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 ...
The Supreme Court has disapproved of the view of the Guwahati High Court and upheld the opinion of the Calcutta High Court on the question of applicability of Section 80HHC deduction under the Income Tax Act for companies which do both agriculture and trade.The tax authorities had appealed to the Supreme Court against the high court judgments in a large batch of companies engaged in growing, manufacturing and exporting tea.
NOTIFICATION NO 11/2008, Dated: January 18, 2008 Valuation of specified security not being an equity share in the company. 40D. For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security, not being an equity share in a company, on the date on which the option vests with the employee, shall be such value as determined by a merchant banker on the specified date.
When agreements are entered into for purchase of property, rights are created in favour of the parties to the agreement. Failure to honour the agreement can lead to breach of contract and claims for damages or specific performance. Quite often, such breach of contract ultimately results in a compromise settlement of the dispute and monies are paid as quits. Will the receipt of such compensation for breach result in tax consequences?
Individuals will have to start reporting their income from all sources in due course, including tax-free income.The government is vetting a proposal to shift from an exemption to a deduction-based regime for reporting income, a government official said. This means while computing the tax outgo, an individual has to include income from all sources and then claim a deduction on tax-free income. The objective of the proposal, set to feature in the new income-tax code, is to establish an audit trail.
IN a remarkably interesting ruling, involving the IT giant Infosys Technologies, the Apex Court has held that every benefit received by a person is not taxable as income unless the Legislature makes the same taxable. For period prior to 2000, there were no provisions in the Income Tax Act to tax ESOPs. As regards the TDS, it noted that ESOPs were not taxable during the lock-in period as the value of non-transferable shares (perquisite) was not ascertainable. As regards the Clause (iiia) of Sec 17 the SC held that it was not clarificatory as argued by the Revenue and very much prospective if one goes by the wordings used in the Clause and the explanatory memorandum of the Finance Act, 1999.
IN this batch of writ petitions, the prayer is that the provisions of Section 245D(2A), Section 245D(2D), Section 245D(4A) and Section 245HA(1) of the Income Tax Act, 1961 be declared unconstitutional. The provisions under challenge relate to settlement applications made by the Petitioners to the Settlement Commission under Section 245C of the Act prior to 1st June, 2007.
If the assessing officer is going to make good an omission on the part of the assessee, he must be expressly authorised by law to do so lest he is hauled over coals for cosying up to the assessee. The recent Supreme Court verdict in Goetz (India) Ltd vs CIT (284 ITR 323), tersely dismissing the appeal of the assessee against the order of the assessing officer (AO) not allowing a deduction which it was admittedly entitled to under Chapter VI-A of the Income-tax Act, 1961 but which it had not claimed by even filing the revised return, is unexceptionable though it has come in for criticism from some quarters.
A Special Bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and, therefore, exempt from tax. The Tribunal’s ruling will benefit multinational companies operating through liaison and sales offices and unregistered Indian companies, some of which are known to bear the tax costs for their employees.
Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or (ii) incurring expenditure on tuition fee and repayment of housing loan.
Right to Information is a fundamental right – Income Tax Department to furnish information sought within two weeks – serious note taken of lackadaisical approach of Department in releasing information – Delhi High Court
