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 : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : This guide explains the applicability of TDS under Section 194Q and TCS under Section 206C(1H), including thresholds, rates, and c...
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
Income Tax : This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciat...
Income Tax : Learn what TAN is, who must obtain it, how to apply, and where it must be quoted under the Income-tax Act. The guide also explains...
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 Calcutta High Court held that refund adjustment against a disputed tax demand was unsustainable when both a stay application a...
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 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 ...
The Income-Tax (I-T) department will recover close to Rs 1,000 crore from infrastructure development companies after a recent tax tribunal order clarified that the exemption available for infrastructure development cannot be extended to contractors or sub-contractors. The order puts an end to the practice of contractors and sub-contractors claiming benefits under section 80 IA of Income-tax Act, which was incorporated to encourage investment in infrastructure projects.
“The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT Bank of Liechtenstein…Assessments have been reopened under the Income Tax Act, 1961 in all these cases,” said the Minister of State for Finance, S S Palanimanickam, in a written reply to the Rajya Sabha.
The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals” etc. Further for invoking provisions of 194J, there is no stipulation that the professional services have to be necessarily rendered to the person who makes payment to hospital. Therefore TPAs who are making payment on behalf of insurance companies to hospitals for settlement of medical/insurance claims etc under various schemes including Cashless schemes are liable to deduct tax at source under section 194J on all such payments to hospitals etc.
The Supreme Court (SC) last week set aside the judgement of the division bench of the Madras high court in a case raising the question of the power of the Income Tax authorities to ‘rectify mistakes’ in assessment under Section 154 of the Income Tax Act.
As per the letter of the Central Government dated 9-7-1973, all State-controlled Educational Committee(s) /Board(s) have been constituted to implement the Educational policy of the States(s), consequently, they should be treated as Educational Institution within the meaning of section 10(22).
It cannot be doubted that the technology/know- how transfer that is contemplated by clause 2 of the `Technology Transfer Agreement’ between the parties gets covered by more than one sub-clause of Explanation 2 to section 9(1)(vi) of the Income-tax Act, 1961 i.e., sub-clauses (i),(ii) and (iv); the services in the form of technical assistance and consultancy connected with those items fall under sub-clause (vi); therefore, the consideration received by the American Company towards technology transfer/technical know-how and the services connected therewith is clearly liable to be taxed as royalty under section 9(1)(vi).
The Hon’ble Apex Court in the case of CIT v. P V A L Kulandagan Chettiar 267 ITR 654 had an occasion to consider the impact of double taxation avoidance agreement provisions of Income Tax Act. The Hon’ble Apex Court held that where liability to tax arises under the local enactment, the provisions of sections 4 and 5 of the Act provide for taxation of globle income of an assessee chargeable to tax thereunder
The Finance Act, 2001 has introduced Sections 92 to 92F in the Income-Tax Act, 1961 with effect from Assessment Year 2002-2003 and these provisions are commonly referred to as transfer pricing regulations. These provisions deal with the methods of computation of income from international transactions, the document to be maintained by the enterprises, certification by a Chartered Accountant and penalty for noncompliance thereof. The legal, financial and accounting aspects relating to transfer pricing are highly complex having global ramifications.
The Minister of State for Finance, Shri S. S. Palanimanickam, gave the below information in written reply to a question raised in Lok Sabha.The Income Tax Department, assisted by the Enforcement Directorate, has conducted searches and seizure operation recently in various States of the country. Various lockers, bank accounts and premises are under propitiatory orders as per the provisions of the Income Tax Act, 1961. The seized documents/materials are being further investigated.
Notification No. 84/2009 – Income Tax 13. Rectification of mistake or error.- After the issue of directions under rule 10, if nay mistake or error is apparent in such direction, the panel may, suo motu, or on an application from the eligible assessee or the assessing officer, rectify such mistake or error, and also direct the assessing officer to modify the assessment order accordingly.14. Appeal against Assessment Order, – Any appeal against the Assessment Order passed in pursuance of the directions of the panel shall be filed before the Appellate Tribunal in Form No. 36B.
