 comment Print

Punjab Skill Development Mission Society: Section 10(46) Tax Exemption

Income Tax : Explore Income Tax Notification No. 94/2024 dated 24th July, 2024, detailing tax exemptions for Punjab Skill Development Mission S...

July 24, 2024 285 Views 0 comment Print


Latest Posts in income tax act

Appeal dismissed due to deliberate non-compliance on part of assessee: ITAT Ahmedabad

November 6, 2024 708 Views 0 comment Print

Upon further examination of the assessee’s bank statements, the Assessing Officer observed that significant funds were being transferred in and out to various parties.

Addition u/s. 2(22)(e) deleted as advance was recorded as journal entry and no sum was received

November 6, 2024 282 Views 0 comment Print

ITAT Ahmedabad held that addition u/s. 2(22)(e) of the Income Tax Act is liable to be set aside since advance was received was merely recorded as journal entry and no sum was received by the assessee. Thus, appeal allowed.

Analysis of Notifications and Circulars for Week ending 3rd November 2024

November 4, 2024 3216 Views 0 comment Print

Overview of recent notifications and circulars from Income Tax, GST, Customs, and IBBI for the week of October 14-20, 2024, impacting compliance and regulations.

Analysis of Notifications & Circulars for Week ending 27th October 2024

October 28, 2024 570 Views 0 comment Print

Explore key tax and legal notifications issued between October 14-20, 2024, including Income Tax, GST, and Custom Duty updates.

Deposit to Prime Minister’s Relief Fund directed for non-compliance on part of assessee: ITAT Ahmedabad

October 28, 2024 321 Views 0 comment Print

ITAT Ahmedabad held that AO and CIT(A) confirmed the addition since there was non-compliance on the part of the assessee. Thus, one more opportunity granted to the assessee to present its case however with a direction to deposit INR 2000 to the Prime Minister’s Relief Fund.

Revision u/s. 263 justified as AO allowed deduction u/s. 80P(2)(a)(v) without adequate inquiry

October 28, 2024 132 Views 0 comment Print

ITAT Ahmedabad held that AO allowed the deduction under section 80P(2)(a)(v) of the Income Tax Act without adequate inquire. Accordingly, revisionary jurisdiction u/s. 263 rightly invoked as order passed by AO was erroneous and prejudicial to interest of revenue.

Form 12BAA and TCS Credits: Simplifying Tax Compliance for Employers and Employees

October 26, 2024 2652 Views 0 comment Print

Learn about Form 12BAA, introduced for employers to credit TCS for employees, ensuring accurate TDS calculation and easing tax compliance.

SC held broken period interest on securities should be allowed as revenue expense

October 24, 2024 387 Views 0 comment Print

The securities were treated as stock­-in-­trade in the hands of assessee. The amount received by assessee on the sale of the securities was considered for computing its business income.

Allotment letter given by developer construed as agreement of purchase: ITAT Kolkata

October 23, 2024 402 Views 0 comment Print

ITAT Kolkata held that allotment letter given by the developer to the assessee way back in 2010 would be construed as an agreement of purchase between the developer and the assessee. Thus, addition u/s. 56(2)(vii)(b) of the Income Tax Act not survived.

Issue of Section 80IA(4) Deduction for Sub-Contracted Project Profits Restored to AO

October 23, 2024 318 Views 0 comment Print

AO without going through the terms and conditions of each of the project that had been undertaken by assessee during the year had come to the conclusion that assessee was a works contractor and not a developer.

Sponsored
Sponsored
Search Post by Date
November 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930