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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


Annual Information Statement – Withdrawal of deposits under NSS

December 18, 2021 24993 Views 9 comments Print

Annual Information Statement – Withdrawal of deposits under National Savings Scheme (NSS) Till now, form 26AS being an annual tax statement contained information relating to taxes already paid by the taxpayer like tax deducted/ collected at source; self-assessment tax paid; advance tax paid etc. However, Finance Act 2020 inserted section 285BB to the Income Tax […]

Recent guidelines under Section 194O(4); Section 194Q(3) and Section 206C(1H)

November 30, 2021 7926 Views 0 comment Print

Recently, vide circular no. 20 of 2021 dated 25th November 2021, the Central Board of Direct Taxes has come up with various important clarifications on number of issues relating to provisions of section 194O(4); section 194Q(3) and section 206C(1H). The same is analyzed and explained in the current article. Briefs of all the three relevant […]

Test of residency for Individuals for taxation

November 26, 2021 3042 Views 0 comment Print

Test of Residency for Individuals Basic Condition for a person to be Resident Under Section 6(1) of the Income-tax Act, an individual is said to be resident in India in any previous year if he: (a) is in India in the previous year for a period or periods amounting in all to one hundred and […]

Alternate Minimum Tax – Applicability, Provisions & Calculation

November 1, 2021 38586 Views 0 comment Print

MEANING: Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax. BASICS: As the name suggests, Alternate Minimum Tax is a minimum tax which is imposed on alternative to normal tax. AMT […]

Income Tax liability of an Individuals

October 31, 2021 37404 Views 0 comment Print

The power to levy income tax is available with the central government vide Entry 82 of the Union list of the Seventh Schedule to the Constitution of India. Tax is nothing but money that people have to pay to the government, which is then used by the government to provide public services. Tax is not […]

Clubbing of Income

October 19, 2021 4170 Views 0 comment Print

MEANING: Clubbing of Income as the term suggests it means adding the income of other person’s income in the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act. Though, there are certain restriction to specified person and to specified scenario which are mandatorily […]

Taxation of Shares, Futures And Options

October 1, 2021 94653 Views 4 comments Print

In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year.  This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts).  The accounts are not […]

What is Income Tax Audit & what does different section indicates

September 27, 2021 2451 Views 0 comment Print

What is Income Tax Audit & what does different section indicates under Income Tax Audit (Section like 44AB OR 44AD OR 44ADA) WHAT IS TAX AUDIT? There are different types of audit under different laws such as company audit, statutory audit, cost audit conducted under Companies Act, 2013, Income Tax Act etc. In Income Tax […]

Transfer Pricing as a means to minimize Tax

September 24, 2021 7824 Views 0 comment Print

Transfer pricing refer to the strategies which determine the trading price for goods or services between the related parties which is defined under  Section 2(76) of Companies act 2016 and covered in AS 18 and IND AS 24. Transfer pricing empowers changes in pricing. Transactions under Transfer pricing between related entities in different countries is one of the most important and complex issue of taxation which global companies face.

Taxation of transfer of capital asset/money/stock in trade at the time of dissolution or reconstitution of partnership firm

September 24, 2021 16134 Views 1 comment Print

Taxation of transfer of capital asset/money/stock in trade at the time of dissolution or reconstitution of partnership firm 1. INTRODUCTION 1.1. The income tax implications of transfer of capital asset or the money or stock in trade to the partners of the partnership firm at the time of dissolution or reconstitution of the partnership firm […]

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