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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


Comprehensive Guide to Valuation requirement under various forums

Finance : Explore the valuation requirements across different laws in India, including the Companies Act, IBC, SEBI, RBI, and Income Tax Act...

August 13, 2024 288 Views 0 comment Print

Tax Audit – Basic Concepts of Business, Profession, Sales and Turnover

Income Tax : Explore the distinctions between business and profession, and how sales, turnover, and gross receipts are defined under the Income...

August 13, 2024 1020 Views 0 comment Print

Section 139(9): How to Respond to a Defective Return Notice?

Income Tax : Learn how to respond to a defective return notice under Section 139(9) of the Income Tax Act. Steps for correction and consequence...

August 7, 2024 10677 Views 2 comments Print

Healthy Discussion on Sections 68 & 44AD by CA Micky and CA Mini

Income Tax : Explore the discussion between CA Micky and CA Mini on Sections 68 & 44AD of the Income Tax Act. Learn about unexplained cash cred...

August 1, 2024 2418 Views 0 comment Print

Budget 2024- The Capital Gains Dilemma- Need for Reconsideration

Income Tax : Explore the controversial changes in capital gains tax introduced in Budget 2024. Understand the impact on investors and real esta...

July 29, 2024 936 Views 0 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 159 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 2796 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 1023 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 2457 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 16977 Views 1 comment Print


Latest Judiciary


CIT needs to independently apply his mind prior to invoking revisionary provisions u/s. 263: ITAT Kolkata

Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...

August 16, 2024 60 Views 0 comment Print

Section 2(14): No capital gains tax on Income proceeds from Agricultural Land

Income Tax : Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval...

August 13, 2024 438 Views 0 comment Print

TDS on unfinished work deductible post receipt of 100% revenue of project: ITAT Delhi

Income Tax : The assessee had filed return of income of Rs.92,06,590 which was selected for complete scrutiny and during the course of assessme...

August 12, 2024 252 Views 0 comment Print

Addition of excess stock merely based on recorded statements untenable: ITAT Delhi

Income Tax : ITAT Delhi held that addition towards excess stock merely on the basis of recorded statements and without any corroborative eviden...

August 8, 2024 261 Views 0 comment Print

Kerala HC Remands Kerala Cricket Association Income Exemption Case to ITAT

Income Tax : Department had challenged the finding of Tribunal on the issue as to whether the income received by the Kerala Cricket Association...

August 8, 2024 231 Views 0 comment Print


Latest Notifications


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 264 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 2, 2024 1077 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 216 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 279 Views 0 comment Print

Income Tax Refund for AY 2021-22: Delayed Returns Processing

Income Tax : Facing a delayed income tax refund for AY 2021-22 due to technical issues? The CBDT offers relief! Electronically filed returns wi...

March 1, 2024 1020 Views 0 comment Print


HC directs AO to revise penalty orders in light of  fresh/revised assessment orders

January 10, 2024 492 Views 0 comment Print

Kerala High Court orders revision of penalty after fresh assessment in P.M. Abdul Nazeer vs ACIT case. Details of the judgment and its implications.

Punjab State Faculty of Ayurvedic & Unani Systems: Income Tax Notification 11/2024

January 8, 2024 441 Views 0 comment Print

Explore the latest Income Tax Notification No.11/2024 regarding Punjab State Faculty of Ayurvedic and Unani Systems of Medicine. Learn about specified income, conditions, and retrospective application.

Section 10(46) Income Tax Exemption for Chennai Metropolitan Water Supply & Sewerage Board

January 8, 2024 579 Views 0 comment Print

Explore the details of Notification No.10/2024 by the Ministry of Finance, providing income tax exemption to Chennai Metropolitan Water Supply and Sewerage Board for specified incomes.

Section 10(46) Income Tax Exemption for Polavaram Project Authority

January 5, 2024 891 Views 0 comment Print

Explore the latest Income Tax Notification (No. 9/2024) dated January 5, 2024. Details on Polavaram Project Authority’s specified income, conditions, and applicable assessment years.

Section 10(46) Income Tax Exemption for Haryana State Board of Technical Education

January 5, 2024 645 Views 0 comment Print

Explore the impact of Notification No. 8/2024 by the Ministry of Finance on Haryana State Board of Technical Education’s specified income under the Income Tax Act.

Section 10(46) Income Tax Exemption for Karmayogi Bharat

January 5, 2024 639 Views 0 comment Print

Explore the impact of Notification No. 7/2024 from the Ministry of Finance, granting tax exemption to Karmayogi Bharat for specified incomes. Learn about conditions and assessment years.

Section 10(46) Income Tax Exemption for District Legal Service Authority UT Chandigarh

January 5, 2024 465 Views 0 comment Print

Explore Notification No. 6/2024 by the Ministry of Finance (CBDT) granting income tax benefits to District Legal Service Authority UT Chandigarh. Learn about specified income sources and conditions.

Deemed Dividend Taxation in India

January 4, 2024 2400 Views 0 comment Print

Explore intricacies of deemed dividends in India. Understand definitions, applicable transactions, and tax implications. Uncover insights into Section 194 and 2(22) of Income Tax Act.

Income Tax Notification on Non-Resident Investment in Financial Products

January 4, 2024 1302 Views 0 comment Print

Explore the latest Income Tax Act amendment (Notification No. 04/2024) allowing non-residents to invest in financial products through International Financial Services Centres. Analysis of key provisions and impact on offshore banking. Learn about capital market intermediaries, financial products, and the International Financial Services Centre Act. Stay informed on tax implications and opportunities for non-resident investors.

Exemption from specified income U/s 10(46): Madhya Pradesh Professional Examination Board, Bhopal

January 2, 2024 465 Views 0 comment Print

Explore latest Income Tax Notification No. 3/2024 dated January 2, 2024. Learn about Madhya Pradesh Professional Examination Board’s specified incomes and conditions for exemption.

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