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 ...
Comprehensive summary of income tax, GST, customs, SEBI, DGFT, EPF, and SC rulings from notifications and circulars issued between 13-19 January 2025.
ITAT Kolkata held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since assessee duly established identity and creditworthiness of the investors and genuineness of the transactions.
Filing of Form 10CCB required for claiming deductions under Section 80IA before the due date for filing of return of income u/s 139(1) was only directory and not mandatory for the year under consideration.
Learn how recent amendments to Section 112 of the Income Tax Act impact capital gains tax, including indexation rollback and new tax calculation options.
Explore income tax thresholds for AY 2025-26, including exemption limits, surcharges, deductions, and provisions for salary, house property, business, and capital gains.
ITAT Ahmedabad held that addition of short term capital gain on account of transfer of shares on presumption basis without bringing on record evidencing actual receipt of consideration cannot be sustained. Accordingly, addition deleted.
Solitary issue in the present appeal relates to the addition made to the income of the assessee on account of cash found deposited in the bank account during demonetization period remaining unexplained, amounting to Rs.10.00 lakhs.
ITAT Ahmedabad rules on Bhaveshkumar Patel’s appeal against disallowance of interest claim under Income Tax Act. Decision aligns with earlier and subsequent years.
Under Section 147 of the Income Tax Act, reassessment cannot be based on a mere change of opinion by the AO. Read more on this legal limitation.
Delhi High Court held that initiation of reassessment proceedings under section 148 of the Income Tax Act liable to be quashed in as much as conditions set out in section 150 of the Income Tax Act not fulfilled.
