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.
Finance : Explore the valuation requirements across different laws in India, including the Companies Act, IBC, SEBI, RBI, and Income Tax Act...
Income Tax : Explore the distinctions between business and profession, and how sales, turnover, and gross receipts are defined under the Income...
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...
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...
Income Tax : Explore the controversial changes in capital gains tax introduced in Budget 2024. Understand the impact on investors and real esta...
Income Tax : Explore Income Tax Day 2024s history, significance, and key updates from Budget 2024-25, including enhanced deductions and revised...
CA, CS, CMA : KSCAA addresses glitches in the Income Tax portal, highlighting challenges faced by taxpayers and professionals, in a representati...
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 : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval...
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...
Income Tax : ITAT Delhi held that addition towards excess stock merely on the basis of recorded statements and without any corroborative eviden...
Income Tax : Department had challenged the finding of Tribunal on the issue as to whether the income received by the Kerala Cricket Association...
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...
Income Tax : CBDT issues guidelines for IT verification under Section 144B(5), detailing circumstances for digital and physical checks, effecti...
Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...
Income Tax : Explore Income Tax Notification No. 94/2024 dated 24th July, 2024, detailing tax exemptions for Punjab Skill Development Mission S...
Income Tax : Facing a delayed income tax refund for AY 2021-22 due to technical issues? The CBDT offers relief! Electronically filed returns wi...
The tax structure of India is very complex in nature. It depends upon the nature of persons, age, residential status, nature of income etc. The taxability of an assessee in India depends upon his residential status in India for any particular financial year. An individual may be a citizen of India but may end up […]
Firstly if we talk about banks, we all are about the banks and the scheme they provide if you have visited or opened an account in bank. Bank and money are the words we use normally for our day to day life, if we put our money in the bank we considers it to be […]
Office Order No. 252 of 2021 With the approval of the Competent Authority, the following officers shall hold the charge along with zonal charges mentioned against their name with immediate effect, until further orders:
No Requirement To File Form 10-IE For Persons Not Having Business/Profession Income Section 115BAC- NEW TAX REGIME (applicable from AY 21-22) As all of you are aware, the Budget 2020 introduced a new tax regime under section 115BAC to Individuals and HUF to pay income tax at lower slab rates when compared to normal slab […]
How to calculate the gross receipt or turnover? ‘Turnover’, ‘Gross Receipts’ and ‘Sales’ are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year. Sec. 44AB of the Income […]
Spytech Buildcon v. ACIT, Circle-6, Jaipur (Jaipur – Tribunal) Section involved – Section 43CA of Income Tax Act, 1961 Decision – In favour of Revenue Proposition – Transfer under provisions of section 43CA is recognized only when a registered document is executed. Even if the agreement of sale is entered before provisions of Section 43CA […]
The CBDT has notified Income-tax (28th Amendment) Rules, 2021 to amend Rule 11UAC of the existing Income-Tax Rules, 1962. The notification shall come into force from 1st April, 2022 and shall be applicable from A.Y. 2022-23 onwards. Vide this notification, the CBDT has inserted the following new clause in Rule 11UAC: “(4) any movable property, […]
1. Petitioner – ‘Petitioner’ refers to the party who petitioned the Supreme Court to review the case. This party is variously known as the petitioner or the appellant in court cases . 2. Respondent – ‘Respondent’ refers to the party being sued or tried and is also known as the appellate. The respondent is the […]
According to Section 10 (1) of the Income Tax Act, any income arising from the agricultural lands, buildings, or any other agricultural or commercial product which is less than Rs. 5000 will not be counted in an individual’s total income. SOURCES OF AGRICULTURAL INCOME Any income arising through (i) Rent or lease of Land in […]
The Finance Act, 2021 introduced a new set of reassessment proceedings from 01.04.21.The Central Board of Direct Taxes (C.B.D.T) by way of various notifications had extended the time limit of issuing the notice U/s 148 of the Act up to 30th June, 2021. The Income tax department has issued many Section 148 notices for several […]
