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...
Transactions carried out through current account for business purposes would not fall within the definition of Deemed Dividend. Therefore provisions of Section 2(22)(e) of the I.T. Act, 1961, would not apply.
ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law? In present case, the assessee Company had filed the original return of income on 28.09.2010 showing total income […]
The issue under consideration is whether the Education Cess and Higher and Secondary Education Cess is allowable as a business expenses?
whether rejection of approval u/s 10(23C) on the allegation of institution existing not solely for the purpose of education but for the purpose of profit is justified in law?
Consequences of Non-Linking of PAN with Aadhar 1) PAN will become inoperative. 2)Where a PAN has become inoperative, it will be assumed that PAN has not been furnished/ quoted as required by the law and a penalty of Rs.10,000 may apply as per section 272B of the Income Tax Act. 3) An individual having an […]
Budget 2020 introduced a new personal income tax regime for individual tax payers with more tax slabs and lower tax rates but it came with a catch of removal of all available deductions and exemptions.
Social media influencers are everywhere. We were approached by a few Instagram influencers and Youtubers about their income tax compliances. We decided to write a post to make it easier to understand the tax liability on your income. This post deals with the income tax liability. We’ll get into the GST liability in a separate […]
Month is to be interpreted as period of 30 days and not British calendar for levying additional interest u/s 201(1A) for late payment of TDS?
The issue under consideration is whether AO is correct in treating unsecured loan received by assessee as unexplained credit under section 68?
Due Diligence is the care that is expected from a normally prudent person to exercise in examining and evaluating the risks that affect business transactions. The process of due diligence involves reviewing a company’s documents and visiting a company’s facilities or interviewing employees. Due diligence generally falls into two overlapping categories: business and legal. Business […]
