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.
Income Tax : The issue was the complex and scattered TDS/TCS provisions under the old law. The new Act consolidates multiple sections into a si...
CA, CS, CMA : The update discusses GST rulings on ITC and refunds, income tax relief interpretations, and insolvency reforms. It also covers dis...
Income Tax : The ruling confirms that in matters of undisclosed foreign assets, the Black Money Act prevails over general tax provisions. This ...
Company Law : The Court held that anonymous political donations infringe voters’ right to information. The ruling mandates full disclosure of ...
Income Tax : This covers how business income is computed under the Income-tax Act, including normal and presumptive methods. It explains deduct...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : The exemption for disability pension has been preserved under the Income-tax Act, 2025 to maintain the relief previously available...
Income Tax : The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, ...
Income Tax : Govt. confirms no changes to the process of tax exemptions for STs in Meghalaya, clarifying no certificates are needed to claim ex...
Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...
Income Tax : The High Court held that only 30 days of limitation survived after applying TOLA and Supreme Court rulings. Notices issued after e...
Income Tax : The High Court held that courts must intimate the Income Tax Department when suits involve cash transactions exceeding Rs.2 lakh. ...
Income Tax : ITAT Delhi held that for an unabated year, additions under section 153A require incriminating material. A seized loose sheet and r...
Income Tax : The issue was whether reassessment could be initiated by a jurisdictional officer after faceless schemes became mandatory. The Tri...
Income Tax : The Tribunal found that the AO had examined land records, crop sale documents, and other evidence before making the assessment. Si...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Income Tax : The official copy of the Income Tax Act, 2025, is now available. Download the full text to review new tax rates, compliance rules,...
Income Tax : Summary of the Taxation Laws (Amendment) Act, 2025, covering new tax exemptions for pension funds and foreign investors, and chang...
Income Tax : Learn about the latest changes in Income Tax Rules, 2025. Key amendments include updates to ITR forms and provisions for capital g...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Notification No. 51/2010-Income Tax In pursuance of the provisions contained in sub-clauses (iv) and (v) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (2) of rule 2C of the Income-tax Rules, 1962, the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, Ministry of Finance (Department of Revenue) Central Board of Direct Taxes, number S.O. 851(E), dated the 30th May, 2007, namely
Section 80-IA of the Income-tax Act, 1961 (ITA) deals with tax holidays for eligible businesses. Sub-section (5) of section 80-IA of ITA provides that for the purpose of determining the quantum of the deduction, the profits of the eligible business shall be computed as if such eligible business were the only source of income of the taxpayer. This deeming fiction is applicable from the initial assessment year i.e. the first year of claim of the deduction.
The decision of tribunal reaffirms the position that after amendment to section 9 of the Act, what is required is that, the services should be utilized in India in order to be taxable in India irrespective of the situs of rendering of the services.
Bollywood superstar Shah Rukh Khan received a setback on Friday when a petition filed by him under the Income Tax Act, 1961, was dismissed by the Bombay high court. A division bench of justices DY Chandrachud and JP Devadhar dismissed Khan’s petition challenging an order passed by the Income Tax Appellate Tribunal (ITAT) for alleged tax evasion of Rs. 9 lakh.
A fashion designer is an artist, insisted Tarun Tahiliani’s lawyers before the Bombay HC on Friday. The court has been called upon to decide whether fashion designers are eligible for I-T exemption available to artists. “Designing a garment or jewellery is the work of an artist. The designer conceptualises the work, uses his creative skills,’’ said his lawyers.
Generally, small businesses face a daunting task in respect of starting and running their business due to various reasons like lack of availability of credit, trained manpower, and access to technology. In order to reduce their administrative burden and compliance costs, there is a special provision under the Income Tax Act, 1961, which help them meet their income-tax compliance under the presumptive taxation regime.
These two civil appeals are filed by the Department against the order dated 2nd September, 2008, of the Gujarat High Court refusing to formulate, inter alia, the following question of law: “Whether the Income Tax Appellate Tribunal, in the facts and circumstances of this case, was right in confirming the order passed by the Commissioner of Income Tax (Appeals) deleting the additions made by the Assessing Officer on account of
Since Rajendra Nagar Municipality is not notified by the Central Government, the agricultural land falling therein cannot be treated as capital asset by taking the distance from the limits of Hyderabad Municipality.
The income-tax department will take a close look at the unaccounted expenditure incurred by the franchisees of the Indian Premier League over the last three years, creating the possibility of a large tax liability for them later. The initial findings in the ongoing investigation into the Indian Premier League point at large unexplained expenditure and investments routed through complex corporate structures, located overseas in many cases.
Earlier, SEZ unit holders and developers had raised concerns regarding continuation of tax benefits like income tax holiday after the Direct Tax Code comes into effect, replacing the existing Income Tax Act. The Minister informed the reporters that the Finance Minister in his Budget speech has said that the government is committed to ensuring continued growth of SEZs to draw investments and boost exports and employment.
