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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 13, 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


Capital gain tax and What are the exemptions allowed

April 21, 2023 24414 Views 1 comment Print

Capital gain tax is a tax levied by the government on the profit earned from the sale or transfer of a capital asset. A capital asset refers to any property or asset that is owned by an individual or business, such as real estate, stocks, bonds, mutual funds, and so on.

Denying eligible deduction u/s. 11 of Income Tax Act on technical basis is unjustifiable

April 19, 2023 1518 Views 0 comment Print

ITAT Delhi held that eligible deduction under section 11 of the Income Tax Act cannot be denied merely on the basis of technicalities.

Proportionate disallowance u/s 35AD justifiable as only one godown used for non-agricultural purpose

April 18, 2023 1353 Views 0 comment Print

ITAT Ahmedabad held that proportionate disallowance u/s 35AD of the Income Tax Act is justifiable as only one godown is used for non-agricultural purposes, whereas, other four go-downs are used for agricultural purposes only.

Waiver of loan not taxable u/s. 28(i) as it is not a business income

April 10, 2023 3417 Views 0 comment Print

ITAT Pune held that waiver of loan is not taxable under section 28(i) of the Income Tax Act as the same is not a business income.

Section 10AA of Income Tax Act not prescribed any time limit for export realization

April 7, 2023 2259 Views 0 comment Print

ITAT Mumbai held that Section 10AA does not prescribe any time limit for realization of export proceeds. Hence, the benefit of Section 10AA of the Income Tax Act cannot be denied merely because the export proceeds were realized after the expiry of 6 months from the end of relevant previous year in which export sales were made.

CIT(A) directed to consider additional evidence as non-submission was due to serious ailment

April 5, 2023 2709 Views 0 comment Print

ITAT Delhi CIT(A) directed to accept the additional evidence and submission and pass the order after granting adequate personal hearing as there was reasonable cause of ailment that prevented assessee to supply documents and replies.

Understanding Taxation & Auditor’s Responsibilities on Managerial Remuneration

April 1, 2023 7896 Views 1 comment Print

Explore the importance of managerial remuneration compliance, legal aspects, tax implications, and auditors responsibilities under the Companies Act 2013 and Income Tax Act 1961.

Income Tax Incentives: Making Your Money Work Harder

April 1, 2023 2634 Views 1 comment Print

Unlock the magic of tax incentives under the Income Tax Act, 1961! Dive into Section 80C, exploring safe and high-return options, making your money work smarter for you.

TDS u/s 194C of Income Tax Act deductible on payment of Common Area Maintenance Charges

March 30, 2023 6273 Views 0 comment Print

ITAT Delhi held that assessee duly deducted TDS @2% u/s 194C Income Tax Act on payment of Common Area Maintenance (CAM) Charges as provisions of section 194I of the Income Tax Act is not applicable to this payment.

Analysis of Section 269SS of Income Tax Act, 1961

February 27, 2023 79593 Views 1 comment Print

Curbing cash transactions Section 269SS of Income Tax Act mandates electronic modes for loans above ₹20,000 to fight black money. Understand the provisions, penalties for non-compliance, and FAQs.

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