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.
CA, CS, CMA : Summary of income tax, GST, customs, SEBI, RBI, and IBC updates for the week ending March 2, 2025. Includes regulatory changes, co...
Income Tax : Understand tax obligations for freelancers in India, including GST, deductions, advance tax, and compliance strategies to manage t...
Income Tax : Explore income tax benefits for senior citizens in India, including tax slabs, exemptions, deductions, and key provisions under th...
CA, CS, CMA : A concise summary of notifications and circulars for the week ending 16th Feb 2025, covering Income Tax, GST, SEBI, RBI, and more....
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Govt. confirms no changes to the process of tax exemptions for STs in Meghalaya, clarifying no certificates are needed to claim ex...
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 : It was held that considering the provisions of CBDT Circular No. 1916 and the explanation provided by the assessee, the seized gol...
Income Tax : The Petitioner, through this Writ Petition challenges the actions of the Opposite Parties in depriving the Petitioner of access to...
Income Tax : ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable...
Income Tax : ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Mumbai held that passing of assessment order u/s 147 r.w.s. 144B of the Act without disposing the objections raised by the as...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
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...
Applicability and Analysis Section 206AB and 206CCA of Income Tax Act, 1961 Introduction: Section 206AB and 206CCA are newly inserted sections in the Income Tax Act,1961 vide Finance Act, 2021. These sections are special provision for deduction/collection of tax at source at a higher rate for certain non-filers (specified person) of Income Tax Return. Section 206AB deals with […]
DISCUSSION ON SECTION 194Q AT A GLANCE ♦ Introduction The Finance Act, 2021, has widened the scope of the TDS Chapter in the Income Tax Act, 1961 by introducing a new section namely 194Q dealing with ⇓ TDS on Purchase of Goods w.e.f. 1st July 2021. This new TDS provision is just a replica of section […]
A Critical Analysis Of Tds On Freight Payments Under Section 194 (6) Of The Income Tax Act, 1961 MEANING AND IMPORTANCE OF TDS IN GENERAL Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, contract […]
How to Add/Remove/Validate Demat Account on new Income Tax Portal- FAQs Q.1 Can I enable EVC for multiple demat accounts? Ans. No. EVC can be enabled for only one demat account at any point of time. If you try to enable EVC for another demat account, then you will receive a message to disable EVC […]
FAQs 1. I am a tax professional (CA) registered on the e-Filing portal. Where can I check important updates about my clients, such as forms pending for filing and verification? You can check such details by by logging into your e-filing account and selecting Pending Actions on your e-Filing Dashboard. The names and PANs of assesses are […]
Income Tax Department has facilitated a new functionality ‘Compliance Check for Section 206AB & 206CCA’ to facilitate tax deductors/collectors to verify if a person is a ‘Specified Person’ as per section 206AB & 206CCA. This functionality is made available through Reporting Portal of Income-tax Department (https://report.insight.gov.in).
Dear friends, as we all know from 01.04.2021, there has been drastic change made in registration process of NGO, which wants to get registered under Section 80G of Income Tax Act, 1961. In earlier process before 31.03.2021, NGO has to registered once under Section 80G of Income Tax Act and the registration is valid for […]
Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/collectors to verify if a person is a Specified Person as per section 206AB & 206CCA.
Section 194Q has been inserted in the Income Tax Act vide Finance Act 2021 with effect from 01.07.2021. As per Section tax is required to be deducted at source from purchase consideration paid / credited on or after 01.07.2021 by purchases made, in case total turnover during financial year 2020-21 has been more than Rs […]
Karnataka Taxpayers & Practitioners Association has made a written representation regarding issues/glitches on the new Income Tax Portal 2.0 to Snit. Nirmala Sitharaman, Minister of Finance. Full text of the same is as follows:- KARNATAKA TAXPAYERS & PRACTITIONERS ASSOCIATION (State body of Taxpayer & Practitioners of Karnataka) 0/o Chairman Office: 1st Floor. Katrina Complex, Savarline […]
