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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


Claiming Foreign Tax Credit (FTC) in Indian Tax Return through Form 67

Income Tax : Understand how to claim Foreign Tax Credit in India through Form 67. Learn the criteria, due dates, steps, and essential tips for ...

May 3, 2024 1941 Views 0 comment Print

Beneficial Provisions relating to “Labours” under Income Tax

Income Tax : Discover beneficial provisions under Income Tax for labour and businesses. Learn about exemptions, deductions, and GST implication...

April 29, 2024 534 Views 0 comment Print

Lump Sum out-of-court Employee settlement and its Tax implications!

Income Tax : Explore the tax implications of lump sum out-of-court settlements for employees in India. Learn how recent cases shape tax liabili...

April 29, 2024 1176 Views 0 comment Print

Dodging Taxman: Firm Misreporting and Limits To Tax Enforcement

Income Tax : Explore the intricate landscape of tax evasion, its tactics like forged documents and offshore accounts, and the challenges in enf...

April 8, 2024 792 Views 0 comment Print

Section 43B(h) of Income Tax Act, 1961: Analysis & Implications

Income Tax : Explore Section 43B(h) of Income Tax Act, its applicability to Micro and Small enterprises, conditions for deduction, tax audit re...

March 20, 2024 5265 Views 0 comment Print


Latest News


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 894 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 2313 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 16755 Views 1 comment Print

Request for Form 10B and Form 10BB Relaxation & due date Extension

Income Tax : Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Detai...

October 27, 2023 33525 Views 0 comment Print

Income Tax Dept searches 2 real estate groups of Bengaluru & Hyderabad

Income Tax : Income Tax Department conducts searches on two real estate groups of Bengaluru and Hyderabad Income Tax Department carried out sea...

July 14, 2022 720 Views 0 comment Print


Latest Judiciary


Madras HC Quashes Assessment Order as reasonable time not provided to petitioner

Income Tax : Read the full judgment/order of Madras High Court quashing an I-T assessment order adding Rs. 16Cr unexplained expenditure without...

May 12, 2024 612 Views 0 comment Print

No 20% Tax Remittance Mandate for Stay Applications: Madras HC

Income Tax : Discover the Madras High Court's verdict on tax dispute stay applications. Learn how the ruling impacts taxpayers and legal procee...

May 12, 2024 6117 Views 1 comment Print

Assessment Order Quashed for not providing Video-Conference Personal Hearing

Income Tax : Get insights into the Madras High Court's ruling on mandatory video-conference hearings under Section 144B of the Income Tax Act. ...

May 12, 2024 483 Views 0 comment Print

CCI cannot demand interest without following prescribed procedure: Delhi HC

Corporate Law : Delhi High Court sets aside CCI's order, ruling that penal interest can't be imposed without following proper procedure. Detailed ...

May 9, 2024 369 Views 0 comment Print

Amount received towards Interconnectivity Utility charges from Indian Customers was not taxable as Royalty

Income Tax : Assessee was incorporated in Japan and was in the business of providing telecommunication services. Assessee provided fixed, mobil...

May 6, 2024 324 Views 0 comment Print


Latest Notifications


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 894 Views 0 comment Print

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

Income Tax : Explore the latest Income Tax Notification No.11/2024 regarding Punjab State Faculty of Ayurvedic and Unani Systems of Medicine. L...

January 8, 2024 327 Views 0 comment Print

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

Income Tax : Explore the details of Notification No.10/2024 by the Ministry of Finance, providing income tax exemption to Chennai Metropolitan ...

January 8, 2024 321 Views 0 comment Print

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

Income Tax : Explore the latest Income Tax Notification (No. 9/2024) dated January 5, 2024. Details on Polavaram Project Authority's specified ...

January 5, 2024 744 Views 0 comment Print

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

Income Tax : Explore the impact of Notification No. 8/2024 by the Ministry of Finance on Haryana State Board of Technical Education's specified...

January 5, 2024 459 Views 0 comment Print


Income tax calculator for 2022-23 based on new & old tax rules

June 10, 2022 7098 Views 0 comment Print

Income tax calculator for 2022-23 based on new and old tax rules. Free Tool Download is just a reference tool for self awareness and learning and not to be mistaken as full and final. hope this helps you to learn !

