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.
Income Tax : Understand the implications of receiving a notice under Section 143(2) of the Income Tax Act. Learn how to respond, time limits, a...
Income Tax : Learn about the consequences of filing your ITR incorrectly and claiming a full refund. Understand Section 133(6) of the Income Ta...
Income Tax : Learn about income tax rules for Indian Army personnel: exemptions, ITR filing requirements, salary details, and benefits. Explore...
Income Tax : Discover Section 194R introduced by the Finance Act 2022, detailing TDS requirements on benefits or perquisites provided to reside...
Income Tax : Discover everything about Income Tax Deduction under Section 80C - eligibility, qualifying investments, maximum deduction, and mor...
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 : Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Detai...
Income Tax : Income Tax Department conducts searches on two real estate groups of Bengaluru and Hyderabad Income Tax Department carried out sea...
Income Tax : Section 54 deduction was allowable on cash transactions involving residential property as it was ensured that genuine investments ...
Income Tax : Read ITAT Kolkata's full text order on Sachdev Steel Pvt. Ltd. Vs ITO. Learn why old loans converted into share allotment were dee...
Corporate Law : Read the detailed analysis of Orissa High Court's decision to revise compensation under Section 44-AE of Income Tax Act in a motor...
Income Tax : ITAT Jaipur rules that AO's non-addition of bogus LTCG does not make the order automatically erroneous. Detailed analysis of Vipul...
Income Tax : ITAT Delhi quashes reassessment proceedings against Chaudhary Stone Crusher, ruling on sale of partners property before IT notice ...
Income Tax : Facing a delayed income tax refund for AY 2021-22 due to technical issues? The CBDT offers relief! Electronically filed returns wi...
Income Tax : Explore the latest Income Tax Notification No.11/2024 regarding Punjab State Faculty of Ayurvedic and Unani Systems of Medicine. L...
Income Tax : Explore the details of Notification No.10/2024 by the Ministry of Finance, providing income tax exemption to Chennai Metropolitan ...
Income Tax : Explore the latest Income Tax Notification (No. 9/2024) dated January 5, 2024. Details on Polavaram Project Authority's specified ...
Income Tax : Explore the impact of Notification No. 8/2024 by the Ministry of Finance on Haryana State Board of Technical Education's specified...
Section 194Q: TDS on purchase of goods: -Applicable to the Buyer whose Turnover/Gross Receipts in the preceeding Financial year exceeds 10Cr. and aggregate amount of purchases from such particular buyer exceeds Rs.50L. -TDS is required to be deducted @1% on the amount exceeding Rs.50L (The threshold limit of Rs.50L is to be reckoned from the […]
Ahilya Chamber of Commerce & Industry has made a representation to Finance minister and bring to her attention the issues in New Income Tax Portal and requested for allowing taxpayers to work on Old Portal till issues on new Portal gets rectified. Full texts of their representation are as follows:- 14.06.2021 माननीय श्रीमती निर्मला सीतारमण, […]
Higher TDS / TCS Rates for Non-Fillers – Section 206AB / 206CCA read with 206AA Before going into the details of the subject, let me first clarify that these provisions are applicable to ALL taxpayers who are required to deduct TDS or collect TCS. There is no threshold limit nor bifurcation of small taxpayers, large […]
DTPA Representation Committee has made a representation to Mrs. Nirmala Sitharaman, Hon’ble Finance Minister on Representation on problems/ issues in new Income Tax Portal. Full text of the same is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, Kolkata 700001 Ph 033-22420638 Ref. No. – DTPA/Rep/21-22/27 Date: 16.06.2021 […]
As per the definition of ‘Person’ under section 2(31) of the Income Tax Act, 1961, which includes : (i) an individual, (ii) a Hindu Undivided Family, (iii) a company (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, (vii) every artificial juridical person, not […]
KSCAA have worked closely with multiple stakeholders to understand the issues at hand with respect to New Income Tax E-Filing Portal and made efforts to consolidate the same and enumerating 36 issues and also made few suggestions with respect to new e-filing portal. Please read Full text of the representation to Smt. Nirmala Sitaraman Hon’ble […]
TO WHOMSOEVER IT MAY CONCERN Reference : Communication on section 206AB of the Income Tax Act, 1961. Subject : Confirmation of Turnover, Pan and Income Tax Return Filing details for the purpose of determining rate of Tax Deduction at Source/Tax Collection at Source Dear Sir/M’adam, We, ‘XYZ Private Limited’ do hereby confirm that we have […]
We are listing around 38 issues in portal and this is the beginning only because still we are working on preliminary aspects and further issues are bound to arise when we start working with the Portal and make Tax Compliances on behalf of our clients, the valued Tax Payers of the Nation.
fter launching of the website by the Income Tax Department on 07th day of June, 2021 the members are facing the problems as discussed below:- 1. DSC is not getting registered or updated, 2. New Incorporated companies or Firms are not able to register themselves on ITD Portal ,
Higher rate of withholding tax for non-filers of income-tax returns – Section 206AB Section 206AA of the IT Act provides for higher rate of tax withholding for non-furnishing of PAN. In order to further increase the compliance of filing return of income by persons who have borne a reasonable amount of withholding taxes, the Finance […]
