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 : Understand the implications of receiving a notice under Section 143(2) of the Income Tax Act. Learn how to respond, time limits, a...
Income Tax : Learn about the consequences of filing your ITR incorrectly and claiming a full refund. Understand Section 133(6) of the Income Ta...
Income Tax : Learn about income tax rules for Indian Army personnel: exemptions, ITR filing requirements, salary details, and benefits. Explore...
Income Tax : Discover Section 194R introduced by the Finance Act 2022, detailing TDS requirements on benefits or perquisites provided to reside...
Income Tax : Discover everything about Income Tax Deduction under Section 80C - eligibility, qualifying investments, maximum deduction, and mor...
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...
Income Tax : Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me te...
Income Tax : Explore the challenges faced by Karnataka State Chartered Accountants Association (R) in processing updated returns under Section ...
Income Tax : Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Detai...
Income Tax : Income Tax Department conducts searches on two real estate groups of Bengaluru and Hyderabad Income Tax Department carried out sea...
Income Tax : Section 54 deduction was allowable on cash transactions involving residential property as it was ensured that genuine investments ...
Income Tax : Read ITAT Kolkata's full text order on Sachdev Steel Pvt. Ltd. Vs ITO. Learn why old loans converted into share allotment were dee...
Corporate Law : Read the detailed analysis of Orissa High Court's decision to revise compensation under Section 44-AE of Income Tax Act in a motor...
Income Tax : ITAT Jaipur rules that AO's non-addition of bogus LTCG does not make the order automatically erroneous. Detailed analysis of Vipul...
Income Tax : ITAT Delhi quashes reassessment proceedings against Chaudhary Stone Crusher, ruling on sale of partners property before IT notice ...
Income Tax : Facing a delayed income tax refund for AY 2021-22 due to technical issues? The CBDT offers relief! Electronically filed returns wi...
Income Tax : Explore the latest Income Tax Notification No.11/2024 regarding Punjab State Faculty of Ayurvedic and Unani Systems of Medicine. L...
Income Tax : Explore the details of Notification No.10/2024 by the Ministry of Finance, providing income tax exemption to Chennai Metropolitan ...
Income Tax : Explore the latest Income Tax Notification (No. 9/2024) dated January 5, 2024. Details on Polavaram Project Authority's specified ...
Income Tax : Explore the impact of Notification No. 8/2024 by the Ministry of Finance on Haryana State Board of Technical Education's specified...
Understand the income tax rules for individuals departing India. Learn about the forms and procedures for obtaining tax clearance and no objection certificates. Find out the necessary information for domiciled and non-domiciled individuals.
Explore detailed rules and exemptions of gift taxation in India under Income Tax Act, 1961, including classification and tax implications for different types of gifts.
ITAT Delhi rules on APCA Power Private Limited’s appeal regarding Section 56(2)(viib) of the Income Tax Act. Share premium received from non-resident examined.
Calcutta HC examines the case of Tribeni Barters Pvt. Ltd., where the wrong PAN was quoted in a reassessment. Court orders presentation of relevant records.
ITAT clarifies: Section 80G recognition needs Trust’s 12AB registration. Unregistered trusts ineligible for 80G recognition.
ITAT Mumbai held that tax authorities cannot assessee share premium amount under section 68 of the Income Tax Act. Accordingly, addition made u/s 68 is liable to be deleted.
ITAT Ahmedabad rules deduction under Section 54 of the Income Tax Act not allowable in current year. Orders reexamination for Previous A.Y. Details here.
The assessee company was engaged in business of trading and manufacturing of Bakery items. It filed its return on 12.03.2022 declaring total income of Rs. 14,22,15,640/-. During the year under consideration, assessee has made payment of Rs. 15,22,68,970/- on 16.02.2021 to M/s Everfoods Asia Pvt. Ltd.
In present facts of the case, the Hon’ble Tribunal set aside Notice under Section 148 by making observation that the ld. Assessing Officer failed to pinpoint the failure at the end of the assessee to disclose all material facts fully and truly, which led the escapement of income from taxation.
ITAT Visakhapatnam held that capital gain taxable in the year in which possession of land is granted to the developer vide the original development agreement and not in the year in which supplementary agreement is entered.
