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.
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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...
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Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Delhi High Court held that revisionary proceedings under section 263 of the Income Tax Act justified in absence of any effective inquiry and total non-application of mind by AO. Accordingly, order passed by AO erroneous and prejudicial to interest of revenue.
It is settled position of law that there cannot be any estoppels against the statute. If an income, is not taxable within the four corners of law, then the same cannot be made taxable merely because the assessee has offered the same under misconception of facts and law.
Review of key Income Tax, GST, SEBI, and IBC updates, including notifications, circulars, and court rulings for the week ending 17th Nov 2024.
Avoid common income tax payment mistakes, including incorrect forms, delayed payments, and incorrect PAN, to ensure compliance and avoid penalties.
Review of recent notifications and circulars for Income Tax, GST, SEBI, and IBBI from November 4-10, 2024, covering updated policies, SC rulings, and advisories.
In the alternate, assessee has also raised a ground that Assessing Officer ought to have allowed the expenditure incurred in cultivation of white button mushrooms and also the depreciation from the gross sales.
ITAT Chennai held that the condonation of delay should not be dismissed for the reason that the appeal filed belatedly is not accompanied by condonation petition. Thus, order set aside and matter remanded back.
Learn how losses from speculation business can be set off only against speculation income, with provisions for carry-forward.
Upon further examination of the assessee’s bank statements, the Assessing Officer observed that significant funds were being transferred in and out to various parties.
ITAT Ahmedabad held that addition u/s. 2(22)(e) of the Income Tax Act is liable to be set aside since advance was received was merely recorded as journal entry and no sum was received by the assessee. Thus, appeal allowed.