Updated Return – A New Return Filing Facility under Income Tax Act

May 11, 2022 131721 Views 5 comments Print

Finance Act, 2022 has brought new Income Tax return filing facility to be known as ‘Updated Return’. For this purpose a new sub section 8(A) has been added to section 139 of the Income Tax Act (w.e.f. 01.04.2022). Simultaneously, a new Rule 12AC has also been inserted in the Income Tax Rules, wherein form and manner of filing updated return has been prescribed.

Request for extension of Time Barring Date for Faceless Assessment

March 16, 2022 7329 Views 0 comment Print

Income Tax Gazetted Officers Association has made a request to Honourable Finance Minister for extension of the Time Barring Date for certain proceedings exercising the power vested in the GOI Income Tax Gazetted Officers Association President ARAVIND TRIVEDI (7599101090) trivediaravind@yahoo.co.in Secretary General BHASKAR BHATTACHARYA (8902198888) secgenitgoachq@gmail.com Date: 10.03.2022. To The Honourable Finance Minister, Government of […]

NGO, Trust, School, College – Important Income Tax Provisions for AY 22-23

March 5, 2022 7401 Views 0 comment Print

CORPUS FUND/ SPECIFIC DONATION –SEPARATE BANK ACCOUNT REQUIRED TO DEPOSIT -Section 11(1)(d) ♦ W.e.f. AY 22-23 – the corpus donation or donation received for specific purpose like donation for construction of School Building, Hospital Building, Play Ground, or for Scholarship and so on for any other purpose, will be exempt only if it is deposited […]

Role of DTAA and GAAR In Treaty Shopping

February 28, 2022 6156 Views 0 comment Print

Role of Double Taxation Avoidance Agreement (DTAA) and General Anti-Avoidance Rules (GAAR.) In Treaty Shopping To understand treaty shopping we need to understand what a DTAA is, A double tax avoidance agreement is a tax treaty agreed by two states to ensure that a tax payer is not taxed twice for the same income, this […]

ITBA Functionality for Set-Aside Matters in Income Tax Exemption Module

February 25, 2022 1845 Views 0 comment Print

Functionality for processing Set Aside cases in Exemption Module of ITBA can be accessed using the following path. User: CsIT (Exemptions) Navigation Path: ITBA Portal →Login→ Modules→ Exemptions→ Menu →Initiate Proceeding in Set Aside Matter. Proceeding creation screen will be opened.

Analysis of Section 194R of Income Tax Act

February 10, 2022 28485 Views 4 comments Print

Analysis of applicability of section 194R Finance Bill 2022 has proposed to insert Section 194R in the Income Tax Act, 1961 (“Act”). As per the memorandum explaining the provisions in the Finance Bill, this change shall take effect from 1st July 2022, though the section has been inserted from 1st April 2022 itself. In this […]

Will property become Benami if you purchase in Relatives name?

January 25, 2022 35712 Views 1 comment Print

It is very common to purchase property in the name of our close relatives like spouse, children, parents and siblings. However it is important for us to understand from the legislative perspective, are we allowed to purchase the property in name of our relatives? If we are allowed to purchase the property on behalf of […]

Section 80EEA Additional deduction of interest payment on housing loan

January 25, 2022 20985 Views 1 comment Print

Section 80EEA of Income Tax Act: Additional deduction of interest payment in respect of housing loan (Co-related with Section 80EE & Section 24b of the Income Tax Act) A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20). The existing provisions of Section 80EE allow […]

Waiver of Section 234B & 234C interest for delay in deposit of Advance/SA tax

January 10, 2022 6294 Views 0 comment Print

Waiver of interest u/s 234B and 234C of Income Tax Act on delay in deposit of advance tax/self-assessment (SA) tax on MEIS/RODTEP for the A.Y. 2021-22 1. CHAPTER 3 OF FOREIGN TRADE POLICY,2015-20 Exports of notified goods/products with ITC[HS] code, shall be rewarded under MEIS. Appendix 3B lists the rate(s) of rewards on various notified […]

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